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Developing an Effective Marketing Strategy November 12, 2008 According to a survey of U.S. Senior Executives, marketing will be the most important area of expertise for the next generation of leaders www.marketingtoday.com 50% of new businesses fail within the first 5 years In some industries, 50% of new businesses fail within 2 years Over 60% of products fail in the introduction phase PROOF OF CONCEPT! How do you effectively convey your passion and story, and have the judges’ believe that this is something that will sell? 1. 2. 3. 4. Acquiring intimate knowledge of the industry Proving you have something that fulfills a need Demonstrating a competitive advantage Articulating the story effectively 1. Acquiring intimate knowledge of the industry 1. Are you aware of the barriers to entry? 2. Do you understand all of the market forces impacting the industry? 3. Have you assessed the market characteristics? 4. Do you really know the market size? 5. Have you clearly identified your target market? 6. Are you familiar with the direct/indirect competition? 1. 2. 3. 4. 5. 6. 7. Ecological forces Technological forces Socio-demographic forces Political/legal forces Economic forces Competitive forces Event forces Government Library Reference Desk Market Research firms Industry Associations Industry journals/publications SEC Filings/Investment Bankers Right from your customers Provide List credible statistics source citings Increase market validation with proven industry growth or trends that are providing opportunity 2. Demonstrating you have something that fulfills a need Why will your product/service be accepted by the target consumer? Exchange Relationship Seller Buyer VALUE product price promotion place 3. Demonstrate a competitive advantage Is there a weakness in your competition? Is there a need by consumers that is not being filled? How can you win over customers, and demonstrate you’re products/services have greater value? The process to create an image or identity in the minds of the target market compared to the competition. Am I: • An educator/expert in field • A product innovator • Specialize in exceptional customer service • Specialize in superior products • Specialize in offering product depth or breadth Consistency Branding Credibility Legitimacy product price POSITIONING promotion place 4. Articulating the story effectively 1. 2. 3. 4. 5. Images/illustrations/ models Market validation Font usage/page layout Packaging the plan A compelling story that is desirable to read – and that sells the reader Billy Bob Teeth $40 million in sales to date 1. 2. 3. 4. Acquiring intimate knowledge of the industry Proving you have something that fulfills a need Demonstrating a competitive advantage Articulating the story effectively It is most likely marketing that will determine the level of success any business will have. Make your Executive Summary / Business Plan stand out from all the others – invest in building a solid case.