On On Entrepreneurial MarketingEntrepreneurial Marketing

MGT 709 New Venture CreationMGT 709 New Venture Creation

AgendaAgenda

AdamsAdams Guest SpeakerGuest Speaker IcebreakerIcebreaker KeurigKeurig

Adams On MarketingAdams On Marketing Advertising is remarkably ineffective for an Advertising is remarkably ineffective for an

early stage companyearly stage company It’s expensiveIt’s expensive Very low return on investmentVery low return on investment Why?Why?

What is good marketing?What is good marketing?

Early stage marketing cycleEarly stage marketing cycle Customers->Market feedbackCustomers->Market feedback Market validation -> Product refinementMarket validation -> Product refinement Products -> Publication relationsProducts -> Publication relations Buzz -> Customer acquisitionBuzz -> Customer acquisition

InterrelationshipsInterrelationships Give sales the right messages and toolsGive sales the right messages and tools Connect R&D with customersConnect R&D with customers Heighten market awareness of your Heighten market awareness of your

company’s productscompany’s products

Product definitionProduct definition

Defining the product is your #1 market Defining the product is your #1 market prioritypriority Its remains so continuously for every product Its remains so continuously for every product

release for the entire life of your companyrelease for the entire life of your company

Face out to market. Face in to Face out to market. Face in to development.development. Rely heavily on alpha and beta customersRely heavily on alpha and beta customers

Generate buzzGenerate buzz

Two main targetsTwo main targets Public relations/press releasesPublic relations/press releases Analyst relationshipsAnalyst relationships

BrandingBranding Logo, website, folders, business cardsLogo, website, folders, business cards Professional, memorable, meaningfulProfessional, memorable, meaningful Presence at conferences/trade shows/webPresence at conferences/trade shows/web

PRPR Press briefings/releases, analyst meetingsPress briefings/releases, analyst meetings Power of a PR agency – existing relationshipsPower of a PR agency – existing relationships DIY options DIY options PR Web VideoPR Web Video Analysts give guidance and validation, too!Analysts give guidance and validation, too!

Customer AcquisitionCustomer Acquisition

Pass hot leads to salesPass hot leads to sales Obtained from market validation effortsObtained from market validation efforts

Other ways to locate hot prospectsOther ways to locate hot prospects Direct-response mailing/EmailsDirect-response mailing/Emails Tele-prospecting – outsourcing possibleTele-prospecting – outsourcing possible Trade showsTrade shows WebsitesWebsites Google Adwords with SEOGoogle Adwords with SEO Partnerships/AlliancesPartnerships/Alliances

Dynamically change message in response to Dynamically change message in response to feedbackfeedback

Integrate – web, direct mail, calls - criticalIntegrate – web, direct mail, calls - critical

Erika Fowler-DecaturErika Fowler-DecaturFounder – Ithaca Fine Chocolates/”Art Bar”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

IcebreakerIcebreaker What are the essential ingredients to What are the essential ingredients to

Icebreaker’s success to date?Icebreaker’s success to date? What is Moon’s model of adoption for What is Moon’s model of adoption for

American customers?American customers? Why has distribution succeeded in Europe Why has distribution succeeded in Europe

but failed in the US (to date)?but failed in the US (to date)? What should Icebreaker do to “cross the What should Icebreaker do to “cross the

chasm” in the US?chasm” in the US?

KeurigKeurig How attractive is Keurig’s system to:How attractive is Keurig’s system to:

DistributorsDistributors Coffee RoastersCoffee Roasters KeurigKeurig Office ManagersOffice Managers Office Employees?Office Employees?

What actions should Keurig take to penetrate What actions should Keurig take to penetrate the office coffee service market (including the office coffee service market (including dealing with suppliers)? How should they price dealing with suppliers)? How should they price the machine? How fast should they grow?the machine? How fast should they grow?