Aalto university Identifying and evaluating market opportunities. Marketing.
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The document discusses entrepreneurship and marketing strategies. It provides advice on identifying target customers and market opportunities. The key points are: 1) The first step in developing a business idea is to identify the target customer segment by considering who may need or want the product/service. 2) The document uses the example of Finns living abroad as a potential target segment for an online store selling Finnish food products. 3) Once a target segment is identified, entrepreneurs should focus on understanding customer pains and needs that the business can address to provide value and a good market fit.
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Aalto university Identifying and evaluating market opportunities. Marketing.
- 1. Ship in harbour may be safe, but this is not what ship is built for. Choose your des8na8on . Dra: your route. Remember: Success is not a des8na8on, it’s the journey. Ilkka O. Lavas / Improce Media Oy at Aalto University 2015. Photo by Riza Nugraha (CC BY 2.0) Iden8fying and evalua8ng market opportuni8es.
- 2. Entrepreneurial methods Photo by Lavas @ Burma Sprite Clone In Burma / Myanmar Is example of innova8ve method.
- 3. Ilkka O. Lavas • 3 books about entrepreneurship • Partner, board member, investor – PorYolio of 14 businesses – 10+ aquisi8ons done – 3 exits • Young Entrepreneur of the year 2009 in ’Southern Finland’ • 35years, 2 boys, 1 wife, 2k+ _ connec8ons, 2k+ linkedin conns, 2,5k+ twi`er @lavas
- 4. PorYolio EXITed: EXITed: EXITed:
- 5. Entrepreneurial Marke8ng: Agility • Agility as a success factor? • Lean Startup methods • What is agility? Photo by Tarja Ryhannen Mitrovic / Flickr
- 9. MARKETING IS A CONTINUALLY OPTIMIZING LEARNING PROCESS Secrets of Entrepreneurial marke8ng
- 11. AIDA • A -‐ A`en8on (Awareness): a`ract the a`en8on of the customer. • I -‐ Interest: raise customer interest by focusing on and demonstra8ng advantages and benefits (instead of focusing on features, as in tradi8onal adver8sing). • D -‐ Desire: convince customers that they want and desire the product or service and that it will sa8sfy their needs. • A -‐ Ac8on: lead customers towards taking ac8on and/or purchasing.
- 12. Choose your Target Audience (Segment) A-‐ A`en8on (Awareness) Marke8ng message, Geing no8ced (push) I -‐ Interest: raise customer interest by focusing on and demonstra8ng advantages and benefit D -‐ Desire: convince customers that they want and desire the product or service and that it will sa8sfy their needs. A -‐ Ac8on: lead customers towards taking ac8on and/or purchasing. Outbound marke8ng © Ilkka Lavas 2012 W3 Group Finland Oy
- 13. Inbound marke8ng loop 1. A`ract traffic 2. Convert visitors to leads 3. Convert leads to sales 4. Turn customers into repeat higher margin customers 5. Analyze for con8nuous improvement 1. Get found 2-‐4. Convert 5. Analyze.
- 14. Target Audience A-‐ A`en8on (Awareness) Marke8ng message, Geing no8ced (push) I -‐ Interest: raise customer interest by focusing on and demonstra8ng advantages and benefit D -‐ Desire: convince customers that they want and desire the product or service and that it will sa8sfy their needs. A -‐ Ac8on: lead customers towards taking ac8on and/or purchasing. Create Audience Tell your audience (tweet, facebook, email) Convert visitors to leads Convert leads to sales Convert buyers to buy more and create recurring sales Collect Data, Analyze, Learn and develop Outbound marke8ng Inbound marke8ng © Ilkka Lavas 2012 W3 Group Finland Oy www.w3.fi Analysis
- 15. 1. Choose your segment Where to start ?
