Commercialising Your Idea Andrew Corcoran © Blueberry Training Limited 2010 • www. blueberrytraining. com
Today’s learning objectives Assess people’s purchase motivations Judge potential client benefits Identify potential target markets Appraise various routes to market Devise an IP protection plan Plan for a pipeline of new work © Blueberry Training Limited 2010 • www. blueberrytraining. com
Why do people buy? © Blueberry Training Limited 2010 • www. blueberrytraining. com
Why do people buy? Make money Save time For recognition For security and peace of mind For convenience and comfort For flexibility For personal pleasure For status For health © Blueberry Training Limited 2010 • www. blueberrytraining. com
What could I sell? Ask a friend or your family Experience - check your CV What annoys, inconveniences, irritates you? A year round business? Law – emerging standards An existing business, only better Wouldn’t it be great if. . . ? How do you want to work? © Blueberry Training Limited 2010 • www. blueberrytraining. com
If you’re stuck - SWOT Analysis Strengths Weaknesses Match Convert Internal elements Opportunities Threats Convert External elements 6 © Blueberry Training Limited 2010 • www. blueberrytraining. com
What does your business SWOT look like? Strengths Weaknesses • Customer base • Increased penetration • Podcasting • IKT accreditation • Publication • Focus on opportunities • Scaling up on staff Opportunities Threats • US and Canada • Social media • On demand learning • No-one’s written the book • Other IKT accredited • AURIL framework • Blueberry Press • Idea Workshop • HE funding 7 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Evaluating your idea Would you buy it? Would they buy it? Who already does it? Does no competitors mean no market? Been mystery shopping? Ask a stranger Check your instinct – does it feel right or are you seeking evidence to support an emotional wish? © Blueberry Training Limited 2010 • www. blueberrytraining. com
Features and Benefits Feature Benefit Carries two tonnes More deliveries possible per day Covered Less goods spoiled in transit Diesel engine Weighs less than 7. 5 tonnes WHICH MEANS THAT Lower fuel costs, more economical You don’t need a truck driving licence White paintwork Easy to fix promotional vinyls Satellite navigation Driver never gets lost © Blueberry Training Limited 2010 • www. blueberrytraining. com
Features and Benefits (Room Hire) Feature Benefit Accessible campus (car parking; road, rail and bus access) Cost efficient and safe Modern learning spaces Smart boards Campus services (accommodation, catering, leisure) WHICH MEANS THAT Improved communication Capturing of learning Comfortable, relaxed and productive delegates. Convenience and cost © Blueberry Training Limited 2010 • www. blueberrytraining. com
Your product’s Features and Benefits Feature Benefit WHICH MEANS THAT 11 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Who will buy from me? © Blueberry Training Limited 2010 • www. blueberrytraining. com
Who might buy? © Blueberry Training Limited 2010 • www. blueberrytraining. com
Your audience and their behaviours Consumer • Age, sex, race • Income • Family size • Life cycle stage • Location • Lifestyle Industrial/Organisational • Industry (SIC 2003) • Location • Size • Technology • Profitability • Management © Blueberry Training Limited 2010 • www. blueberrytraining. com
Blueberry’s top 3 segments Segment 1 UK Higher Education Knowledge Transfer Offices n = ~ 130 Segment 2 UK Higher Education Enterprise Educators n = ~ 130 Segment 3 US and Canada Higher Education Knowledge Transfer Offices n = ~ 2400 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Exercise: describe your top 3 target segmentations Segment 1 Segment 2 Segment 3 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Routes to Market Manufacturer Agent Wholesaler Retailer / Merchant Licensee / Franchisee Customer 17 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Intellectual Property Identify Protect Exploit Defend 18 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Examples of Intellectual Property Reported research results Inventions Designs Software Audio/video tapes Books and publications © Blueberry Training Limited 2010 • www. blueberrytraining. com
Protecting Intellectual Property Reveal the “what” but never the “how” Contract for Services Knowhow - Confidentiality of Disclosure Agreement Agree ownership in advance (IDF) Copyright © Trademark ™ before registration ® on registration Registered Design Patent 20 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Exploiting Intellectual Property Consultancy Licence (one-off, royalty, combination, entirety or part) Joint venture Spin-off / Start-up Consider the resources and skills needed to capitalise on the opportunity 21 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Common Intellectual Property issues Background/foreground IP Ownership Exploitation Revenue share Publication v. prior disclosure Commercial confidentiality 22 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Reaching potential customers Stage Objective What 1 Who’s in the market (SIC code and area)? Name, address (inc. post code), telephone, company number. 2 Who can I deal with? Employees, revenue, profitability. 3 Who will I target? Larger/local companies 4 Who uses my product? Telephone call. Identify contact. 5 Who would buy from me? Introduction letter. Meeting to discuss needs. 23 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Developing a pipeline of new work 1 customer 2 months 1: 2 2 discussing detail 1: 3 6 discussing ideas 1: 4 24 aware of your organisation 24 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Importance of the Sales Platform To maintain a pipeline of business To ensure you’re picking the right customers To build loyal repeat business (80: 20 rule) To account for lost of business (new customers cost 20 times more to get than to maintain existing customers) To understand how many leads you need to cultivate to achieve the right levels of business To measure your effectiveness at picking customers and securing orders from them 25 © Blueberry Training Limited 2010 • www. blueberrytraining. com
Today’s learning objectives Assess people’s purchase motivations Judge potential client benefits Identify potential target markets Appraise various routes to market Devise an IP protection plan Plan for a pipeline of new work © Blueberry Training Limited 2010 • www. blueberrytraining. com
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