july 16, 2014 – marketing responsibilities errol forkner, chief entrepreneurship and...

Colorado Startup Incubator (CSI) & Dr. Luka Powanga @ Regis University

July 16, 2014 – Marketing Responsibilities

Errol Forkner, Chief Entrepreneurship and Intra-Preneurship Consultant

Copyright 2014 Prism Business Development & Colorado Startup Incubator

Agenda Meetup Topics1. Introductions – Name, Company, Role, and Stage2. Expectations – Reason For Coming & Prism Reason for

Hosting3. Marketing’s Responsibilities4. Questions & Answers5. Next Steps6. Resources - Prism Business Development & Affiliates:

a) Coachingb) Mentoring c) Trainingd) Monthly One-On-Ones

Introductions• Name• Company • Role

• Startup Stage

Expectations• Reason for coming

Think about as we go through presentation• Curious• Need a Process / Track to Run On• Want a Coach, Mentor, Workshop• Need a Team• Have an Immediate Marketing Need• Want Colorado Startup Incubator Support

Expectations• Reason for Hosting

Think about as we go through presentation where best value

• CSI Memberships - $100 per month• Monthly Reviews & Guidance - Includes 1 Hr One-On-Ones• Cross Functional Advisory, Coaching & Mentoring Services

Use of Credentials & Resume & Sliding Scale• Training Sessions & Workshops• Task Execution• Staff Augmentation – Use of Credentials & Resume

Role• Entrepreneur• Chief Technology Officer (CTO) – Idea Person• Chief Executive Officer / President (CEO / President)• Chief Marketing Officer (CMO)• Other: _____________________________________________Where entrepreneurs lump Marketing & Sales together, otherwise we would add:• Chief Sales Officer (CSO)

Startup StageThe Six Financing Stages

Startup StageThe Six Financing Stages

Startup StageThe Six Financing Stages

1. Seed Funding2. Start-up or Early stage 3. Growth (Series A round)4. Second-Round for Working Capital 5. Expansion or Mezzanine 6. Exit of Venture Capitalist

Marketing’s Responsibilities• Steps to bring high-customer value products to market

• Proof-Of-Concept• Company Identity / Branding• Go-To-Market Plan• Product Identity / Branding• Target Ideal Customers• Sales & Sales Support Model• Implementation & Maintenance Services Model• Value Analysis• Competitive Analysis

Marketing Responsibilities• Bring High-Customer-Value Products to Market• Provide Systems to Makes Sales & Capture Market

Share• Deliver Profitable Revenue Growth to Meet Strategic &

Operational Plans

Marketing ResponsibilitiesWhen Does Marketing Lead

1. Prove New Idea / Innovation2. Marketing & Product Development3. Early Sales & Manufacturing4. Selling but not yet turning a profit5. Expansion money for Profitable Company6. Going Public

Marketing ResponsibilitiesCan We Agree?

• What Inherit• Mission, Vision & Direction• Company Values

• What Needs to Be Done• Innovate – MRD Conceptual Selling, • Validate – Proof of Business/Concept includes Discovery/Conceptual

Selling• Orchestrate – Field Operations

• Target, Compensate, Facilitate • Enable – Sales Model & Product Training (See Resources)• Support

• Communicate… Promote to Targeted Customer Community• Product ACH• Company ACH

Selling Responsibilities• Who Sales – Everyone• Anyone trying to convince others of a better way• CEO is Chief Evangelist• CTO is Chief How Person

ACH• Unknown vs• Awareness• Consideration • Hit / De-Facto Standard

Marketing’s Responsibilities• Exit Strategy - Communication• Company Values – Communicate

• Enable Sales • Channel Engagement including Sales Process – Collateral &

Contracts• Product Training• Promotion or Demand Creation - Drive business to sales

doorstep

Product TrainingBased on Specific Channel Sales Model• Establish Need• Establish Fit• Overcome Funding Objection • Overcome Timing Objection• Overcome Attitude or Lack of Comfort Objection• Value Financial Analysis• Competitive Analysis• Compensation• Territory & Account Assignments• Opportunity Planning

Proof-Of-Concept & Go-To-Market Plan

• IdeaProof-Of-Concept & Go-To-Market Plan

• Expect & Validate – Engage Early Adopter / Market Maker 1. What is my product? Features & Functions2. Who is my customer? Beachhead Market when educated will have

significant operational improvement… Strategic Customer3. What can I do for my customer? …

Why would my customer buy? Promised Business and/or Personal Benefits & Value Proposition

• Strategic Customer Recommendations:1. Refine Product Functional Specification2. Refine Product Packaging, Pricing and How Acquired,

Supported, Implemented, and Maintained

Proof-Of-Concept & Go-To-Market Plan

• Strategic Customer Partnership1. Purchase Order2. Beta Test Site3. Reference4. Success Story5. Investor

• Business Model -How do I make money from my product?

1. How do I build my product? 2. How do I scale my business? 3. Operational Plan including Financials

Questions & Answers

Next Steps

Resources• Entrepreneurial Services• Business Services• Funding Services• Prism Professional Services – Early Stage & Later Stage

Strategic and Operational Marketing: • Coaching• Mentoring• Advising• Training• Team Staffing• Workshops

• Colorado Startup Incubator (CSI) • CSI-Services

Expectations Met?

Contact Us• Colorado Startup Incubator (CSI)  %Office Evolution357 S. McCaslin Blvd., Suite 200Louisville, CO 80027www.ColoradoStartupIncubator.org/WordPressInfo@ColoradoStartupIncubator.orgCSIMeetup@ColoradoStartupIncubator.org

• Prism Business DevelopmentPOB 270611Louisville, CO 80027www.PrismBusDev.comEntrepreneurship@PrismBusDev.comMarketing@PrismBusDev.com

Startup StageThe Six Financing Stages

1. Seed Funding – Prove New Idea / Innovation2. Start-up or Early stage – Marketing & Product

Development3. Growth (Series A round) - Early Sales &

Manufacturing4. Second-Round for Working Capital - Selling but not

yet turning a profit5. Expansion or Mezzanine - Expansion money for

Profitable Company6. Exit of Venture Capitalist – or Bridge Financing, 4th

round is intended for "going public" process