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Position Your Product/Service for   
Maximum Profitability
Lean Startup Series #3




Image source: thevarguy.com
About Art

 Art Lee is a seasoned digital marketer with
   extensive experience in leading and managing
   technical projects across APAC and U.S. He has both
   extensive technology and business skills which are
   both required to effectively manage any digital
   marketing campaign and to ensure business
   objectives are met. The skills that are most valued
   by clients is his ability to listen and to create
   solutions.
Image source: brainzooming.com



                                  
  Session #1 - Idea generation
  Coming up with your own ideas
Image source: surveyshack.com, whicheb5.com

 Session #2: Researching Your Target 
 Market
  Defining your ideal client
 Helping business owners (SMEs/Freelancers) to
           build their own businesses on a lean(er) budget

       Educate business owners to make informed
           decisions (simple and effective)

       Accommodate lowest common denominator - semi-
           seasoned business owners

       Encourage audience participation


Image: hymnindia.com
What are you worth? (market comparison)

  What motivates your ideal client?

  Position yourself for maximum profitability




Image: marlijnenoordink.blogspot.hk



                                                
  Where to start
  Defining your monetary potential
Your worth is based on….

Economy
Market demands
Market sentiment
Motivations


Image: allhiphop.com
Charge based on demand
                                             High Value



                                    In
                                  demand


Very Useful                                                         Not Useful


                                   Selling                Waste
                                  yourself                of time
                                    short


Image source: pearanalytics.com
                                             Low Value
Price/Cost…a moving target

                     Analyze                  Adjust
                      Competitors          For large & small


                  Client Feedback        To meet expectations


                      Motivations        To match motivations

Image source: movingtargetrecords.com
Example as digital marketer….

Analyze                            Adjust
Companies (large and small)        In-Line with competitors as a start

                                   Adjusted once portfolio grows
Feedback (clients and prospects)   Some had higher expectations

                                   Goal is to make them feel they got
                                   more than what they paid for
Motivations                        Speed to market/to complete

                                   Added services

                                   Expert insight (strategies)
Group Exercise: Analyze Competitors

              Product                             Service
    Take one product, compare it to    Take one service, compare it
     competitors & feedback:              to competitors & feedback:
• How they are selling?
                                       Do the same….
• How they are discounting?
    (volume, tax breaks, extras)

• How successful/attractive are
    they?

• How are they different than you?


       Image: absfitness.in
What motivates your ideal client?
Exercise: Motivations

                 Products                         Services
List characteristics that motivate    List characteristics that motivate
customer to do business with          customer to do business with
you.                                  you.

 Price                                Level of service

 Level of service                     Added value

 Discounts                            Quality of work

 Quality                              References

Image source: empowernetwork.com
Image source: womensally.com



                                                
  Build negotiation structure
  Position yourself for maximum profitability
Where do you play?


Highest margin-       Max dollar for
 bill rate/least          max
amount of work      value/satisfaction




   Lowest
                     Too much work
 margin/worst
                     for little money
 expectations
Pricing Model Exercise: Service

         Competitors            How You Compare
 Volume                   

 Discounted/Low priced    

 Quick and painless       

 Certified                



Total Cost:                Your Cost:
Pricing Model Exercise: Product

         Competitors            How You Compare
 Volume discount          

 Speed to deliver         

 Quick and painless       

                           



Total Cost:                Your Cost:
Website Example

          Competitors                  How You Compare
 Speed to Deliver (volume)          Takes a bit longer (quality)
 Price (10K)                        Price 15K
 Quick and painless                 Quick and painless
 Simple design, placeholder         Functionally efficient
    for content, some functions
                                  Approach that makes sense, last
Not happy for long….              longer
Total Cost:                       Your Cost:

Image: webpresence.tv
Summary

 Be realistic with your pricing, mood changes when
   work is much more than your cost

 Client motivations are key to winning new clients

 Don’t out price yourself unless that is your goal

 Keep pricing flexible




     Image: freemarketingmadeeasy.com
Get Busy Doing
                                                   or
                                             Get Busy Losing




Good Luck!
Come talk to me if you have any questions.

