MARKETING FOR ENTREPRENEURS LECTURE 1
COURSE INTRODUCTION
WHY ? The Timing is Right .... India is world’s third biggest tech start -up hub according to a report by Assocham in association with Thought Arbitrage Research Institute “ In the technology-driven start-ups: US > 47,000 UK > 4500 India’s ~4,200 up to 2015,” Comprising both tech and non-tech areas US tops with 83,000 start-ups India with China in Top-10 (10,000 each).
WHY ? ...The Rewards are High ....
WHY ? ...But so are the Risks... Research by Harvard Business School’s Shikhar Ghosh* shows up to 95% of startups fail to meet their own projections !! (*http://hbswk.hbs.edu/item/why-companies-failand-how-their-founders-can-bounce-back)
WHY ? ... and the Journey is Long !
WHY StartUps Fail ? http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/
WHAT ? Course Structure DISCOVER CUSTOMER NEED DEFINE CUSTOMER VALUE DELIVER CUSTOMER VALUE STARTUP. SCALEUP. SUCCEED !
HOW ? High Engagement PARTICIPATION : 20% PRESENTATION (Mid) : 30% PRESENTATIONS (Final) : 50% WHEN ? 2 ND Jan – 18 th Feb
TIME TABLE ? The Startup Life Cycle
ENT : Marketing for Entrepreneurs AY 2016-2017 - Spring Semester2017 Half Semester Course - 2 January, 2017 to 18 February, 2017 Themes Dates Topics Assignments Reading (AUTHORITY) Video (AUTHORITY) a. Introductions, Course Overview; Why Startups Fail ? Can Entrepreneurship be Taught? 02-01-2017 -M 1 b. Evolution of marketing (FORTUNE) .Eric Ries (AUTHOR) Team Formation a. Problem identification for Starting Up; Best Ways to think of a Disrutpive Innovation Explained. 05-01-2017 -T 2 b. Quick & Rough Market Research Startup (FORBES) Problem Definition Clayton Christiansen (HARVARD) The Innovators Dilemma. a. Customer Segmentation & Targeting; Creating a 09-01-2017 -M 3 Clayton Christiansen NEXT Market Segmentation. Steve b. Focus: The Entrepreneur’s Advantage Customer Discovery Customer Value (HARVARD) Jobs (APPLE) a. Customer Value Proposition Proposition Lean Startup and Design Mapping Customer Pains to Vlaue b. Agile Product Development - Guest Lecture Thinking: Getting the 12-01-2017 -T 4 Proposition. Alex Osterwalder Best Out of Both (AUTHOR) Minimum Viable Product (STANFORD) Team Presentations 1 16-01-2017 -M 5
ENT : Marketing for Entrepreneurs AY 2016-2017 - Spring Semester2017 Half Semester Course - 2 January, 2017 to 18 February, 2017 Themes Dates Topics Assignments Reading (AUTHORITY) Video (AUTHORITY) a. Lean Marketing Strategy b. Case Study Market Entry & Where to Brand Positioning & Values. 19-01-2016 - T 6 Marketing Strategy Startup (INSEAD) Steve Jobs. (APPLE) a. New Brand Launch & Market Position Missed Call Marketing in Holy Grail of Marketing. Guy 23-01-2017 -M 7 b. Frugal Communication Branding, Communicating India (WHARTON) Kawasaki (AUTHOR) 26-01-2017 -T 0 Republic Day - Holiday a. Customer Acquisition & Lifecycle Management Customer Relationship; SPIN Selling. Neil Customer Needs. Clayton b. Route to Market for New Ventures 30-01-2017 -M 8 Channel Management Rackham (AUTHOR) Christiansen (HARVARD) a. Pilot Planning & Success Criteria Testing your Product the b. Market Testing Lean Startup Way. Eric Apple iPod Launch. Steve Jobs. Ries (AUTHOR) 02-02-2017 -T 9 Test Marketing (APPLE) Delivering the Startup Cardinal Sins -- Pricing Principles for New Product Customer Value Under-Pricing Your Product Offering. Bryan Stolle, Proposition Revenue Models. Steve Blank Serial Entrepreneur 06-02-2017 -M 10 Pricing Strategy (STANFORD) (FORBES) Lean Startup Metrics. Eric Ries Facebook Ads vs Google 09-02-2017 -T 11 Marketing investment & ROI Marketing Scorecard (AUTHOR) Adword (WORDSTREAM) a. Creating a First Mover Advantage Snapdeal - Connecting b. Route to Market for New Ventures the Dots between Supply Business Model Canvas. Steve 13-02-2017 - M 12 Competition Strategy & Demand (WHARTON) Blank (STANFORD) a. Scaling Up Profitably Scaling Up with Excellence. b. Pivoting : From Failure to Success 16-02-2017 -T Sutton & Singh Keys to Success. Jack Ma (STANFORD) 13 Market Expansion (ALIBABA) 18-02-2017 - 14 Final Presentations Saturday
HOUSE KEEPING
CONTACT : DEVDIPP@GMAIL.COM 9820918898 (MON / THURS, MONASH BUILDING) HANDOUTS & submissions 1. TEAM fOLDERS (Hard copies) 2. TEAM USB (soft copies & multi media) CUSTOMER & TEAM ENGAGEMENT KEY FOCUS 1.pICTURES 2.AUDIO RECORDINGS 3.VIDEO RECORDINGS 4.mOODLE & wa
ENGINEERING & MARKETING?
