Endevour program - Positioning presentation
- 1. Market Research and Product Positioning - Scaling the opportunity www.endeavour.biz www.consultPBS.ie
- 2. Product Positioning – What is it? What you do “The value in “What the what you are Product Positioning Market Values” offering” Need to understand your real value Identify where that value will be of benefit Understand how to “present” that value Understand the gap between perceived and actual value How ? Partly Process, partly Intuition and lots of Judgment! www.consultPBS.ie
- 3. What you offer The Offering You Key Value Features “You” are central to the “offering” Main asset of a start-up is you the owner Need to be honest in assessment of the “Key value features” www.consultPBS.ie
- 4. What you see initially as the value you are bringing is rarely what the market will see of value! People buy based on their perception of value not on your belief of the value Product positioning is about getting the right kind of alignment between these Someone with impact needs to own this within the business! www.consultPBS.ie
- 5. How to bridge this gap? Uniqueness of each business While theoretical principles can be used to help each business is unique to it’s own setting. Intuition Start-ups are partly steps into the unknown. Can’t know or seek certainty Judgment Knowledge that does not inform or lead to decisions and actions will not advance the business Decision will be continually made with insufficient knowledge To lead the business requires judgments to be made Market Research To gain as much knowledge as sensible of the market To help inform your judgments www.consultPBS.ie
- 6. Market Research Often there is a mistaken assumption that purpose is to answer “The” question about the business Your idea is based upon assumptions – purpose of market research is to gather information that helps you test those assumptions The process in concept is simple: What information are you looking for Where are you going to look Go do it! Assemble the raw information Determine its meaning/implications Act upon it Not a linear process – More like a jigsaw puzzle without knowing the picture www.consultPBS.ie
- 7. Methods Search – which assumes data already exists Critical to Use Diverse Sources Cross check where possible Spend time to analyse Observation – go see Critical to Do in context Watch & listen Suspend judgment until afterwards Enquiry Either targeted or exploratory More specialised than might appear - if not careful you find what you ask not what you needed to know. A lot of it is hard graft but as with most things you get better with practise www.consultPBS.ie
- 8. Describing the Market The Market Competitor Market Analysis Needs Market Description Future Customer Expectations Analysis Segmenting the Market www.consultPBS.ie
- 9. Segmenting the Market What is a market segment A set of customers with commonality of needs and service Why segment? If done properly offers a better chance to establish appreciation of your value with a specific customer grouping. What if not done Risks diffusing scare resources across to wide a target Hugely increases risk of failure www.consultPBS.ie
- 10. Understanding each Segment Understanding the segment Size, location, share Understanding the customers Required needs of customers Perceived benefits of value to the customers Buying process used by the customers Understanding the competition Types of competitors Sales & Marketing approach of competitors Unique selling points used by competitors www.consultPBS.ie
- 11. Competitive Advantage Needs to be Distinct –to separate you from competition Meaningful – in terms of benefits the customer sees value in Visible – needs to be visible to customer within your offering Change the context and you can change the advantage www.consultPBS.ie
- 12. Product Positioning – An interactive process involving intuition and informed judgment! What you do “The value in “What the what you are Product Positioning Market Values” offering” Need to understand your real value Identify where that value will be of benefit Understand how to “present” that value Understand the gap between perceived and actual value www.consultPBS.ie
- 13. Fitting things together Your Vision Understanding the market Creating the offering Company Focus Market Tech Business Positioning Segmentation Development “offering” Identifying your Competitive Advantage Customers Setting up to gain value Business Strategy www.consultPBS.ie
- 14. Danger Signals “This is a €50m market opportunity with no competitors” “ We have created a platform that will bring huge benefits to your business” “ We are providing a leading edge technology solution” “ We can meet all our customers needs” “It is hard to put numbers on this” www.consultPBS.ie
Editor's Notes
- #9: The core processes are the methodologies used within the business critical to exploiting the value proposition. While some can be common across many businesses there are usually a number which are somewhat unique to the business and a critical source of it’s value. Our belief is that where core processes are not properly identified, robust or are very fractured in terms of responsibility for executing they represents a high potential risk to the business One critical test of an organisational structure is how effective these core processes are capable of being performed.