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Position Your Product/Service for Maximum Profitability: Lean Start Up Hong Kong

  • 1. Position Your Product/Service for  Maximum Profitability Lean Startup Series #3 Image source: thevarguy.com
  • 2. About Art  Art Lee is a seasoned digital marketer with extensive experience in leading and managing technical projects across APAC and U.S. He has both extensive technology and business skills which are both required to effectively manage any digital marketing campaign and to ensure business objectives are met. The skills that are most valued by clients is his ability to listen and to create solutions.
  • 3. Image source: brainzooming.com  Session #1 - Idea generation Coming up with your own ideas
  • 4. Image source: surveyshack.com, whicheb5.com Session #2: Researching Your Target  Market Defining your ideal client
  • 5.  Helping business owners (SMEs/Freelancers) to build their own businesses on a lean(er) budget  Educate business owners to make informed decisions (simple and effective)  Accommodate lowest common denominator - semi- seasoned business owners  Encourage audience participation Image: hymnindia.com
  • 6. What are you worth? (market comparison) What motivates your ideal client? Position yourself for maximum profitability Image: marlijnenoordink.blogspot.hk  Where to start Defining your monetary potential
  • 7. Your worth is based on…. Economy Market demands Market sentiment Motivations Image: allhiphop.com
  • 8. Charge based on demand High Value In demand Very Useful Not Useful Selling Waste yourself of time short Image source: pearanalytics.com Low Value
  • 9. Price/Cost…a moving target Analyze Adjust Competitors For large & small Client Feedback To meet expectations Motivations To match motivations Image source: movingtargetrecords.com
  • 10. Example as digital marketer…. Analyze Adjust Companies (large and small) In-Line with competitors as a start Adjusted once portfolio grows Feedback (clients and prospects) Some had higher expectations Goal is to make them feel they got more than what they paid for Motivations Speed to market/to complete Added services Expert insight (strategies)
  • 11. Group Exercise: Analyze Competitors Product Service  Take one product, compare it to  Take one service, compare it competitors & feedback: to competitors & feedback: • How they are selling? Do the same…. • How they are discounting? (volume, tax breaks, extras) • How successful/attractive are they? • How are they different than you? Image: absfitness.in
  • 12. What motivates your ideal client?
  • 13. Exercise: Motivations Products Services List characteristics that motivate List characteristics that motivate customer to do business with customer to do business with you. you.  Price  Level of service  Level of service  Added value  Discounts  Quality of work  Quality  References Image source: empowernetwork.com
  • 14. Image source: womensally.com  Build negotiation structure Position yourself for maximum profitability
  • 15. Where do you play? Highest margin- Max dollar for bill rate/least max amount of work value/satisfaction Lowest Too much work margin/worst for little money expectations
  • 16. Pricing Model Exercise: Service Competitors How You Compare  Volume   Discounted/Low priced   Quick and painless   Certified  Total Cost: Your Cost:
  • 17. Pricing Model Exercise: Product Competitors How You Compare  Volume discount   Speed to deliver   Quick and painless   Total Cost: Your Cost:
  • 18. Website Example Competitors How You Compare  Speed to Deliver (volume)  Takes a bit longer (quality)  Price (10K)  Price 15K  Quick and painless  Quick and painless  Simple design, placeholder  Functionally efficient for content, some functions Approach that makes sense, last Not happy for long…. longer Total Cost: Your Cost: Image: webpresence.tv
  • 19. Summary  Be realistic with your pricing, mood changes when work is much more than your cost  Client motivations are key to winning new clients  Don’t out price yourself unless that is your goal  Keep pricing flexible Image: freemarketingmadeeasy.com
  • 20. Get Busy Doing or Get Busy Losing Good Luck! Come talk to me if you have any questions.

Hinweis der Redaktion

  1. Teams, Corp Consultant Freelancer, Big or Small Company, work together to provide an integrated research