Marketing & Innovation (2) IS3150 AY 24/25 PDF

Marketing & Innovation (2) IS3150 AY 24/25 Sem 1 Professor (Adj) Lai Kok Fung Communicating Value Proposition In a Crowded Market 2 Product Market Fit I have an innovation / business idea / product. How do I know that it will be successful in the market?...

Marketing & Innovation (2) IS3150 AY 24/25 Sem 1 Professor (Adj) Lai Kok Fung Communicating Value Proposition In a Crowded Market 2 Product Market Fit I have an innovation / business idea / product. How do I know that it will be successful in the market? 3 No battle plan survives contact with the Everyone has a plan until they get punched enemy. in the mouth. Moltke the Elder, German field marshall, 19th Mike Tyson, heavyweight boxer. century. 4 Innovation Methodology: Lean Startup An entrepreneurship methodology to test and develop business models based on querying and learning from customers. https://en.wikipedia.org/wiki/Lean_startup 5 Business Model Canvas 6 Customer Discovery Use Marketing To Scale Up Here 7 Elevator Pitch [Company] provides/develops/ …. [product/service] to [target audience] …. [how it is special] Describe the company: 1. State it in plain language. Summarize your positioning. This is not (yet) copywriting or the creation of tagline. 2. Identify your product/service and target audience. 3. Highlight your unique selling proposition or sustainable competitive advantages。 8 Examples FatBuster produces irresistible tasting sweets for overweight young men where one pack a day will produce 6- pack abs. or IncredibleAI-Mark licenses AI-marking software to schools with 99.95% accuracy for essay-type questions. 9 10 Key Marketing Message 11  A marketing message is any media or communication that is designed to influence customers. They are often used to generate demand, build brand awareness or sell Marketing Message https://www.brafton.com/blog/content-marketing/marketing-message-examples/ A unique selling proposition (USP) is a statement you choose to embody that differentiates your products and your brands from your competitors. It must be focussed on what your customers value. https://www.optimizely.com/optimization-glossary/unique-selling-point/ Elevator Pitch vs Marketing Message Elevator Pitch Explain the value proposition of the company Typically targeted at investors Marketing Message Targeted at potential customers Used to generate demand, build brand awareness, and sell 13 Minto Pyramid Principle *MECE = Mutually Exclusive & Collectively Exhaustive https://www.myconsultingoffer.org/case-study-interview-prep/pyramid-principle/ 14 15 16 Key Message ≠ Write in plain language, stating the main points Copywriting Get a wordsmith (copywriter) to hone the copy if skill/budget allows 18 Elevator Pitch à Key Marketing Messages à Convince cows to drink water 19  4P of Marketing https://www.coursera.org/articles/4-ps-of-marketing SWOT Analysis https://www.bitesizelearning.co.uk/resources/swot-analysis-explained-examples-templates 21  Branding Branding vs Performance Performance Marketing CRM https://mountain.com/blog/performance-marketing-vs-brand-marketing/ 22  Marketing: Creative vs Optimization A pitch by a creative director. Source: Mad Men https://www.youtube.com/watch?v=suRDUFpsHus More: Popsicle https://www.youtube.com/watch?v=UdrVDV4wTKs 23  From the Golden Age of TV Advertising Singapore Girl: Conceptualized by Ian Batey of Batey Inc. in the early 70s https://en.wikipedia.org/wiki/Singapore_Girl 24  From Creative Director to Message Optimization Digital World One or a handful of message / creative Many different versions of message / creative, A/B testing One or a few key distribution channels, i.e., TV, print Many different channels Big budget for selected channels Budget can be as small as $1/day. 25 Owned, Paid and Earned Media 26 P1: Project Brief Group Submission Due 2 Sep 27 P1: Zoom Consultation Slots Book as project group 28