1. Introduction to Entrepreneurship: Know How to Sell Stuff
By: Venture Highway

2. Objectives
Discuss the importance of crafting an effective marketing message
Describe the marketing activities entrepreneurs can use to get their message out
Describe the cost effective strategies used to market ideas
Introduce sales strategies used to generate revenue
Describe the meaning and importance of customer lifetime value

3. The Secrete of Good Messaging
Know How to Sell Stuff
Section 1: Craft Your Message
The Secrete of Good Messaging
The secret of good messaging isn’t really a secret. But it is harder to do than it sounds. Effective marketing messages are:
Focused on the target market
Simple and easy to remember
Good at conveying specific value or benefits
Good at connecting customers to a company
New Message
Share an example of effective entrepreneurs who are great at delivering messages about their products. Use the iPod and Steve Jobs example from section 9.1 of the course notes. Show the video example as well.

4. The Secrete of Good Messaging
Know How to Sell Stuff
Section 1: Craft Your Message
The Secrete of Good Messaging
Example: Let’s think about Apple iPod’s introductory messaging of “1,000 Songs in Your Pocket” when it first entered the mp3 market. Did it meet the criteria of an effective marketing message?
Apple didn’t just want to reach people who knew what MP3s were, they wanted to engage music lovers
1,000 songs in your pocket is so simple and easy to remember that most people still do, even though it’s been over ten years since the iPod was introduced

5. Engage in Marketing Activities
Know How to Sell Stuff
Section 2: Get The Word Out
Engage in Marketing Activities
Once you figure out your value proposition, you have to get the word out to your target market. Marketing activities include:
Website, Videos, podcasts, Advertisements, Articles, Blogs, s, Brochures, Catalogs, Event and Tradeshows
Discuss the importance of engaging in activities to get the word out about your business.

6. Engage in Marketing Activities
Know How to Sell Stuff
Section 2: Get The Word Out
Engage in Marketing Activities
Good marketing, regardless of the activity chosen will:
Convey what the product is
Highlight its value proposition
Let potential customers know where to either purchase it or get more information about it

7. Know How to Sale Stuff Section 2: Get The Word Out
Marketing Mix The number and type of marketing activities you choose to engage in is often called a “marketing mix.” The amount of money you have to spend is often a big determinant of marketing mix.
Describe how a “marketing mix” strategy could be beneficial for an entrepreneur. Reference the article “7 P’s of a Marketing Mix“ article in section 9.2 of the course notes.

8. Cost Effective Marketing
Know How to Sale Stuff
Section 2: Get The Word Out
Cost Effective Marketing
Other cost effective strategies to market ideas include:
Networking
Word of mouth
Social Networking
SMS Marketing
Business Cards
Discussion Forums
Expound upon each cost effective strategy used in marketing. Reference the notes below from section 9.2.
Cost Effective Strategies to Market Ideas
Networking: Engage in conversations with others and regularly keep in touch with people you meet.
Word-of-Mouth: Offer your existing clients incentives for introducing new customers to your products and services.
Social Networks: Manage no more than 2-3 online social networks that reaches your target audience.
SMS Marketing: Utilize SMS (short message service) within mobile communications, a website, and other web based applications that will give business updates to your customers.
Business Cards: A business card is somewhat of an older method for message delivery, but still an effective means for getting the word out.
Discussion Forums: Participating in online industry discussion forums are good strategies for spreading the word about your business.

9. Know How to Sell Stuff Section 3: Sales Strategies Making The Sale
Once a potential customer hears about your product they’ll take steps to check it out in more detail. For example:
They may come to your store
They may browse your website
Your marketing strategies may prompt customers to make a sale. Discuss how various marketing strategies puts entrepreneurs in a position to make a sale.

10. Know How to Sell Stuff Section 3: Sales Strategies
Channels and Process Two factors which will make a big difference in how many sales you are able to make are sales channel and sales process.
See the next slide for details.

11. Know How to Sell Stuff Section 3: Sales Strategies
Channels and Process
The sales channel is the path by which an organization offers products and services to its customers and generates revenue for the business.
The sales process is the methodology used to sale products and services, but should be differentiated from marketing.
Describe the sales channel and sales process in detail. Engage in a conversation about each. Reference the notes listed in section 9.3 of the course outline.

12. Know How to Sell Stuff Section 3: Sales Strategies
7 Stage Sales Process
Davies (2010) advances a (7) stage sales process that includes:
Understanding customer demands
Developing a solution:
Evaluating the solution with the customer
Negotiation and contracts
Deals lost along the way
Closing the deal
Building a sales funnel
Discuss the importance of each stage within the sales process. Also, discuss remind the class that some companies may use fewer steps in their process and that entrepreneurs may be responsible for all steps in the process due to lack of resources as a new business. For instance, Starbucks is a well established company and has a wealth of resources available to use. Reference the detailed notes in section 9.3, as well as the video link listed.

13. Know How to Sell Stuff Section 4: Customer Lifetime Value
Customer Loyalty
A business owner doesn’t want a customer to buy just once. You want them to buy again and again so that you can recoup the initial cost of getting them to buy just once.
Entrepreneurs should look at the lifetime value of a customer.
Engage in a class conversation about the importance of customer loyalty and why this should be a goal for entrepreneurs. Describe some of the current customer loyalty programs that local companies may use. For example, grocery stores or repair shops.

14. Know How to Sell Stuff Section 4: Customer Lifetime Value
What is Customer Lifetime Value? Customer lifetime value is the worth of a customer over the lifetime of their relationship with a company. Example: A company wants to build a long-term relationship with customers. They may offer loyalty incentives or other discount for repeat customers.
Discuss the importance of the customer lifetime value. Reference the notes in section 9.4, as well as the video link to reinforce your arguments. You may want to show the infographic example for Starbucks.