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Market Entry Strategies

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Pointers to consider, taking your product / services to market

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Market Entry Strategies

  1. 1. Market Entry Strategies Pointers to consider, taking your product / services to market Anand Subramaniam
  2. 2. “Men never plan to be failures; they simply fail to plan to be successful.” - William A. Ward 2
  3. 3. Highlights  Conceptual Overview  Pointers – Why, What, Where, When etc  As-Is ~ To-Be  Planning Process – How Aspect  Further Information / Pointers 3
  4. 4. Conceptual Overview
  5. 5. Integration Strategic Planning Market Development Business Development Sales 5
  6. 6. Roles Business Marketing Sales Development • Branding • Influencing • Revenue • Collateral • Relationship • Qualification • Advertising • Gather Intelligence • Change Agent • Strategic Direction Executive Dialogue • Tactical • Competitive Analysis • Strategic Action • Short Term • Product Definition • Lead Generation • Medium Term • Pricing Analysis • Trade Shows • Packaging • Long Term 6
  7. 7. Client Value Proposition Product / Service Attributes Client Value Relationship Image 7
  8. 8. Critical Success Factors  Know your limitation with regard to people, $$, timelines, risks, assumptions  Focus & ownership  Timely communication on success / failure to senior management  Determine how success will be measured  Refine, Refine, Refine 8
  9. 9. Key to Winning..  Persistence wins  Don't wait…initiate  Ask for the business  Meet more, write less  Build relationships first  Get to the decision maker  Make your resources tangible  Don't sell to an unqualified lead  Don't play the game without preparing  In selling, bigger is not better…start small  Focus on issues, not products…start with the "heart of the matter“ 9
  10. 10. Pointers – Why, What, Where, When etc
  11. 11. Value Proposition / Differentiation  Why do your suspects / prospects see a need for your solution in the market place?  What trends drive the current and future needs of the targeted customers you want to serve?  What makes your solution so different or so special?  Why would anybody want to buy your solution, as opposed to your competitor’s solution? 11
  12. 12. Industry / Vertical Segments  Why customers in this industry / vertical segments?  What characteristics are important to your firm?  What is the estimate size per segment and how will they develop over time? Why?  What is the market potential ? What time-lines are you talking off? 12
  13. 13. Business Model / Market Share  What products and services will your target customers pay for and not pay for and how will it develop over time?  Will you be develop the market yourself, or will you use channel partners?  What parts will be outsourced and who will be your key partners in the region (country / state)?  Why and what elements do you see are opportunities for developing partnerships in this field?  What is the role and responsibilities of your channel partner?  How will the partnerships be sourced, structured, monitored and removed if they are underperforming? 13
  14. 14. Competition / Sustainable Advantage  What companies (competitors) do you know that offer similar products / services to your target customers - or are likely to step in to compete in your target segments?  How strong is the competition in each segment, and what makes you think that you will be are able to 'beat' them with your solution / products?  How do you plan to build your 'sustainable competitive advantage'? (example - creating entry barriers, developing value adding functions over time, etc.) 14
  15. 15. Market Entry & Position  What risks / opportunities are you aware off?  What strategies will you build to defend your market position? For example:  Time-to-market  Speed to build your position in the region  Anticipated competitors (i.e. their present position, lock-in effects of customers / channels etc.)  Investments into branding your product (seminars, breakfast shows)  Resource squeezes (e.g. people, budget, ) and its impact on your growth plans 15
  16. 16. As-Is ~ To-Be
  17. 17. Customers = As-Is ~ To-Be  How many customers at present are using your product?  How do you know that these customers are being served successfully? What is the current satisfaction rating / customer experiences?  How many new customers do you need to target / attract, in the next quarter and why?  What product / service elements, already generate revenues, and how will this develop over time? 17
  18. 18. Channels = As-Is ~ To-Be  What marketing & distribution channels have you targeted, and how are you going to build them (milestones / timelines)?  Have you already signed agreements with these channels?  How do you hope to develop a brand?  What are your strategies for marketing , sales and pricing? 18
  19. 19. Product / Service = As-Is ~ To-Be  What is the status of your product / service and what milestones have you planned for further development?  What strategy / strategies do you see for your product development? (goals and milestones) 19
  20. 20. Organisation = As-Is ~ To-Be  What is the current and future status of your organisation?  How do see your organisation grow?  What milestones are you working towards with regard to acquisition and training of your resources? 20
  21. 21. Infrastructure = As-Is ~ To-Be  What infrastructure do you need, to support your activities for development, delivery and service?  What resources will you outsource and / or do you build ourselves? Why?  What (intermediary) goals and milestones have you set? 21
  22. 22. Resource = As-Is ~ To-Be  What key-qualities should be represented in your team to successfully market, develop, produce and grow?  Who are on your team now, and what are their core competencies, capabilities? (key skill sets of your current and future team members).  In your opinion, what qualities are missing? And how will you fill the gap? 22
  23. 23. Investments / Financial = As-Is ~ To-Be  What investments will you need to develop products / services and when?  What costs will be incurred to build your organisation, develop marketing etc. and when?  When do you foresee the next sales - and how will your sales volume develop over time?  What resulting cash flows do you project (ranging from optimistic to pessimistic)? What factors are the strongest drivers for any changes in your forecasts?  In each scenario - what financial support would you need and when? 23
  24. 24. Planning Process – How Aspect
  25. 25. Market Analysis  Conduct an analysis of the size and growth of your market (industry / geographies)  Ascertain the trends in your industry and how they affect your activities  Analyse the types of customer groups within your market  Analyse and determine which segments are most profitable  In the prioritised markets - outline key go-to market solution initiatives, market maturity (propensity to buy and pay), plus SWOT analysis  Top ranked organisation within the prioritised markets and your go-to market strategies.  Channel partner landscape – now and future  Critical success factors (example - people, product, systems, recruitment, training, investment, marketing, seminars etc) 25
  26. 26. Growth, Revenue, Profit Objectives  Outline the time plan to achieve the above objectives  Proposed revenues, cost structure for the above  Resource requirements – number, skills, location, service utilisation projected  Support cost – travel, equipment, overheads  Marketing plans & costs - events, types, where, when  Royalties to parent company  Salary cost - bonus and commissions  Proposed sales coverage, targets, KPIs, etc 26
  27. 27. Assumptions  Product/ Services – there is a market  Promotion: Advertising (online and traditional), PR, industry analysts,  seminars, trade show plans, and other Sales: Internal and external sales promotional activities have been teams trained and ready to sell. All established to ensure that existing and required supporting materials are in new product / services are place. communicated to all key stakeholders.  Market Planning: Product pricing,  Channels/Partners: The required product structure, and packaging have partners for current and future been established. The launch plan product / service offering have been ensures target markets will be reached identified. Each partner has been through the launch activities. trained on the new product, and the proper incentive plans / contracts have  Marketing Collateral: Product been created. brochures, marketing materials, Website materials, competitive  Customer: Customer communications analysis, and other sales tools are plans have been established. Upgrade available to help ensure sales paths have been explained. Training success. materials have been created and training sessions arranged.  Support: User manuals are in place 27
  28. 28. Further Information
  29. 29. Other Slideshows to Review  APAC Go-to-market Strategies -  Benchmarking -  Business Plan -  Channel program -  Competitive Intelligence -  Market Research / Intelligence -  New Product Development -  Sales & Proposal Process -  Sales Performance Measures -  Turnaround strategies - 29
  30. 30. “Try not to become a man of success but rather to become a man of value.” - Albert Einstein 30
  31. 31. Good Luck 31