Marketing Management 241 Final

Select a problem area (1st step in ideation process)

Can do this two ways: 1) oyster: broad and opportunistic 2) narrow: specific **big problems=big opportunities **find the pain by observing customer frustration first hand

Leveraging Leverage: "If you want something done right, do it yourself"

This isn't always true, only true if 1) you can do it well 2) you have the bandwidth and energy to do it

What is creativity?

Using old things in new places, ways, combinations **creativity loves constraint

Ideation

the creative process of generating, developing, and communicating new ideas through 1) engaged observation and 2) asking the right questions

5) FruitStickles is a new venture that sells a wooden skewer used for sticking together chunks of fruit seasoned with cinnamon and tropical fruit flavors. The goal behind FruitStickles is that it gives fruit an extra boost of flavor to tempt children into eating more fruit. In addition to health-conscious parents, which group below would most likely consider themselves significant benefactors of FruitStickles success?

• Fruit growers: Fruit growers are mostly likely to benefit in a big enough way to garner their support for the FruitStickies venture.

2) A new venture's first opportunity for real growth often lies with which group of customers?

• Innovators who make up 2-3% of the market • Innovators are critical to new-ventures because they are the first to purchase new technology or new products and because they want to buy the next big thing.

4) The principle of building an advisory board is "if you do not have a wealth of experience and/or powerful reputation...?

• Recruit people who have just taken the successful steps your business needs to follow • An advisory board should be made up of people who have the talents and overall experience to guide a new venture to success. Remember: experience counts, but the experience does not have to come from an entrepreneur • "advisory board members should not be people who have simply done things, but people who can get things done" • "experienced advisory board members give your company credibility and desirability as well"

1) "If you want something done right then, do it yourself," should be the mantra for all new startup management teams?

• Untrue • The mantra for new startups should be, "It's not what you know, it's who you know" and how well you can accomplish important goals together. Working smart and relying on influential and credible others is the sure way to success. • You have to first make sure that you can 1) do it well 2) have the bandwidth and energy to accomplish task

Step 5 to the Leveraging Leverage Process: Build an Advisory Board

*"advisory board members should not be people who have simply done things, but people who can GET THINGS DONE"

Act Like a Puffer Fish with Social Media and Vertical Approach

** Be a social media puffer fish **social media provides a way to puff up market presence. Build the look and feel of the website--highlight awards, accomplishments..etc. Ex: Lauren Luke with Make-Up tutorials and youtube **when stressed, the puffer fish pumps water into its stomach that transforms it into three times its actual size **when startups GO WHERE THE MONEY is and they must, their competitors will be big. **one way to puff up is to dominate a vertical market where they have a natural advantage before expanding markets, also businesses are best off when selecting markets that have their own network of trade shows--important to attack a market where it is easy to identify and connect with the relevant sales channels

Reach out with Touch Points

**A useful approach for planning and measuring potential customer touch points is: UNDERSTAND STEPS IN THE CUSTOMER EXPERIENCE ONE WAY TO THINK ABOUT CUSTOMER TOUCH POINTS IS TO CONSIDER THE CUSTOMER'S EXPERIENCE IN BUYING AND USING A PRODUCT BORROWED FROM THE STUDY OF CONSUMER BEHAVIOR. **what startups do not have in national repuation they can make up for in giving world-class personal attention Consumer Behavior Process: 1) recognizing the problem 2) information search 3) evaluation of alternatives 4) purchase decision 5) product use with expectation **Court important customers and investors by identifying and creating touch points **every interaction, transaction, and engagement is an opportunity to build relationships and strong commitment; more touchpoints an entrepreneur has, the better. **every touch point with a customer is an opportunity to improve the customer experience, ramp up value for the customer, and increase customer commitment. **As an example, car manufacturers learned years ago that more people went to their websites after purchasing one of their cars than before purchasing one of their cars. Smart manufacturers managed the touch point by highlighting testimonials from happy customers and spotlighting awards for initial purchase satisfaction and long-term quality.

