Greg Byrne
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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