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Tools of Engagement: Mar-ke-Tcccs - Part 2

Course video 32 of 35

This module addresses the third (Get Market Created) and fourth (Get 'ABC' Game Plan) steps of the process to prepare for your capstone experience and business launch. These two steps prepare the business to connect with individuals and organizations in its market, form and nurture relationships and create customers. There is a saying in sports that winning cures all ills. There are several reasons that lead to business failures, most if not all can be cured with enough customers. Peter Drucker, who many describe as the father of modern business consulting, is famously quoted as saying, “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” In essence a business is to create value, then create a customer. At the end of this model you will be able to develop a marketing plan and sales plan outlining the specific tools you will use to connect with and create customers.

Launch Strategy: 5 Steps to Capstone Experience

Université d'État du Michigan

Cours 5 de 6 dans Comment commencer votre propre entreprise Spécialisation

This course is the last course in this specialization before its capstone experience where you, the learner will launch your business. Consider all the activities associated with the final preparation for a NASA launch before the final countdown takes place. Those are the type of activities with respect to launching a business that will be covered in this course. The goal of the course is for you to have a document that details all the actions you need to take, and all the things that you need to think about before launching your business, with instructions on how to do those actions and how to thing about those things. Specifically the course will provide you with five benefits or outcomes. First your attitude will be finely focused and tuned to the mindset concepts covered in course one that are likely to have the greatest impact on your business launch. Second in a similar fashion you will become keenly aware of those aspects of your business that directly impact its ability to create and deliver value on day one; and have actions plans to address each aspect. With your 'mind right' and your 'business right' the third and fourth outcomes of the course are actions plans to get your 'market connections' right. The course will allow you to explore strategies and tactics to engage the market, communication your message, and generate sales; and select those which give you the best opportunity to learn and establish a foundation for growth. Finally the course will walk you through a final checklist of operational issues that will allow you to enter the capstone course and your business launch ready to go on day one. Throughout the course we have emphasized the importance of market engagement, allowing the market to provide feedback that sharpens your business and maximizes its chances for success. As with the entire specialization the feedback you will get through the peer review assignments for this course and the capstone course are an invaluable opportunity for for such engagement.

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Enseigné par

Ken Szymusiak
Managing Director, Burgess Institute for Entrepreneurship & Innovation
Forrest S. Carter
Associate Professor, Faculty Director of Institute of Entrepreneurship and Innovation

Transcription

[MUSIC]

Hello, learners.

So let's focus more now on the objective of this lesson,

giving you a framework for this basic marketing planning activity.

We're going to build this framework around what we call the marketing Ts.

Specifically, we're going to look at tagging it,

targeting it, basic tactics and

identifying effective tools.

What makes our marketing tools effective?

Well, we have three additional Ts.

We want tools that expose us or generate traffic.

Our analogy that the most important thing we can do for

the chaos, if you will, is to build our own wall.

Being able to then touch individuals in that traffic to come in contact,

build relationships, and

then engaging in activities which strengthen those relationships.

Strengthen the bond or ties we have with our community and

with our target customers.

So Tag it, Target, Tactics and Tools.

Traffic, Touch and Ties.

TAG IT is essentially a concept that we've talked about.

Essentially, we're talking about positioning.

But, again,

I've already told you my affinity of doing things with the same letter.

But when we think about tagging from a retail since, literally,

the tag tells you two things.

What it is, kind of what department this product exists in,

and what the price is, what value it's asking for.

Your ability to create value, that's your main task as a marketer.

To create value, communicate that, deliver that value, to create a customer.

I refer to this as Marketing Magic.

Let's look at an example.

Here you have a tennis ball.

I think, generally, you can get three or

four in a can for about $5, maybe at most $6.

But for whatever reason, we need to create more value than that.

I'd like to be able to get $15 for just one tennis ball.

Take a moment and think about what things you might

do to realistically be able to get $15 for a tennis ball.

