Greg Byrne How to Participate Today • Open and close your Panel • View, Select, and Test your audio • Submit text questions • Raise your hand Ignite Technology Transfer Office • Aim: To accelerate your commercialisation needs and provide Business Development supports Email • Fiona.neary@nuigalway.ie • Niamh.corcoran@nuigalway.ie Presenter: Greg Byrne • Principal of The Three Little Pigs Co established in 2004 • Author of ‘The Winning Marketing Decisions That Grow A Business – How Successful Entrepreneurs Do It’ • Experienced in: new market analysis, brand positioning and go-to-market for B2G, B2C and B2B services and manufacturing ventures Webinar Objective How to: • Establish the commercial information and evidence you’ll need to convince an investor to fund your new product or service and/or to get a new start up business underway Using: • Free resources and sources of market intelligence • Templates and tools to speedily direct your progress over the ‘Seven Steps’ in market research and validation 5 Cs of Marketing Interrogation Customer Company Competition Collaborators Context Starting with Secondary Market Research… Internal Information • already known entrepreneur and team External Information • regarding industry and market Used to revise initial product concept POLL Then, on to Primary Market Research… Qualitative Research • perceptions and attitudes to the new product concept Quantitative Research • Belief, purchasing interest and pricing expectations for the new product Used to further revise initial product concept Market Research & Validation Seven Step Process Finally, you then have • your market validated new product or service, with its offer, features and benefits tested with all stakeholders in the marketplace • and you have the data/evidence to support investment, production and go-to-market decisions Questions? Step 1: Define Your Business, Core Competencies and New Concept Using: • Template 1: Flower Exercise • Template 2: New Product Concept Step 1 - Template 1: Flower Exercise Core Competence Product Market POLL Step 1 - Template 2: New Product Concept • Who - is your target customer? • Why - will your product be bought/used? • When & Where - would your product be used? • Buyer Insight - the essential insight into their need for your product • What is your new Product?- proposition, features, advantages, benefits • Reason To Believe - your product will deliver those advantages and benefits? • Packaging Format - format, size, material, functionality POLL Step 2: Product Category Map Brand 1 Product Solution 1 Need Brand 2 Brand 3 Example Product Category Map Pepsi Brown Fizzy Water Coke Thirst Example ‘Wound Care Management’ Google Search Keywords The Explosive Growth of the Wound Care Market “…We spoke with Nerac Analyst, Ron Sills, about the explosive growth we are seeing in the wound care market, the factors driving the growth, the latest products… Industry leaders like 3M, Johnson & Johnson, Convatec, Coloplast, Closure Medical, Smith & Nephew.. • www,marketresearch.com • Form 10k’s • Appendix 3 Page 31 PEST Analysis SOCIAL CHANGE Over 50s Demographic... • Make up 25% of total population, 33% of adult population • Numbers will grow steadily over the next ten years, as will those of over 50s throughout the world • Approximately as many 50-somethings as teenagers • Have lowest levels of debt across the age groups • Our cultural obsession with youth will increasingly give way to a new appreciation for maturity Questions? Core Competence Flower template Product Product concept Market Size, trends, growth, products, brands +/- PEST Impact Step 3: Corporate and Product Positioning For your “product type solution” category, identify existing brand leaders and extract how they describe their ‘corporate positioning’ and ‘product positioning’ from their websites Need • Nutraceutical Health Drinks Product Solution • Memory Function Brands • Nawgan • NeuroSonIQ • Benevia Corporate Positioning • Nawgan: Cognitive beverage Based on science What to drink when you want to think Product Positioning • Nawgan is an all-natural brain fitness beverage developed by a neuropsychologist (that’s a brain scientist to you and me), formulated to sharpen the mind.. It's a non-carbonated refresher for the mind that features a patent-pending blend of ingredients combined and formulated to improve memory and cognition. Key Customer Values Step 4: Key Customer Values Corporate Positioning • Nawgan • NeuroSonIQ • Benevia Product Positioning • Nawgan is an all-natural brain fitness beverage developed by a neuropsychologist (that’s a brain scientist to you and me), formulated to sharpen the mind.. It's a non-carbonated refresher for the mind that features a patentpending blend of ingredients combined and formulated to improve memory and cognition. Key Customer Values • Brain Science • Natural support • No artificial ingredients • No preservatives • Low in calories • Doctor developed • Caff / decaff • Organic • Kosher • Herbal • Antioxidant • Anti ageing • Busy lifestyles • Convenient Step 5: Your Market Differentiated Positioning Statement • Test the key customer values offered by your product and company against those offered by your competitors • Then write out your market differentiated positioning statement Key Customer Values Brain Science Natural support No artificial ingredients Your New Product Concept Who - is your target customer ? Why - will your product be bought and why will it be used? No preservatives Low in calories Doctor developed Caff / decaff Organic Kosher Herbal Antioxidant Anti ageing Busy lifestyles Convenient When & where - would your product be used by the buyer? Buyer Insight - the essential insight you have into the buyers mind and need for your product? What is your new Product? proposition, features, advantages, benefits Reason To Believe - your product will deliver those advantages and benefits? Step 5: Your Market Differentiated Positioning Statement • Who is your exact Target Audience? • What specific Product Category Need are you addressing? • What is your Unique (not matched by Competitors), Relevant ,Valued ( highly by the Customer) Benefit? • Proofs? gain competitive advantage over the existing product type solutions Step 6: Primary Market Research • Research Strategy – Qualitative, Quantitative • Areas and Questions to Explore – – – – first impressions, pricing expectation test brand personalities Identify negatives and invite improvement ideas Get Market ‘verbatims’ • Materials to be used – Product boards Product Presentation Board Text Promise should express the core idea simply and succinctly with as few adjectives as possible Customer Insight the Insight should be an expression of the need derived from consumer understanding Proposition a clear statement of the offer Reason to Believe should be clear and descriptive End Benefit can be practical or emotional or a mixture of both Range Statement builds the idea and understanding of it Imagery should work with the product text, to make it easily understandable an aid to understanding – not a work of art important in its own right Product Presentation Board Example Promise Pizza Balls Customer Insight When you want something more than a packet of crisps or biscuits.... Proposition ...these bite sized pizza balls are the satisfying snack you are looking for. Reason to Believe Made with real pizza dough, herbs, chopped sundried tomatoes or spicy Italian sausage. End Benefit Easy to prepare, eat and a great snack anytime Range Statement Herby Pizza Balls. Tomato Pizza Balls. Italian Salami Pizza Balls Imagery Step 7: Execute, Interrogate, Adjust • Execute the Primary Market Research • Interrogate the Results • Adjust / Refine your Corporate and Product Positioning • Ideally use a Market Research Agency Questions? Free help at ...www.marketing4entrepreneurs.org Ignite Technology Transfer Office • Aim: To accelerate your commercialisation needs and provide Business Development supports Email • Fiona.neary@nuigalway.ie • Niamh.corcoran@nuigalway.ie