3rd Step to the Leveraging Process: Land an Anchor

**Anchor customer's keep startups going and give it a platform for growing **a business that helps another business gain credibility by being a high-class customer ** consider the experience with Omniture, a business that helps other businesses their internet marketing channels. Their success story started with anchor customers Microsoft and eBay.

Co-Branding your product or service with a large, well-known brand would be an example of

**BEING A PUFFER FISH **when you connect yourself with strategic partner or brand, you look larger than you are. When you are small, connect yourself to someone who is big, and you look big

Thing Big and Act Big With People

**Choose big friends-- entrepreneurs need to surround themselves with reputable people, great ideas, and trustworthy companies; do not fight battles on your own 1) Connectors: people specialists, extraordinary ability to make friends across a variety of business, social, and cultural worlds. They have the capacity—mental, social, and physical—to maintain an unusual number of acquaintances 2) Mavens: mavens are information specialists (SCOTT GOES TO MAVERICK) where connectors connect new businesses to new worlds of people, Mavens connect new businesses to new worlds of ideas and technologies. Compelled to collect information; "mavens have the knowledge and the social skills to start word-of-mouth epidemics." 3) Sales-People: persuasion specialists—power to persuade AND take action. Some are pushy. Some are charming. ((Face-to-Face selling))as a leading determinant of success for new ventures.

A well-known cookware store hosts a cookie contest every year featuring their most popular mixer. Customers share recipes, cooking tips, and prizes are awarded. This event does all of the key activities for creating a winning marketing event except...

**Connects the event with a local cause **Key Activities for Creating a WINNING MARKETING EVENT 1) targets the event to fit a specific audience or marketing objective 2) Provide a personalized experience 3) Connects the event with a local cause 4) Highlight the product 5) Sends home gifts to brand the experience **connects to a local cause: If at all possible, connect the event to a local cause to increase attendance and sales. In today's marketing environment, many people care about "why you sell" as much as about "what you sell".

The Determinants of Quality

**Each stage of the customer experience gives a startup an opportunity to sent our a message of quality **at each touch point, the customer may be evaluating.. 1) Reliability; MOST IMPORTANT; perform promised service 2) Responsiveness: willingness to provide 3) Competence: Possession of skills and/or knowledge to perform the service 4) Access: Approachability and ease of contact 5) Courtesy: Politeness 6) Communication: listen and keep customer informed 7) Credibility 8) Security 9) Knowledge 10) Tangibles

Earning vs. Buying Success

**Entrepreneurs SHOULD NOT try to buy success **they should learn to earn success **they should not bring in corporate marketers that have not dealt with small budgets **instead, entrepreneurs need to use new technology and tactics to try and level the playing field--for example: social media, as well as low barrier-of-entry sales channels (Amazon) give businesses of every size an opportunity to grow globally

Step 4 of the Leveraging Process: Work with Benefactors

**Entrepreneurs need to ask the question, "who will benefit most if I succeed?" of said another way, "who wins if I win"? They need to think through the question: could help find initial investors, beta goldmines, key strategic partners, and anchor customers 1) Which businesses provide components as inputs to our product 2) which businesses use our product as a component for their product 3) which businesses sell or service our product

Topic 17: Playing Big Even When You are Small

**Entrepreneurs should think big and act big, not spend like they are big

The reason to make the marketing event "gorgeous" is because?

**Event quality reflects on product quality **the quality of a marketing event reflects the quality of the product. The quality of marketing event execution can strongly influence the sales of a product

Learn to Close the Deal

**For startup marketers, selling and closing are must-have skills. **some firms are so focused on building a better product that they forget about selling **selling answers the "if" entrepreneurs should not ignore this important function, if they are to cash in, they must learn to close sales. **face-to-face selling is a CRUCIAL skills; for most ventures to have any chance of success teh entrepreneur has to be able to tcall on a customer and secure an order **this is done be CLOSING THE DEAL--getting commitment from the customer, delivering on the commitments made

