160412 increasing sales diversity-slides
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Members of the National Concrete Burial Vault Association (NCBVA) enjoyed this presentation about how to build a new business line to complement the burial vault business.
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160412 increasing sales diversity-slides
- 1. Increasing Sales Diversity for Members of National Concrete Burial Vault Association (NCBVA) or A BAD@$$ New Business in 2.5 Hours Devin D. Thorpe April 12, 2016
- 2. @devindthorpe devin@devinthorpe.com page 2 Bad@$$ Jimmy Carter
- 4. @devindthorpe devin@devinthorpe.com page 4 Teton Dam 4
- 8. @devindthorpe devin@devinthorpe.com page 8 Familiar Facts •Nearly 50%--and rising--of people nationally are choosing cremation (http://ti.me/1SFodnB) The number of annual deaths is expected to rise from 2.6 million this year to over 4 million by 2050 (http://bit.ly/1SFoaYV) Burial vaults represent only about 20% of the cost of a funeral; the other 80% is opportunity
- 10. @devindthorpe devin@devinthorpe.com page 10 Assessing Your Resources •Key plant and equipment assets Customers Employees you just can’t lose Your company’s distinctive competences Your company values
- 11. @devindthorpe devin@devinthorpe.com page 11 Ideation Please list below all of your ideas for a new business line or division for your company below. There are no bad ideas! • In your group come up with as many ideas as possible for new businesses • Think of business ideas that leverage at least one of your assets: • Plant and equipment • Customer relationships • Great employees • Company competencies • Values
- 12. @devindthorpe devin@devinthorpe.com page 12 Evaluation •Can we make it, buy it or do it? Can we sell it? P: … for more than it costs? dead book
- 13. @devindthorpe devin@devinthorpe.com page 13 Market Research •Google.com Amazon.com eBay.com Individual retailer websites Funeral home websites •How big is the market? How fast is the market growing? How is the product priced?
- 14. @devindthorpe devin@devinthorpe.com page 14 Value Proposition •Statement that defines the benefit of your product or service Why someone should buy from you instead of their current supplier What you do better than everyone else Examples: • We sell burial vaults to funeral directors so that the grounds remain beautiful for generations. • We sell burial vaults to funeral directors so that they can meet the needs of their customers. • We sell burial low-priced vaults to funeral directors so that they can make more money.
- 15. @devindthorpe devin@devinthorpe.com page 15 Selling: Start NOW! •What do you wish your current supplier did better? •Is the product line complete? •Is delivery timely? •At what price would you consider buying from me if I solved one or more of those problems? Call someone who buys or is likely to buy the sort of thing you’re thinking of selling. (This could be one of your existing customers.)
- 16. @devindthorpe devin@devinthorpe.com page 16 Marketing: •Branding: • Will you use a brand you already use and own? • Will you use a brand you license from someone else? • Will you create a new brand? Sales Channel: • Wholesale via funeral directors • Direct to consumer • Direct to other business users • Wholesale to other businesses Pricing: • Discount • Mass Market • Premium Tactics • Social media • Advertising: Trade or mass media • Wining and dining • Inside v. outside sales
- 17. @devindthorpe devin@devinthorpe.com page 17 Sourcing •Existing suppliers Google.com Alibaba.com Upwork.com •Where can I buy it? How can I make it? Who can help me?
- 18. @devindthorpe devin@devinthorpe.com page 18 Minimum Viable Product (MVP): A version of the product (or service) intended to allow you to test the market before scaling up. How can you test your BAD@$$ business idea?
- 19. @devindthorpe devin@devinthorpe.com page 19 Budget: (List everything you’ll spend before the first dollar of revenue is collected) Item: Cost: Total Cost: MVP Budget:
- 20. @devindthorpe devin@devinthorpe.com page 20 Financing the MVP: A Budget to complete MVP (from page 9) B Months to complete MVP C Cash on hand available for MVP: D Cash flow per months available for MVP: E = B * D Months x monthly cash flow available for MVP: F = C + E Cash available for MVP before borrowing: G Annual cash flow (EBITDA): H = G * 2 Amount you can borrow (Cash flow x 2) I = F + H Cash + amount you can borrow: J Equity you are willing to sell to investors K = I + J Total amount available for MVP:
- 21. @devindthorpe devin@devinthorpe.com page 21 One-Page Business Plan Your value proposition: Describe your market: Your first customer: Marketing strategy: Sourcing your product: Describe your MVP market test: Budget for the MVP: Financing the MVP: Timeline: Management Team:
Notas do Editor
- A few of you may recall when in 1976, the Teton dam in Southeastern Idaho failed, damaging or destroying about 80 percent of the structures in the small town of Rexburg. Living then as I do now in Salt Lake City, my father invited me to join him and a volunteer group to Rexburg where we helped dig mud out of a basement and otherwise work to salvage a home. As an 11-year-old kid that was a lot of fun. The whole trip took about 24 hours, leaving about 2:00 AM, arriving at dawn, working all day, leaving at dark and returning after midnight. Now, I’m not a big guy. Picture me as an eleven-year-old standing next to a shovel—I wasn’t as tall as the handle and just lifting the empty shovel was a task for me. I’m sure I was of virtually no real help that day, but the experience has come to define my life. I felt so good helping people that day that I promised then I would never miss an opportunity to .serve. Of course, I have missed many opportunities to help. I was, perhaps, distracted by building a successful finance career, but ever since I was let go from my position as the CFO for a global food and beverage company three years I have focused on channeling the enthusiasm of my youth to do my part to make the world a better place.