Your browser version is outdated. We recommend that you update your browser to the latest version.

 

 

 

 

 

The Entrepreneurs Growth Journey

 

 

 

 

The Strategic Role of Customer Requirements in Innovation

 

 

 

 

 

 

 

 

 

 

 

IS THERE A MARKET FOR MY PRODUCT?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEB MARKETING GUIDE

 

 

 

 

 

 

 

 

 

 

Resources for the Journey

THE GROWTH JOURNEY

Successful entrepreneurs and business owners steer their business ventures through four key growth stages – the start-up , then emerging stage; the rapid growth market penetration stage and then onto the ‘next level’ for re-invention, internationalisation and new growth paths.

All the time they focus their businesses on stage-specific goals to be achieved, they deploy stage-specific strategies to achieve those goals and they overcome obstacles, barriers and changes that threaten to undermine the venture.

 

RESEARCHING CUSTOMER NEEDS

Anthony W. Ulwick identified three distinct types of information that must be captured from customers to measure performance. They are the "jobs" customers are trying to get done when using a product or service; the "outcomes" they are trying to achieve when performing these jobs in a variety of circumstances and the "constraints" that stand in the way of them adopting or using a new product or service. Jobs, outcomes and constraints are critical inputs to the innovation process because they represent the three primary avenues in which managers are able to achieve growth: (1) by helping customers perform ancillary jobs or new jobs that could not be performed before, (2) by helping customers better perform a specific job, or (3) by helping customers overcome the roadblocks that stand in the way of them performing a specific job altogether. For example, a cell phone manufacturer can achieve growth by enabling users to perform ancillary jobs such as obtaining driving directions and playing games; by better satisfying outcomes such as minimizing the time it takes to power up the device or preventing the likelihood of errors while dialing and by overcoming constraints to use, such as the inability to use the cell phone in certain buildings and in moving vehicles without the fear of the call being dropped.

 

IS THERE A MARKET FOR MY PRODUCT?

The question “Is there a market for your new product?” is a key marketing question for any start up venture or new product development team in an existing business. The answer- and ultimately the decision to launch the new venture and new product- will depend crucially on the information and evidence gathered and analysed across the ‘5Cs’ marketing interrogation: namely-

Customer needs – what target customers and their valuable needs do we seek to satisfy or exceed?

Company skills – what special competence do we possess to meet those needs in a unique, sustaining way?

Competition offerings– who competes with us in meeting those needs and where do we have a sustainable, competitive advantage over their offerings?

Collaborators – who should we enlist to help us reach and deliver our offering to the target customer and how do we involve and motivate them?

Context – what is the current industry set up and situation and what political, economic, social and technological factors limit or enhance what is possible?

The Market Research & Validation Seven Step Process will therefore use the 5Cs marketing interrogation; first, by collecting information that is already available internally in the venture (or already known to the entrepreneur or start up team) and externally about the industry and market in which it will operate. This is called ‘Secondary Market Research’.

Next and in the light of all the available information collected and analysed in Secondary Market Research; the original ‘new product concept’ is revised and put into ‘Primary Market Research’ in the target market and amongst target customers to ascertain their ‘qualitative’ perceptions and attitudes to the new product concept and also to ascertain the markets ‘quantitative’: belief in, purchasing interest in and pricing expectations for the new product.

Finally, and arising out of the Primary Market Research information that is collected and analysed you now have your market validated new product or service , with its offer , features and benefits tested with all stakeholders in the marketplace and you have the data/ evidence to support investment, production and go-to-market decisions


WEB MARKETING GUIDE

For the purposes of simplifying an emerging, evolving and increasingly important part to a venture’s marketing strategy and programs; we’ll look at web marketing in three sequential steps:

• First you have start with the right Web Site for your business.

•Then you need to take account of Search Engine Optimisation

• And finally you must select the Online Marketing Strategies and Tools

 

 

 

Dedicated marketing for the Entrepreneurs Journey