In 1990, Jim Koch, the founder of Samuel Adams beer attacked Heineken beer with an outlandish marketing tactic. Koch launched an American advertising campaign proclaiming, "When we asked for Europe's tried and poor, we didn't mean their beer." Heineken was visibly upset because Jim Koch highlighted the fact that Heineken beer was outlawed in Germany because of a purity law--it is made of corn not wheat. Heineken called his tactics "classless." However, Jim Koch's new venture got a lot of attention and increased sales by attacking one of the largest beer manufacturers in the world. This is a good example of a startup:

**Getting their swagger on **when a large firm attacks a startup, everyone roots for the underdog, no one likes big businesses beating up the little guy. NEW ventures can be brash by getting their swagger on and throwing rocks at Goliath. NEW ventures do not have size but they can make up for it in attitude; such tactics create buzz in the market

Topic 18: Launching Tactics

**Marketing events 1) grab attention 2) generate buss 3) low cost **great startup marketers are great at launching products with limited funds **they generate buzz NOT BY aggressive advertising, renting billboards, or flooding the airwaves with radio spots, but rather imagining and DOING marketing events **Marketing Events: sports, exhibitions, hoopla, happenings.. **in order to engineer awes marketing events, entrepreneurs need put their creative thinking cap on, and get experiential==NEED TO MAKE MEMORABLE EXPERIENCES **remember: do not fall in to the mindset that low price and expensive advertising generates sales!

Topic 16.1 Startup Marketing: Building and Leveraging Relationships

**Marketing teams need to work smarter not harder 1) Unleash the power of Horses 2) Empower the Early Adopting Love Group 3) Land an Anchor Remember the steps: 4) Work with Benefactors 5) Build an advisory board REMEMBER THE STEPS TO SUCCESSFUL ENTREPRENEURSHIP 1) Bottom-up mindset 2) Finding good ideas 3) Leveraging Leverage 4) Think big act big 5) Launching tactics

The best way to play big would be:

**Purchasing a large trade show booth at an industry convention **A good way to play big is by attending a trade show and looking successful. trade shows are a great time to highlight initial success by surrounding yourself with key customers who are excited about the product

What is the Ideal way for an entrepreneur to close?

**SUMMARY-OF-BENEFITS CLOSE, which is when the entrepreneur lists each need and then desribes how the benefits of their product address each need **DONT BE SO FOCUSED ON THE PRODUCT THAT YOU FORGET TO SELL IT **closing the sale is about helping the customer make a decision to solve a problem or capitalize on an opportunity **in summarizing the benefits, teh entrepreneur should match their product's benefits to the customer's most pressing needs **"do you feel comfortable purchasing the product?"

Which group has the biggest opportunity for large and small businesses?

**Swing **Use the LOVE GROUP to sell to the swing group--and use them to sharpen competitive angel **UPC, N2B, R2B, BEA, QS

Kitchenaid has developed a new product that mixes 10 quarts of food, employs 40 interchangeable attachments, and can heat or cool the ingredients being mixed. The product is slated to launch in Spring 2015, which means this mixer should be the hottest item on upcoming wedding gift registries. To get the word out on this new product, Kitchenaid has partnered with Emeril Lagasse who will be featuring the benefits of this new mixer on the Ellen Show. Which of the Five Best Practices for Leveraging is Kitchenaid using in this example?

**Unleash the power of horses **Horses: people that have influence on your market. They have the credibility and ability to introduce, highlight, and promote new opportunities.

A good way to think big and act big with a new venture is to

**Use social media and other Internet tools to highlight your product and company

The million dollar question for a new venture is?

**WHO WILL BENEFIT MOST IF I SUCCEED? **The answer to this question determines a startups first investors, key strategic partners, and even their anchor customers.

Specialists vs. Generalists

**When you are small, it is important to attack a market where it is easy to identify and connect with marketing channels. Just remember the "golden rule" of market domination A SPECIALIST ALWAYS BEATS A GENERALIST when you go after everyone, you end up selling to no one.