I'll give you a second to think.

Any ideas?

If you did have an idea,

did you realistically think someone would pay you $15?

Maybe having Serena Williams' autograph, having them made in mink?

I venture to guess many of your suggestions, in addition to maybe

making it worth $15, also raised the cost of the tennis ball.

In an ideal situation, I want to spend the same amount of money

to make the tennis ball, but get $15 from my customer.

Well, let's look at tagging it differently.

Now, foul play you might say.

That's not a tennis ball.

Well, you're right, it's not a tennis ball, but it's still a ball.

One of the things we've talked about is, again,

recognizing that you're not married or embedded with the product per se,

but with finding a solution to a customer's problem.

Essentially, a tennis ball is simply a rubber ball.

It has felt around it.

It's grooved a certain way so

that it reacts as desired as it comes off the racket.

But If I take the felt off and

kind of replace the cost of the felt with a nice rope,

then it can now solve the problem of a whole

different array of potential customers.

Google pet toys.

Google rope toys.

When I did it, I was amazed to find that products like this range

anywhere from $5 to $25,

which are basically some variation of a rope and a ball.

So, in essence, we've created value.

I have a product that's as cheap, if not cheaper, to make

that already people are spending at least $15, if not more, in the marketplace.

So, that's the idea of tagging it.

To your own experience, as a tennis ball,

it gets tagged as being part of the sporting goods department.

And, again, it's going to be about $5 or $6 for four.

If I tag it as a pet toy, it's going to show up in

another department of the store, and

I can reasonably expect to get $5-$15 for one.

Part of knowing how to tag it is being able to identify target customers.

Not every pet owner plays tennis, but many tennis players are pet owners.

So as I look at the possibility of target customers, I don't want to

tie my thought process initially to what I've already deemed as the product.

It was kind of a trick question because as soon as I kept asking you

what would you do with this tennis ball, how would you market this tennis ball,

I was already shutting off huge parts of your brain to brainstorm about

what you might do because you'd already locked in that it was a tennis ball.

If I look at customers, if I look at the market in general, I see the huge

amount of money that people are spending on their pets and on pet toys.

I look at the huge number of people that are avid pet owners.

Now, I kind of reverse, again, our upside down startup philosophy.

Now I say, well, I have resources,

I really have expertise in making and manipulating a rubber ball.

How can I tag this in a way that I can appeal to this target market?

So identifying target customers.

Our third T is tactics.

We refer to tactics as the actual controllable activities you have at

your disposal as a company to try to create a customer.

Traditional marketing thinks in terms of the 4 Ps.

Product, promotion, price and place or distribution.

We’re going to broaden our context to try to give you a little bit more flexibility

in terms of being consistent with those core elements of

entrepreneurial marketing that we've been talking about.

We're going to look at some in the entrepreneurial marketing discipline

referred to as the 4 Cs.

They somewhat correspond to the four Ps, but not directly.

But in place of product, we're thinking about co-creation.

As part of a community, I'm working with my neighbor, I'm working with my

other community members to address some problem that I know they're facing.

So they're somewhat partners with me in developing a product or

service that addresses their needs.

Again, the goal is to produce something that you already know they want.

To have that kind of knowledge, they definitely have to have input.

They have to have some skin in the game, as they say.

And so incorporating them throughout the planning process

is the approach taken in the entrepreneurial context.

Again, this is how you make something remarkable.

Promotion, delivering a message.

It was one thing to deliver an advertising message.

It's another thing to deliver a message to your neighbor, over the fence,

between your respective backyards.

The extent to which you build and become a part and

strengthen your relationships within the community only goes to enhance

the power of any message or communication you might ultimately want to deliver.

Price through customization, giving them exactly what they want,

enhances your ability to capture a greater value,

that is, to capture a higher price.

And then, finally, giving them choices, convenience and choice,

by being connected, or being better connected.

[MUSIC]

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