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On Entrepreneurial Marketing MGT 709 New Venture Creation.

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Presentation on theme: "On Entrepreneurial Marketing MGT 709 New Venture Creation."— Presentation transcript:

1 On Entrepreneurial Marketing MGT 709 New Venture Creation

2 Agenda  Adams  Guest Speaker  Icebreaker  Keurig

3 Adams On Marketing  Advertising is remarkably ineffective for an early stage company  It’s expensive  Very low return on investment  Why?

4 What is good marketing?  Early stage marketing cycle  Customers->Market feedback  Market validation -> Product refinement  Products -> Publication relations  Buzz -> Customer acquisition  Interrelationships  Give sales the right messages and tools  Connect R&D with customers  Heighten market awareness of your company’s products

5 Product definition  Defining the product is your #1 market priority  Its remains so continuously for every product release for the entire life of your company  Face out to market. Face in to development.  Rely heavily on alpha and beta customers

6 Generate buzz  Two main targets  Public relations/press releases  Analyst relationships  Branding  Logo, website, folders, business cards  Professional, memorable, meaningful  Presence at conferences/trade shows/web  PR  Press briefings/releases, analyst meetings  Power of a PR agency – existing relationships  DIY options PR Web Video PR Web VideoPR Web Video  Analysts give guidance and validation, too!

7 Customer Acquisition  Pass hot leads to sales  Obtained from market validation efforts  Other ways to locate hot prospects  Direct-response mailing/Emails  Tele-prospecting – outsourcing possible  Trade shows  Websites  Google Adwords with SEO  Partnerships/Alliances  Dynamically change message in response to feedback  Integrate – web, direct mail, calls - critical

8 Erika Fowler-Decatur Founder – Ithaca Fine Chocolates/”Art Bar” Creator of the “Art Bar”, a Fair Trade, organic chocolate bar that features an art reproduction by a regional artist Discusses challenges of running a not-for-profit business, ethics and social responsibility Graduate of Hamilton College and SUNY Binghamton Interview

9 Icebreaker  What are the essential ingredients to Icebreaker’s success to date?  What is Moon’s model of adoption for American customers?  Why has distribution succeeded in Europe but failed in the US (to date)?  What should Icebreaker do to “cross the chasm” in the US?

10 Keurig  How attractive is Keurig’s system to:  Distributors  Coffee Roasters  Keurig  Office Managers  Office Employees?  What actions should Keurig take to penetrate the office coffee service market (including dealing with suppliers)? How should they price the machine? How fast should they grow?

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