Adopting a Bottom Up Mindset

**a bottom-up mindset 1) focuses on making the most of what the company has, 2) goes where the money is, that is attacks an existing market where customers are already spending lots of dollars 3) quickly adjusts the competitive angle in a way that makes competitors irrelevant and 4) transforms a winning marketing tactic into a long-term successful business strategy **because of their small size, startups must cultivate a bottom-up rather than top-down market **let a pain point bubble-up marketing and bottom-up from customer and/or employee feedback, addressing it with a differentiating tactic, and then building business strategy around that tactic **the bottom-up marketing and a bottom-up mindset are exactly opposite from a big business mindset **the bottom-up mindset is a must for startups because they lack everything a big business has **with startup marketing, bottom-up, the key to thinking "bottom-up" is first, identifying a differentiating tactic, and then marshaling all resources around it. **ex: little Caesars is designed to make a profit through addressing a simple pain-point by selling two pizzas for the price of one. That is their competitive angle. Adopting a bottom-up minset means FINDING A NEW-TO-THE-WORLD competitive angle rather than searching endlessly for a new-to-the-world competitive angle rather than searching endlessly for a new-to-the-world product **in comparison, a top-down approach often slows business development down to a snail's pace. **so, what is a competitive angle? an element of differentials that serves a need and sparks a personal connection **

Many entrepreneurs are so focused on building a better product that they do not spend enough effort on:

**being personally involved with selling their product **the cardinal sin for many new ventures is to be too product focuses and not sales focused. Unique products will sell event with a few imperfections. Selling the product gives the best "feedback" for a new venture

A safe way to increase the probability of successfully launching a new product is to do the following:

**chase customers for new products and services **the reason many products and services fail is because the market is flooded with me-too products. Chasing customers and not "benchmarking" competitors will provide you with insights for launching a successful product and make competitors irrelevant

AllRecipes has introduced a website for busy moms to search for quick and easy recipes that can be made with local ingrediants--this is an example of

**customer touch points **managing each stage of the customer experience is critical for the new venture success. Managing the website allows AllRecipes to connect with their clients in a way that is meaningful to busy moms.

One of the first American firms to leverage the power of the Love Fest was Harley Davidson (H.O.G.- Harley Davidson Owners Group). A love fest enables Harley Davidson to:

**empower their best customers to sell to other customer, encourage the H.O.G to sell their products for Harley Davidson **A Love Fest encourages customers to share the love with prospective owners and help sell products. Customers are more credible selling Harley Davidon's then the Harley Davidson's salesgroup

HAVE A LOVE FEST

**if an entrepreneur wants new customers to feel the excitement of their new product, they allow their customers to help launch it with them. **Entrepreneurs should sponsor their own events and generate Love Fest Buzz. 1) create opportunities for the best customers to "share the love" they have for products and services 2) Get out of the way and let the customers sell for the entrepreneur **the ultimate high-credibility information source is customer talking to customer or customer talking to new prospect **A Love Fest leverages "customer love" so that current customers buy more **can be conferences, summits, events, blogs, clubs, community classes.. **owner groups provides a forum for customers to exchange ideas as well as product uses, usage situations, and complementary products. **example of a Love Fest?? HARLEY DAVIDSON **example of love Fest?? The Rusty Pickle Blog is a virtual venue that creates a love fest forum for customers and scrapbook junkies to learn and share the love of scrapbooking. **building a club is another way to launch a love fest

Jingle Your Way to Success

**if you do not have a catchy name, THEN SING IT **jingle should be somewhere in between authentic hopes and/or needs of customer and unique features and benefit of product

Think Big and Act Big with TECHNOLOGY

**internet technology provides a never-before-seen opportunity to build touch points and act big *Technologies such as social media, and low-barrier entry sales channels, give every business an equal chance at success

The BIG SECRET for entrepreneurs for launching success it to...

