Assessing the Market for Your Product
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Assessing the Market for your Product...On a Budget!
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Assessing the Market for Your Product
- 1. ASSESSING THE MARKET FOR YOUR PRODUCT.... On a BUDGET!
- 2. Defining Your Product Concept When
- 3. Identify revenue opportunities, potential Maximize pricing, unit sales, profits Get to market more quickly Keep upfront costs low Build something of quality WHY: Define the Product
- 4. WHEN: BEFORE Building We don’t know what the customer wants We don’t know the features really needed A concept allows us to dialog with customers Trial/error easier, less costly with a concept This is true for: New enterprises New/expanding product lines Potential reworks of existing products/lines
- 5. WHO: The Product Manager The “CEO of the product” (Ben Horowitz) Knows the market Defines the right product at the right time Revenue-, margin-, quality-, value-focused Builds, tells the product “story” In a small company the PM could be YOU!
- 6. WHAT: The Concept The problem or opportunity to be addressed The product/service description The advantage versus current alternatives The ideal customer The total cost to buy/maintain: money, time Potential barriers to entry
- 8. REGULATORY BARRIERS Privacy Acts Import/export of encrypted software Children’s TV programming rules, CAN-SPAM Act Clinical trials, food safety
- 9. INTELLECTUAL PROPERTY BARRIERS For new, useful, nonobvious idea/design/plant Non-infringement analysis Freedom-to-operate analysis Protect an original expression of an idea Avoid access, similarity to copyrighted work Online availability ≠ “public domain” Associate good/service with a source Clearance analysis
- 10. WHERE: Assessing the Market Market Research Goals Getting to know the market Completing an industry profile Compiling a competitive analysis Sources: Primary Direct from the source (e.g. Potential customers) Secondary Statistics, reports, and studies
- 12. PRIMARY SOURCES FEEDBACK Employees Comment Cards Focus Groups Surveys Digital Activity Mystery Shopping Customer Advisory Groups Customer Letters Field Feedback Rating Websites Social Media Purchase Behavior
- 13. ThomasNet Harris InfoSource U.S. Statistical Abstract SBA.gov FedStats.gov U.S. Census Associations D&B KnowThis.com Bizminers.com MarketResearch.com American Factfinder Yahoo! Finance SECONDARY SOURCES FREE/LOW COST
- 15. FROM MARKET RESEARCH TO ACTION PLAN Determine key performance indicators Get free online traffic Improve SEO Buy online ads (Google AdWords, Facebook ads) Master social media marketing
- 16. Attend trade shows and conventions Print flyers, brochures or catalogs Email current customers Launch a public relations campaign Go mobile with app development FROM MARKET RESEARCH TO ACTION PLAN
- 17. ASSESS THE MARKET FOR YOUR PRODUCT EARLY AND OFTEN! “...NO BUSINESS PLAN SURVIVES FIRST CONTACT WITH CUSTOMERS.” -STEVE BLANK AND BOB DORF, THE STARTUP OWNER’S MANUAL
- 18. Karen Herman Gustie Creative LLC TEAM MEMBERS Alison Tanner Florida Institute Andrew Burki Life of Purpose Treatment Centers Stephen Chakoff CHS Pharma Inc. Matthew Kim Vigilant Biosciences, Inc.
Hinweis der Redaktion
- See http://en.wikipedia.org/wiki/Product_lifecycle_management#Benefits
- See Steve Blank, The Startup Owner’s ManualConsider “new Coke”
- See http://www.stanford.edu/class/e140/e140a/handouts/ProductMgmt.txt - “Good Product Manager/Bad Product Manager”The “story” includes marketing collateral, presentations, FAQs, etc.
- See http://www.inc.com/karl-and-bill/test-your-new-business-concept-8-questions.html
- www.pcicomplianceguide.orghttp://guides.lib.umich.edu/content.php?pid=36144&sid=269615Payment Card Industry (PCI) Data SecurityNational Fire Protection AssociationUnderwriters Laboratories (UL)American Natl. Standards Institute (ANSI)American Society for Testing & Materials (ASTM)Intl. Organization for Standardization (ISO)
- www.ftc.govwww.fcc.govFederal Trade Commission (FTC)Privacy ActsFederal Communications Commission (FCC)Children’s TV programming rules, CAN-SPAM ActExport Administration Regulations (EAR)Import/export of encrypted softwareFood & Drug Administration (FDA)Clinical trials, food safety
- www.uspto.govEngage a IP counselPatent and Trademark Protection; SEC Filings; D&B Listings; Yahoo Finance
- Sources:http://www.entrepreneur.com/article/217388These are portal sites that provide access to a wealth of more detailed information available.
- Action Items to address the understanding of the market place (Slides 3-13); Actionable Goals (big/small) to apply the data gathered; leverage strengthshttp://premium.docstoc.com/article/153259413/Starting-a-Business-The-Great-Big-Checklist-of-Everything?utm_source=email&utm_medium=email&utm_campaign=222&utm_content=5098&alt=2b0fadaf-ad58-4c7c-920c-1353469a6731
- Action Items to address the understanding of the market place (Slides 3-13); Actionable Goals (big/small) to apply the data gathered; leverage strengthshttp://premium.docstoc.com/article/153259413/Starting-a-Business-The-Great-Big-Checklist-of-Everything?utm_source=email&utm_medium=email&utm_campaign=222&utm_content=5098&alt=2b0fadaf-ad58-4c7c-920c-1353469a6731