Kurtz Consulting Inc MEF- October 10, 2005 1

Sales & Marketing Insights

Midwest Entrepreneur's Forum

Debra KurtzPresident

Kurtz Consulting Inc

Kurtz Consulting Inc MEF- October 10, 2005 2

About Kurtz Consulting

We provide Sales & Marketing Solutions Strategic Planning & New Business

Development New Product Development/Portfolio

Management Marketing Plans and Marketing

Communications Marketing Research, Segmentation & Data

Mining Sales Force Optimization Customer Relationship Management

Industries and Markets: Medical Products Consumer Products

Kurtz Consulting Inc MEF- October 10, 2005 3

Top Line Recommendations

1. Know Your Customer2. Business Advisory Board3. Networking for the Entrepreneur

Sales & Marketing Insights

Agenda

Kurtz Consulting Inc MEF- October 10, 2005 4

Knowing Your Customer

Find more

customers

Repeat business/

referrals from the customer

Develop more products/services to sell

Benefits

Kurtz Consulting Inc MEF- October 10, 2005 5

Getting to Know Your Customer

How do they use your product – ask the question and observe for yourself

What industry are they in – learn about it

What is their business model/How do they compete/What’s their competitive advantage

Ask what you could do to strategically help them

Attend their trade shows, read their trade journals, talk to their sales people

Kurtz Consulting Inc MEF- October 10, 2005 6

Segmenting Your Customers

When you have multiple customers, learn what makes them different

Segment your customer base using key differentiators

Some Possible differentiators The Customer’s industry or market The Sales channel Size (or potential size) of the customer

Segmentation allows sales & marketing staff to create customer intimacy with efficiency

Kurtz Consulting Inc MEF- October 10, 2005 7

Sample Segmentation

Large C

Med C

Small CSmall B

Med B

Large B

Small A

Med A

Large A

Industry TypeA

ccou

nt S

ize

Small $

Large $Industry A Industry B Industry C

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Case Study: X-Ray Manufacturer

3 markets: Veterinarians, Chiropractors, and Medical Deep knowledge on Vets and Chiropractors, and had

dominant market share in these niches. Little knowledge on Medical segment

Indepen-dent

Medical

Indepen-dent

Chiros

ChirosNat’l

Indepen-dent Vets

VetsNat’l

Two account types: national accounts and independent

accounts

No Nat’l

Medical

Three Market Types

Area ofstudy

Kurtz Consulting Inc MEF- October 10, 2005 9

Case Study: X-Ray Manufacturer

Findings: Orthopedists were identified as the most

attractive niche within the medical segment. The orthopedist market is growing 10%+/year.

The company’s products were well-received

by orthopedists. An orthopedic distributor group was identified

to handle sales of the company’s product. Results: Company sales increased 20% in

one year

Kurtz Consulting Inc MEF- October 10, 2005 10

Surrounds the entrepreneurwith seasoned talent from outside the organization

Facilitates in setting goals and helps the entrepreneur

stay on track

•Entrepreneurs can become isolated, so external viewpoints can be important•Small organizations often can’t afford to hire business advisors

•Once you set goals with your Advisory Board, you feel compelled to make progress because you don’t want to let your Board down

Role of a Business Advisory Board

The Advisory Board is a well-rounded team, chosen by you,to help coach and guide you in growing your business

Kurtz Consulting Inc MEF- October 10, 2005 11

Sources of Advisory Board Members

Friends and Family – usually work for free Board Members from outside your industry can offer

fresh viewpoints Retirees can provide rich and tireless contribution Don’t choose clones of yourself

Business Colleagues and Industry Contacts – probably expect some remuneration Contacts from networking groups like MEF Banker, Accountant, Financial Planner

Professional Sources – definitely expect remuneration Action International TEC (The Executive Committee)

Kurtz Consulting Inc MEF- October 10, 2005 12

Giving Back to Others

Increase Sales,Get Leads

For the business

Continuing Education,

Staying Current

• Industry Events• Business Networking International (BNI – BniChicagoland.com)• Business Marketing Associations (bmachicago.org)

• MEF• MIT Enterprise Forum (mitefchicago.org)• Univ Chicago Grad School of Business(http://www.chicagogsb.edu/alumni/roundtable/entrepreneurial)

• Charitable and NPO organizations• Rotary & Kiwanis• Religious organizations• Community groups, chambers of commerce

Benefits of NetworkingAim for activity in 3 types of Networking Organizations

Networking for the Entrepreneur

Exa

mpl

es

3 ty

pes

of N

etw

orki

ng

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Networking Tips Small talk – find common ground Focus on helping the other person first

Get contact talking – listen for problems, needs, issues

Use effective probes How are you doing? How is your business? How has the economy affected you?

Offer ideas/suggestions or ways you might help

Ask “What can I do to be helpful to YOU?”

Then focus on your needs Provide a brief overview of your situation including areas of pursuit Ask for advice, information, ideas, or contacts Summarize discussion/next steps

Thank you – follow-up note/email. Keep/maintain database of information/referrals

Kurtz Consulting Inc MEF- October 10, 2005 14

Next Steps

Debra Kurtz

Kurtz Consulting Inc

www.debrakurtz.com

224/715.1538