**know how to sell and CLOSE the DEAL **sell, sell, sell, then close the deal; "what do i NEED to get a yes?" write down the answer because you just got an incremental commitment to buy

Select the Channel: Let the Channel Create the Need

**marketing channels make or brake new products **startup marketers must place new products in the hands of distributors and retailers who want to sell it. they have to put the product where people are 1) READY TO BUY 2) ABLE TO PAY 3) KNOW THAT GOOD ALTERNATIVES ARE OUT OF REACH **Del Sol color-changing vacation-themed T-shirts are best sold in resort areas. Red Bull energy drinks are best sold in convenience stores and college campuses. Expensive, beer-soaked hotdogs are best sold in ballparks. **ACCELERATE SALES WITH A GIVE-AWAY CONTEST **ACCELERATE SALES WITH AN IN-STORE CHALLENGE **ACCELERATE SALES WITH ADDICTIVE SALES

Entrepreneurs face a David and Goliath competitive landscape. To have a fighting chance, entrepreneurs need to

**play to his/her own set of strengths **NEVER fight Goliath with Goliath tactics. Goliath will always win. Me-too tactics are also doomed to failure. David beat Goliath because he used tactics that Goliath was totally unaware of. David beat Goliath because he utilized his sling shot--a strength or talent he was good at. ** think like David.. play to strengths, creative, low-cost tactics

Make the Demonstration Compelling

**product demonstrations demonstrate energy and interest and if done well lead to purchase. **ex: Hal Wing with Giant Ladders Yodeling **. Thomas Edison is one of the all-time greatest entrepreneurs. Edison invented the light bulb, right? Actually, wrong: Edison did not invent the light bulb, but was the first to successfully commercialize the light bulb.

Be a Trade Show Giant

**startups can afford to be big players by concentrating their marketing dollars at trade shows **"Everyone stand up, because we are going to play rock, paper, scissors. And the winner gets a Hummer. But instead of saying rock, paper, scissors, we're going to say Om-ni-ture." The competitors at the luncheon were not asked to play. Om-ni-ture was yelled louder and louder as the competition progressed. A one-year lease for a Hummer was awarded. And since that day, Omniture has been invited to bid on every large project that has come along.

Think Big and Act Big with Swagger-- Why it Pays off!

**swagger: showing great confidence in their ability to follow their passion, take on the status quo, and then crush it. **what new businesses does not have in size or popularity, they have to make up for it in ATTITUDE **Ex: Wendy's taunts mainstay burger chains with "Where's the beef?" **New ventures with swagger can turn heads and generate buzz by doing things that would go unnoticed or raise eyebrows if coming from bigger, more established businesses. To be a David, all a new business needs to do is find a Goliath to throw rocks at

WOW! groups used to Propose and Test Alternate Ideas has Six Hats

**the WOW! group questions entrepreneurs ask to increase their odds of success fit into a framework is called Six Thinking Hats. 1) White Hat: facts about the product, service, or how people might use it 2) Red Hat: emotional, gut reaction to the product or service 3) Black Hat: perceived shortcomings or objection to the product or service 4) Yellow Hat: perceived benefits or positive support for the product or service 5) Green Hat: ideas for improving the product or service 6) Blue Hat: summarizing the process of lessons learned in process **WOW! groups work best when comparing their Big Idea to several not-so big alternatives. In this way, WOW! Group participants can only guess at which idea is the Big Idea and consequently provide unbiased feedback on ALL of the concepts. Let's face it, any respondent in a focus group will try to be as positive as possible about someone's Big Idea when getting paid or at least fed some pizza pie. To get fair and honest feedback, an entrepreneur's favorite idea must be embedded along with at least one other similar idea.

