Week 2: Target Market
Start with the pitch
Market Description – Tell me about your customers, focus on demographics that will allow you to isolate the best customers for your products or services. Multiple criteria are anticipated.
Market Size and Trends – Based on the demographics you have identified, how large is the potential customer base in your geographic area. Identify data sources.
Target Customers – Whom are you going after first and by what marketing methods?
Market Readiness – you for it, it for you – Is your product or service something that is already accepted by your target market or will you have to convince customers to use your products?
Strategic Opportunities – Based on your research, how did you settle on this particular target market. Are there “low hanging fruit” that you can make money from right away, is it a target market that is ready and waiting or will it take time to develop.
Apply content from these EBMS courses: ELP, MPD
Week 2: The Competition (textbook pages 115-132)
Start with the pitch
Identify the categories of competitors – How any direct (daily considered), and indirect (compete for disposable income from target market).
Specific competitors, local– We are looking for at least two direct competitors (companies you compete with everyday in your market).
Other competitors, national chains – The companies everyone knows but you do not compete against directly, only for disposable income. If you don’t address them, your investors will bring them up.
Market Share Distribution for your products and services – How much of your market do you think you can grab from your competitors. Are their customers you can lure in that your competitors are ignoring?
Your advantages over the competition – What are your strengths and which of your competitors weaknesses can you exploit.
Competitive Positions – How do you match up with your competitors, profile yourself and the competitors.
Barriers to entry – What barriers will prevent outsiders from becoming competitors? Licenses, money, equipment, education, etc.
Strategic Opportunities – What niche in the market did you find that said: “I can top my competition.”
Apply content from these EBMS courses: ELP, MPD
Week 2: Marketing Plan & Sales Strategy
Start with the pitch
Advertising and reach mechanisms – What methods are you planning to use to reach your target market. Include at least one traditional method of ads, social media alone is not always the answer to find the first eyes and/or ears.
Paragraph on How You are Different – How will you advertise yourself in comparison with your competition?
How you meet the customers’ needs, what is our message – Do you have a slogan or branding method so customers remember you?
Sales Mechanism, how are you reaching customers – Who gets the money out of the customers hands. Web sales, face-to-face, contracts, pre-paid time, how does money flow from the customer to the company.
Sales team organization – What does the sales team look like. Remember marketing gets them to the door, the salesperson gets the commitment to pay.
Financial controls in place, who handles the money – Investors will be very concerned about who can handle the money in and out and what financial controls are in place. Who in the company can sign contracts and enjoin the company.
Download the Financials worksheets they start next week.
Apply content from these EBMS courses: AEL, Project and Team Management (PTM), PAM, MPD, DMK