- 16. The business model canvas Something Somebody Who? START BY THINKING TO WHOM SHOULD I SELL
- 17. Customer Segment Example Finns in Finland 5.400.000 ppl
- 18. Customer Segment Example Finns living abroad 400.000 Finns + Kids 800.000 Finns United States 700,000 Sweden 470,000 Canada 131,040 Brazil 90,000
- 19. OFFERING – MARKET -‐FIT Case: Suomikauppa.fi
- 20. Search For business idea • Search for business idea – Living abroad – Need for Finnish food and products – There was no online-‐shop where you can buy Finnish products. – Rela8ves sent Finnish Chocolate Fazer Sininen and Juhla Mokka Coffee. Difficult. • Common sources for new ideas: Customers, Employees, Friends, Other Entrepreneurs, Magazines, Seminars, Common-‐Life-‐Problems/ Situa8ons
- 21. Product Customer Jobs Customer Pains Customers Gains Is it safe to order online? What happens with the customs? How long 8me do I have to wait? How much do I have to pay? I want to have Finland –party for my finnish kids. I want to teach my kids how to make rye bread yourself. I want Fazer Sininen Chocolate Now. I need to feed my babyborn. Eat something luxury Happy family. Kids educated with finnish food-‐culture Experience Enjoy finnish candies Safe milk for the baby Delivered directly to home Safe for my kids. (vs china)
- 23. Timing • We we not first. There was one pioneer who failed. We learned from pioneer and harvested the benefits. • Payment systems? Online payment? • Are your customers used to pay online? • Are your customers willing to buy? • Do your customers know of your existance? How do I reach my customers? • Do your customers already recognize the need of your offering?
- 24. Be trustworthy • ”Finland is not a country, it is a club.”, everyone knows somebody who knows you. • You can sell easily once, but to sell the second 8me you must have been successful with the first delivery. • Returning policies • Customer service • Good rela8ons with the customs • Import licences (US FDA, Australia etc) • Export licences • Reliability even during high peak seasons
- 25. Be ready to learn • You should never become too self-‐assured that you think don’t need to learn anything anymore. • Learning is about the joy of imperfec8on. • Listen to your customers, our first 400 products were from our customer wish list, now more than 3000 products. • Our customer were more experienced than us that they want Fazer Chocolate, Taffel Chips and Harwall Jaffa delivered to more than 100 countries. • We did not think that many Finns can’t write or read Finnish properly anymore if they have lived 20+ years abroad.
- 26. Our predessor failed, and we did learn • 1996-‐1998 there the pioneer with smaller offering at the same market. • They did not meet the needs of customers: – Only 30 products (we have over 3000) – Slow delivery (we deliver very fast and reliable) – Service only in Finnish (we have 8 languages) • It was not right 8me to do business: Business opportunity Time window was not open yet: – Paying online was not very common
- 27. EXPANSION: CHOOSING ANOTHER SEGMENT If we can deliver finnish products abroad, who else may be interested?
- 28. The business model canvas Something Somebody ELSE =Different message!
- 30. MARKETING IS CONNECTED WITH SALES Sales?
- 31. Example marke8ng funnel Organic Traffic SEM Visitors to Web Site Other Paid lead sources Raw Leads Registered Visitors / coocies / emails / retarge8ng data Qualified Leads We know this customer is about to buy Inside Sales Closed Deal Marke8ng Sales 1000 -‐96% 40 -‐50% 20 20 -‐50% 10
- 32. Other Cases Living in market turbulence: Technological changes Turnaround Print media vs Digimedia Case CITY-‐magazine
- 34. City Digital Käyttäjä: Urbaani 20-‐45 v aktiivinen ihminen
- 35. Miksi juuri nyt? Digitaliza8on, iPads, mobile penetra8on is big enoug h`p://www.businessinsider.com /state-‐of-‐internet-‐slides-‐2012-‐10?op=1 Declining print revenues and circula8ons. h`p://www.slideshare.net/annabholm /wmemc-‐presenta8on-‐holm-‐ulhoi-‐uliyanova
- 36. Market Opportunity, Growing Market
- 37. 1985-‐2012 Business: print magazine Area: HKI, Tre, Oulu, Vaasa, Turku. Local big ci8es Customers: Local, Finnish customers Circula8on 200k-‐450k Unique Visitors on website 100k Content creators: 20 2012, 2015 -‐> Business: Digital media family Area: Finland, Global Customers: Brands, local, Finnish and Interna8onal customers and brands Circula8on 1100k Unique visitors 8000k (8M) Content creators: 150-‐200
- 40. Never Give Up! 1. Know where you are 2. Decide, where you want to go. 3. THEN GO 4. Fail and Learn 4. Be be`er BUILD MEASU RE LEARN How can I start from learning Build-‐Measure-‐Learn or Lean-‐Build-‐Measure?
- 41. REMEMBER. YOUR MISSION IS NOT MONEY. MONEY IS RESULT OF AWESOME EXECUTION
- 42. Ship in harbour may be safe, but this is not what ship is built for. www.improvemedia.fi Ilkka.lavas@city.fi Twi`er: @lavas Facebook: IlkkaLavas Gsm +358 400 997969 Instagram:@ilkkalavas www.unstoppableentrepreneurship.com www.city.fi/profiilit/lavas/blogi h`p://www.linkedin.com/in/ilkkaolavas