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Position Your Product/Service for Maximum ProfitabilityLean Startup Series #3
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About Art
Art Lee is a seasoned digital marketer with extensive experience in leading and managing technical projects across APAC and U.S. He has both extensive technology and business skills which are both required to effectively manage any digital marketing campaign and to ensure business objectives are met. The skills that are most valued by clients is his ability to listen and to create solutions.
Session #1 - Idea generationComing up with your own ideas
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Session #2: Researching Your Target MarketDefining your ideal client
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Helping business owners (SMEs/Freelancers) to build their own businesses on a lean(er) budget
Educate business owners to make informed decisions (simple and effective)
Accommodate lowest common denominator - semi-seasoned business owners
Encourage audience participation
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Where to startDefining your monetary potential
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What are you worth? (market comparison)
What motivates your ideal client?
Position yourself for maximum profitability
Your worth is based on….
Economy
Market demands
Market sentiment
Motivations
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Charge based on demand
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High Value
Not Useful
Low Value
Very Useful
Waste of time
Selling yourself
short
In demand
Price/Cost…a moving target
Analyze
Competitors
Client Feedback
Motivations
Adjust
For large & small
To meet expectations
To match motivations
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Example as digital marketer….
Analyze Adjust
Companies (large and small) In-Line with competitors as a start
Adjusted once portfolio grows
Feedback (clients and prospects) Some had higher expectations
Goal is to make them feel they got more than what they paid for
Motivations Speed to market/to complete
Added services
Expert insight (strategies)
Group Exercise: Analyze Competitors
Take one product, compare it to competitors & feedback:
• How they are selling?
• How they are discounting? (volume, tax breaks, extras)
• How successful/attractive are they?
• How are they different than you?
Product Service
Take one service, compare it to competitors & feedback:
Do the same….
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What motivates your ideal client?
Exercise: Motivations
List characteristics that motivate customer to do business with you.
Price
Level of service
Discounts
Quality
Products Services
List characteristics that motivate customer to do business with you.
Level of service
Added value
Quality of work
References
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Build negotiation structurePosition yourself for maximum profitability
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Where do you play?
Highest margin-bill rate/least
amount of work
Max dollar for max
value/satisfaction
Lowest margin/worst expectations
Too much work for little money
Pricing Model Exercise: Service
Competitors
Volume
Discounted/Low priced
Quick and painless
Certified
Total Cost:
How You Compare
Your Cost:
Pricing Model Exercise: Product
Competitors
Volume discount
Speed to deliver
Quick and painless
Total Cost:
How You Compare
Your Cost:
Website Example
Competitors
Speed to Deliver (volume)
Price (10K)
Quick and painless
Simple design, placeholder for content, some functions
Not happy for long….
Total Cost:
How You Compare
Takes a bit longer (quality)
Price 15K
Quick and painless
Functionally efficient
Approach that makes sense, last longer
Your Cost:
Image: webpresence.tv
Summary
Be realistic with your pricing, mood changes when work is much more than your cost
Client motivations are key to winning new clients
Don’t out price yourself unless that is your goal
Keep pricing flexible
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Good Luck!Come talk to me if you have any questions.
Get Busy Doing
or
Get Busy Losing