Successful Entrepreneurs can get above average prices for their products by

**using a marketing channel in which consumer need and value are high, but product alternatives are few **SELECTING the right marketing channel with 1) ready to buy 2) able to buy 3) good alternatives are out of reach

2nd Step to the leveraging leverage: EMPOWER EARLY ADOPTERS

*Empower the early adopting love group *do not use time and energy to fight cynics and hecklers *"Who is our lovegroup"? identify customers beyond demographics, instead ask, "what do customers look like, how do they express themselves, what do they read and watch, where do they live, what product features and benefits get them going?" **tap into the knowledge and emotion of early-adopter customers; discover the reasons why these customers love the company's products **in order to do this, bring love group together and find out emotional connection between personal and product benefit **diffusion of innovations research is only possible IF 1) the product has a distinct advantage over relative alternatives 2) the product fits with a customer's current way of doing things 3) the product is relatively easy to use *take the Love-Swing-Hate approach to attacking the markeplace--focus on early adopters (imitators and innovators) **use the LOVE GROUP to sharpen competitive angel by pinpointing passion 1) N2B 2) R2b 3) BAE 4) Quantifiable 5) unique **Sharpen the angle of a product by finding the emotional hot point and enhance N2B, UPC, R2B, etc... **NO love group? what do I do?

1st Step to Leveraging Leverage: FIND HORSES

*Find Horses *product advocates, brand champions, the LOVE GROUP *if someone thinks an entrepreneur has a cool product and they have influence on the industry, use that leverage

Entrepreneurial Marketing

*big business strategies simply don't work for kick starting entrepreneurs *big business has millions to spend on R&D and sophisticated messaging and promotional campains *ENTREPRENEURS CAN'T AFFORD TO BUY SUCCESS, they must do it the old fashion way through 1) creativity and 2) low-cost tactics

Challenge #3 to Closing the Deal: Entrepreneurs have BIG Egos

*entrepreneurs must subjugate their egos and deal with frequent rejection *CHECK your ego at the customer's door *You can win the battle of sale, but you will lose the sale *the focus is on the customer

Challenge #2 When Closing the deal: Power is with the buyer

*startups are in a weak selling position, especially when their products represent discretionary purchases and their offerings lack distinctiveness *The solution is to sharpen and then sell the entrepreneur's competitive angel *Their product and/or service must stand for something different that is important to customers *entrepreneurs must answer the "SO WHAT" question--how does this provide customers with a reason to believe?

Bottom-Up Mindset

-Entrepreneurs win or lose at the tactical level (bottom-up) -let a pain point bubble up from customers and/or employees. Address it with a differentiation tactic. ex: post-it notes "low tack" adhesive not like 3M products, different, solves a problem, BUILD THE STRATEGY AROUND A DIFFERENTIATING TACTIC EX: NyQuil: originally, the negative side effect put people to sleep--however, does solve the problem of nighttime relief, sparks a personal connection, build the strategy around a differentiating tactic

3rd Step in the Ideation Process: Propose and Test Alternative Ideas

-Measure the WOW! factor is often efficient--using a WOW! focus gorup -WOW! why are people pulling out their credit cards? -"I show peopl ethe product and loot to seee it they tilt their head slightly and say WOW. if they do, I have got another hit" -products and services with the WOW! factor have something special that is unique and remarkable, useful or fun. THEY HAVE STOPPING POWER. -entrepreneurs have a difficult time measuring the WOW! factor and often use a scale of 1 to "WOW! I a going to pull out my credit card!!" -along with the WOW! group the entrepreneur also identifies a core group that will truly love thei ridea -do not go forward without the wow factor: you will be validating the first rule in developing products by not gaining customer's interest

Bloomsberry, LLC, a chocolate maker from Salem, MA has teamed up with TerraPass, a green energy broker, to offer "Climate Change Chocolate" bars. The wrappers have 15 tips to reduce your carbon footprint and include in their sale price, enough carbon energy credits from TerraPass to offset your carbon footprint for one day. Given the current environment, this new product:

-Rides waves of interest **When a company connects to a trend or fad, they increase the probability of success by riding the wave of interest to success. In this case, green marketing is very popular in this country.

