Opportunity recognition
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Transcript of Opportunity recognition
Opportunity recognition
Offering-Market fit(Product-Market fit)
Ilkka O. Lavas
• 2 books about entrepreneurship• Partner, board member, investor
– Portfolio of 12 businesses– 10+ aquisitions done– 3 exits
• Young Entrepreneur of the year 2009 in Southern Finland –area
• 34years, 2 boys, 1 wife, 1153 fb connections, 1035 linkedin conns, twitter @lavas
Motto
When you spend 8 hours doing something, you should be able enjoy it Most important in work-life is to enjoy work and your achievements at work itself
you need to have good feeling to go to work
every day if you don’t like your job or don’t feel good at job: QUIT
Entrepreneurial Marketing
• Agility as a success factor?
• What is agility?
Photo by Tarja Ryhannen Mitrovic / Flickr
MARKETING AS A CONTINUALLY OPTIMIZING LEARNING PROCESS
Secrets of Entrepreneurial marketing
AIDA
• A - Attention (Awareness): attract the attention of the customer.
• I - Interest: raise customer interest by focusing on and demonstrating advantages and benefits (instead of focusing on features, as in traditional advertising).
• D - Desire: convince customers that they want and desire the product or service and that it will satisfy their needs.
• A - Action: lead customers towards taking action and/or purchasing.
Choose your Target Audience
(Segment)
A- Attention (Awareness)
Marketing message, Getting noticed (push)
I - Interest: raise customer interest by
focusing on and demonstrating
advantages and benefit
D - Desire: convince customers that they want and desire the
product or service and that it will satisfy their
needs.
A - Action: lead customers towards
taking action and/or purchasing.
Outbound marketing
© Ilkka Lavas 2012 W3 Group Finland Oy
Inbound marketing
1. Attract traffic2. Convert visitors to
leads3. Convert leads to sales4. Turn customers into
repeat higher margin customers
5. Analyze for continuous improvement
1. Get found2-4. Convert 5. Analyze.
Target Audience
A- Attention (Awareness)
Marketing message, Getting noticed (push)
I - Interest: raise customer interest by
focusing on and demonstrating
advantages and benefit
D - Desire: convince customers that they want and desire the
product or service and that it will satisfy their
needs.
A - Action: lead customers towards
taking action and/or purchasing.
Create Audience
Tell your audience(tweet, facebook,
email)
Convert visitors to
leads
Convert leads
to sales
Convert buyers to buy
more and create
recurring sales
Collect Data, Analyze, Learn and
develop
Outbound marketing
Inbound marketing
© Ilkka Lavas 2012 W3 Group Finland Oy www.w3.fi
Analysis
CHOOSE YOUR SEGMENTWhere to start ?
The business model canvas
SomethingSomebodyWho?
START BYTHINKINGTO WHOM SHOULD I SELL
Customer Segment Example
Finns in Finland5.400.000 ppl
Customer Segment Example
Finns living abroad400.000 Finns +Kids 800.000 Finns
United States 700,000 Sweden 470,000 Canada 131,040 Brazil 90,000
OFFERING – MARKET -FITCase: Suomikauppa.fi
Search For business idea
• Search for business idea– Living abroad– Need for Finnish food and products– There was no online-shop where you can buy finnish
products.– Relatives sent Finnish Chocolate Fazer Sininen and Juhla
Mokka Coffee. Difficult.• Common sources for new ideas: Customers,
Employees, Friends, Other Entrepreneurs, Magazines, Seminars, Common-Life-Problems/Situations
Product
Customer Jobs
Customer Pains
Customers Gains
Is it safe to order online?What happens with the customs?How long time do I have to wait?How much do I have to pay?
I want to have Finland –party formy finnish kids.I want to tech my kids how to makerye bread yourself.I want Fazer Sininen Chocolate Now.I need to feed my babyborn.Eat something luxury
Happy family.Kids educated with finnish food-cultureExperience Enjoy finnish candies Safe milk for the babyDelivered directly to homeSafe for my kids. (vs china)
Timing
• We we not first. There was one pioneer who failed. We learned from pioneer and harvested the benefits.
• Payment systems? Online payment?• Are your customers used to pay online?• Are your customers willing to buy? • Do your customers know that you exist? How do I
reach my customers?• Do your customers already recognize the need?
Be trustworthy
• ”Finland is not a country, it is a club.”, everyone knows somebody who knows you.
• You can sell easily once, but to sell second time you must have done first delivery well.
• Returning policies• Customer Service• Good relations with the customs• Import licences (US FDA, Australia etc)• Export licences• Reliability even during high peak seasons
Be ready to learn
• You should never become so ready that you think don’t need to learn anything anymore.
• Learning is about the joy of imperfection.• Listen to your customers, our first 400 product were from
our customer wish list, Now we have more than 3000 products.
• Our customer knew better than we that they want Taffel Chips and Harwall Jaffa delivered to more than 100 countries.
• We did not think that many Finns can’t write or read finnish properly anymore if they have lived 20+ years abroad.
Our predessor failed, and we did learn
• 1996-1998 there was competitor with similar products and same market.
• They did not meet the needs of customers:– Only 30 products– Slow delivery– Service only in Finnish
• Business opportunity Time window was not open yet:– Paying online was not very common
EXPANSION: CHOOSING ANOTHER SEGMENT
If we can deliver finnish products abroad, who else may be interested?
The business model canvas
SomethingSomebody
ELSE=Different message!
1+1+1+1+1=11111Team Entrepreneurship
Team Roles
Consider team entrepreneurship• Best growth companies
are run by 3-5 people teams (Source TEM kasvuyrityskatsaus 2011).
People with different strengths:• Financial• Lawyer• Marketing• Sales• Hr• Technology• Design• Visual• …
MARKETING IS CONNECTED WITH SALES
Sales?
Example marketing funnel
Organic Traffic SEM
Visitors to Web SiteOther Paid
lead sources
Raw LeadsRegistered Visitors
Qualified Leads
Inside Sales
Closed Deal
Marketing
Sales
1000-96%
40
-50%
20
20
-50%
10
Other Cases
• Technological change– Print media vs Digimedia, Case CITY
• Regulatory change– Case Samex, E-customs software
OFFERING-MARKET -FIT
QUESTIONS
Entrepreneurship is great!
New book this year, (in finnish)Pysäyttämätön yrittäjyys 2013 (Unstoppable Entrepreneurship)
Follow me on twitter: lavasFacebook: facebook.com/ilkkaolavas/LinkedIn: linkedin.com/in/ilkkaolavas