july 16, 2014 – marketing responsibilities errol forkner, chief entrepreneurship and...
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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/[email protected]@ColoradoStartupIncubator.org
• Prism Business DevelopmentPOB 270611Louisville, CO 80027www.PrismBusDev.comEntrepreneurship@[email protected]
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