Step 4 of the Ideation Process: Perfect the Top Idea

-Smart entrepreneurs quickly go from a good idea to a great idea and to profitability by SHARPENING COMPETITIVE ANGLE -sharpening competitive angle is the bridge between a good and a great idea

Austrian entrepreneur Dietrich Mateschitz was inspired by an energy drink named Krating Daeng (Krating is a larger Bovine similar to a buffalo and Daeng means "red") which was invented by Chaleo Yoovidhya and sold in Thailand. He took the idea, modified the ingredients to suit the tastes of westerners and, in partnership with Chaleo, founded Red Bull, now marketed worldwide. The story of Red Bull is a good example of:

-cool hunting **Cool hunting for products in other regions or countries and launching an culture appropriate version in one's own country often results in successful new ventures.

Step 2 of the Ideation process: Explore the specific problem

-deep dive into the pain to identify product attributes that address the core problem -detect customers' desired functional and emotional outcomes -as a result, product requirements begin to emerge when you ask: how to customers measure value? -laddering research methods identify the linkages customers make between product attributes and personal benefits **what are the three parts of laddering research method that helps marketers explore a specific problem? outcomes, barriers, attributes

Laddering Research Method is used to help Explore Specific Problem

-identify customer's personal outcomes, both functional and emotional, along with the barriers that prevent the desired outcomes and the attributes that lead to desired outcomes 1) what outcomes (functional and emotional) are customers seeking? 2) what barriers stop those outcomes? 3)what attributes lead to those outcomes? **example: prescription drug bottles

The Dirty Dash has become very popular in the running world. The Dirty Dash is a mud run obstacle course where a military boot camp meets your inner five-year-old's fantasy and subsequently converts boy to man and then man to swine. It is the dirtiest, filthiest, and uncouth event someone can ever run in. This service is successful because it:

-stretches or entertains to the extreme **When a service is taken and stretched to the extreme for fun it usually becomes a winning idea.

A Competitive Angle must answer 5 questions to be successful. Which question focuses on how a given product addresses a consumer's "been there done that" barrier?

-unique product claim **In determining whether a product has a strong competitive angle, the product must first and foremost be unique. Uniqueness is earned when the product successfully addresses customer hurdles, reduces pain, or thrills the senses.

How Do I Pull off a Good Marketing Event?

1) Active demonstrations are better than passive *seeing is believing, but doing is understanding. *full-out demonstration of even pricey items in which people have a chance to handle the product and experience its benefits firsthand *people want PROOF not puffery *all demonstrations must active to be effective *active demonstrations get people doing rather than watching *ex: DuPoint carpet swatches, it was the deomonstration kiosk that was the key for making product sales REMEMBER: effective demonstration do a lot more than just demonstrate what the product does. Rather, the demonstration shows off the carpet's "relative advantage" over other carpets. 2) **What are the five things that a demonstration can have to speed everyone, even laggards, into more readily adopting products 1) relative advantage: the new product is much better than the old product 2) compatibility: means that the new product fits in with the typical way people live 3) complexity: anti-complexity, how easy it is to use 4) trial-ability: how accessible a product is for hands-on trial 5) observability : the degree to which consumers can observe others using and enjoying the new product **not every product demonstration can bring together each element, BUT THE MOST IMPORTANT ARE RELATIVE ADVANTAGE AND COMPATIBILITY ARE THE TWO MOST IMPORTANT FACTORS ENERGIZING NEW PRODUCT CATEGORIES (success comes from products that are superior and also mend closely with a person's way of life--also have to be anti-complex, and trial-bility) **GREAT MARKETING MAKES THE INTANGIBLE, TANGIBLE. 3) When Demonstrating, Do not Lie with Statistics *make sure your facts are accurate

Startup Marketing: Five Best Practices

1) Bottom-up mindset 2) Finding good ideas 3) Leveraging Leverage 4) Think big act big 5) Launching tactics

Challenge #1 When Closing the Deal for Entrepreneurs: Lack of Cred

1) Entrepreneurs Lack Credibility, Name Recognition, and Track Record **little or no trust-- the solution is to earn credibility and establish trust **people buy from people they TRUST not hwo they like **has to be earned by the entrepreneur **credibility can be transferred to an entrepreneur through a referal ENTREPRENEURS CAN DO THESE 7 THINGS TO EARN TRUST 1) Dress and speak the part: DRESS UP, if a salesperson mentions a feature, describe the benefit 2) Entrepreneurs need to set correct expectations: under promise and over deliver 3) Entrepreneurs should be responsive 4) Entrepreneurs need to deliver results

What are the 3 challenges entrepreneurs face in selling?