1 1 1 + 1 + 1 + 1 = 2 = 2 = 3
CASE STUDY NEW COKE, 1985
Gay Mullins, president of the Old Cola Drinkers of America, holds a six-pack of the original formula Coke which is being brought back to the market as Coca-Cola Classic, in Bellevue, Wash., July 24, 1985. Mullins was promised the first delivery by the company.
STARTUP ??
36 million units 80 million persons. 6,000 products 8% to GDP 45% total manufacturing output 40% to the exports from the country.
On April 17, 2015, the Ministry of Commerce and Industry released a notification to define ‘startups’. 1.Till up to five years from the date of incorporation. 2.If its turnover does not exceed 25 crores in the last five financial years. 3.It is working towards innovation, development, deployment, and commercialisation of new products, processes, or services driven by technology or intellectual property.
MARKETING ??
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007) American Marketing Association Board of Directors. Accessed 2012.
MARKETING FOR STARTUPS
CUSTOMER UN-KNOWN SOLUTION SOLUTION UN-KNOWN KNOWN CUSTOMER KNOWN
CUSTOMER UN-KNOWN market entry SOLUTION SOLUTION UN-KNOWN KNOWN CUSTOMER KNOWN
CUSTOMER UN-KNOWN market entry SOLUTION SOLUTION UN-KNOWN KNOWN product upgrade CUSTOMER KNOWN
CUSTOMER UN-KNOWN market entry SOLUTION SOLUTION UN-KNOWN KNOWN new product product upgrade launch CUSTOMER KNOWN
startup s CUSTOMER UN-KNOWN SOLUTION UN-KNOWN
MARKETING FOR STARTUPS
MARKETING EVOLUTION ( & ENGINEERING EXCELLENCE )
Gutenberg c. 1450
King Camp Gillette innovated the safety razor – a thin, inexpensive, disposable blade of stamped steel. And although he wasn’t the originator of the idea, but he is widely credited for inventing the “razor and blade” model. By giving away free razors, he had customers coming back to buy disposable blades. http://www.referralcandy.com/blog/old-marketing-examples-from-the-past/
These ads look ridiculous today, don’t they? Makes you wonder which ads running today will look ridiculous to our grandchildren! http://www.referralcandy.com/blog/old-marketing-examples-from-the-past/
Hartford debuted “The Locomotive” in 1867 to provide technical information to help equipment owners and operators manage risk and solve operation problems. It’s probably the oldest company magazine continuously published under the same name. “The Locomotive” is now archived online. http://www.referralcandy.com/blog/old-marketing-examples-from-the-past/
Alexander Graham Bell c1876
Guglielmo Marconi c1899
Third Reich Broadcasting Jingle All India Radio Signature Tune
John Logie and Philio Farnsworth c1923
SOAP OPERA IVORY SOAP TV COMMERCIAL
The very first webpage Tim Berners-Lee and the WWW team ever put online
http://www.xyzed.com/SiteImages/20120303062422592.jpg
http://www.slideshare.net/polvallssoler/growth-hacking-case-studies-to-improve-your-funnel
HEART OF A START
MY CUSTOMER Skills Wants Heart Beliefs Needs Of The & Dreams Priorities Start !
MY PERSONAL BRAND Internal : How I Am ? External : How Others See Me ? Dreams Values & Attitude & Behave & Communicate Emote & & Commit & Passions Beliefs Skills Interact Relate MY Unique Value Proposition What do I Want to ‘Give’ To Whom ? What do I Want to ‘Get’ From Whom ? Mutual : What are my Gives and Gets ?
BRAND “____________________________” ( ENT 210 - 2017, IITB COE, Worksheet 1) Dreams Values & Attitude & Unique Behave & Communicate Emote & & Commit & Passions Beliefs Skills Value Interact Relate Proposition What do I Want to ‘Give’ To Whom ? What do I Want to ‘Get’ From Whom ?
ASSIGNMENT 1 TEAM FORMATION
Team __________________________________ (ENT 210 - 2017, IITB COE, Worksheet 2) Name Background Skills Role Task Time TEAM DREAM What Will The Team ‘Give’ ? What Will the Team ‘Get’ ?
READING wHY STARTUPS FAIL ? FORTUNE
VIDEO CAN ENTREPRENERSHIP BE TAUGHT ? eRIC rIES
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