1) Lack Credibility 2) Power is with the buyer 3) Big Ego

Five rules for dreaming up successful promotions and marketing events

1) Make sure the distinctive product features takes center stage in the event; CENTER STAGE 2) Make it gorgeous; event quality reflects product quality: GORGEOUS 3) If at all possible, connect the event with a local cause: LOCAL CAUSE 4) Target the event to fit a specific audience and marketing objective; TARGET 5) If appropriate, send home a personalized souvenir to drive home a living, breathing, brand experience; SOUVENIR

Four Step Ideation Process

1) Select a problem area 2) Explore a specific problem 3) propose and test alternative product ideas 4) Perfect the top product idea

Think Big Act Big With..

1) Technology 2) People 3) Ideas 4) Press-Publicity 5) Trade Shows 6) Niche Market Domination 7) Swagger

Examples of Marketing Events that Generate Buzz, Grab Attention, and are Low Cost

1) activities 2) exhibitions 3) happenings 4) gatherings 5) tournaments 6) competitions 7) matches 8) races 9) games **having a focus on throwing marketing events reminds us that we are selling a consumption experience and not just a product

How do you develop a competitive angle that makes competitors irrelevant?

1) an element of differentiates that serves a need and ((sparks a personal connection)) IS IT UNIQUE IS IT DIFFERENT 2)Does that product of service you have lift people over a hurdle that helps them eliminate pain or experience joy that existing products fail to do

Complete the phrase for entrepreneurs "If you want something done right, do it yourself...ONLY ___________."

1) can do it well and have the 2) BANDWIDTH and ENERGY to do it

What are the top 3 challenges to selling?

1) credibility 2) power is with buyer 3) ego

Marketing Events..

1) grab attention and generate online conversation 2) generate buzz 3) low cost **create an AH HA or a HA HA moment

Top Down thinking is problematic for new ventures because it:

1) increases cost due to lack of innovativeness 2) slows down time-to-market 3) limits firm's ability to exploit opportunities 4) favors me-too over something truly different **Top down thinking focuses the organization on what top management wants to do-- their long-term plans. Unfortunately, this increases the cost of launching new products, slows down time-to market and limits a firms ability to see and exploit opportunities

What are the five rules for Marketing Events?

1) make sure the distinctive product features take center stage 2) make sure the quality and personality of the event mirror the quality and personality of the product 3) connect the event with local cause when possible 4) target a specific audience and marketing objective 5) send home a personalized souvenir to drive home band experience

How do we find a competitive angle?

1) solve everyday pain 2) ride wave of interest 3) stretch or entertain to the extreme 4) build on a core product

What are the 4 keys to finding big ideas? (used in selecting problem area)

1) solve everyday pain 2) ride wave of interest 3) stretch or entertain to the extreme 4) cool hunding

Step 4 of the Ideation Process: Perfect the Top Idea by SHARPENING THE COMPETITIVE ANGLE

1) unique product claim: how is the product distinctly better at solving problems and more memorable than its closest competitors? 2) Need to Believe: what significant pain point does the product address that is personally relevant to the target market? 3) Dominate Situations: which usage situations does the product dominate in a way that delivers superior value? 4) Reason to Believe: how effective is the demonstration of product-problem solving benefits in capturing the imagination of the target market? 5) Quantifiable support: what are the relevant facts and figures that can be used to support or enhance the product claim?

What are the five launching tactics for a good marketing event?

1) use marketing events to generate buzz 2) make the demonstration compelling 3) create a catch phrase or jingle 4) select the channel 5) close the deal