sensors expo 0609_final_ppts
TRANSCRIPT
Exhibitor Marketing Workshop
Bryan Manning"Founder & President"
Sensor Marketing Strategy
Teri Sun"Senior Account Director"
White Rhino
Exhibitor Marketing Workshop
Part 1"Marketing strategy for sensor companies Part 2"Making sense of today's digital media landscape Workshop"Applying concepts to Tests ‘R Us Wrap Up"5 Mistakes to avoid when marketing to engineers Q&A
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Developing a Strategic Marketing Plan
for your Sensor Business
Presented by Bryan Manning
President Sensor Marketing Strategy
Sensor Market -Fragmented 3 way matrix
n Property sensed (position, temp, pressure, etc.)
n Technology (inductive, capacitive, optical)
n Applications (aerospace, auto, powergen)
Example: capacitive non-contact displacement sensors for the aircraft engine rebuild market
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Sensor Marketing Strategy job #1
Make the complicated…
- less complicated
Thru FOCUS SensorMarketingStrategy.com 617 901 2782 5
Sensor Market Strategy job #1
Well Executed Marketing Strategy
=
Profitable Growth
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Marketing Strategy 1,2, 3 n Step 1: Where we are today
Internal and External Analysis Ø TALK TO CUSTOMERS Ø Company’s Core Competencies Ø Know your competition Ø What’s happening in your Industry Ø SWOT Analysis
n Select company’s overall strategy
n Step 2: Where we want to go Marketing Strategy
Ø Segmentation Ø Targeting Ø Positioning
n Develop a unique, sustainable value proposition backed by compelling evidence on differentiation to establish and maintain market leadership
n Step 3: How will we get there Detailed Value Proposition
Ø Product Ø Price Ø Place (channels) Ø Promotion
n Match the value proposition to the Strategic Positioning
Step 1: Where we are today
Internal & External Analysis
TALK TO CUSTOMERS n First and most important step in any marketing strategy n Gives you a good baseline of where you are today
n Concentrating on existing customers often overlooked
n Value of existing customers can be very high
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Talk to Existing Customers -The first step n Contact existing customers on a frequent basis
n Ask them is they are satisfied with your performance n Customer Surveys
n Pursue other applications in existing locations
n Ask for contact names in other locations in the US and overseas
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Benefits of a Strong Customer Orientation " Strong Satisfaction results in Repeat Purchase " It Costs 5x More to Acquire a New Customer Than to Retain an
Existing One
" Dissatisfied Customers Complain to 10 Other People " Loyal Customers are more profitable
Source: MIT Sloan survey
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Customer Profitability over time (if retained)
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Price Premium
Company Profit Referrals
Increased Operating Profit Increased Purchases/Higher Balances
Base profit
Understand Your Core Competencies
n Loyal Customer base n Brand image n Technology (product, process, communication) n Quality/Service n Marketing n Sales/Distribution channels n Global presence
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Know Your Competition Why? n Defend your base business n Important in differentiation/positioning n Forecast changes in the marketplace: (technology, pricing, trends
etc.) How? n Customers/salesforce n Constantly tracking them (by yourselves or with outside help) n Shows/Seminars/Publications
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Know Your Competition Sun Tzu The Art of War
400 – 320 BC
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Sun Tzu says….
n What enables the enlightened ruler and the sage general to achieve results beyond the capability of the ordinary man is FOREKNOWLEDGE
n The expert commander strikes only when the situation assures victory
n The only constant in war is constant change
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Know Your Competition
Gates Casts Cold Eye on Google
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CARLSBAD, Calif. -- Don’t be fooled by all those speeches about global health and high-school education. Bill Gates is still, first and foremost, about clobbering Microsoft Corp’s Competition. Courtesy: The Wall Street Journal
Know What’s Happening in Your Industry n Keep track of trends in your industry
n Size and growth of customer’s Industry n Changes and direction of new technology such as:
n Compact and faster electronics with lower noise and accuracy n New players in the market
n Why?
n Your competitors and customers will be watching
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Step 1: Where we are today
Final Step: Select Strategic Alternatives
n After an in-depth review of “where you are today” decide on one or more overall strategic alternatives
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Strategic Alternatives
n Michael Porter says: “Differentiation and low cost represent the two basic strategies available to firms and that all successful strategies will involve one or both of these thrusts”
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Strategic Alternatives
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Differentiation
Low Cost
Focus
Preemptive Move
Synergy
Differentiation Strategy Product offering is differentiated from the competition,
concentrating on what target customers value most such as:
n Quality/Reliability n Ease of use n Features such as ability to handle harsh
environments n Excellent Service
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Focus Strategy Focusing the business on either a: n Focus on the type of Sensor product offered:
n Temperature and Pressure Sensors n Level Sensors n Non-contact Displacement Sensors
n Focus on relatively small segments or sub segments of the market: n Automotive braking systems market n Brake testing systems n Disc Brake displacement measurement
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Growth Strategy Options
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Existing Products New Products
New Markets
Existing Markets
#1 Market Penetration Product
Development
Market Development Diversification
#2
#3 #4
Marketing Strategy 1,2,3 n Step 1: Where we are today!
!Internal and External Analysis!!Ø TALK TO CUSTOMERS!Ø Company’s Core Competencies!Ø Know your competition!Ø What’s happening in your Industry!
n Select company’s overall strategy!
n Step 2: Where we want to go!!Marketing Strategy ! !
!!Ø Segmentation!Ø Targeting!Ø Positioning!
n Develop a unique, sustainable value proposition backed by compelling evidence on differentiation to establish and maintain market leadership!
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Step 2: Where we want to go..
Segmentation
Separate customers or potential customers into
groups with like wants and needs
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Step 2: Where we want to go.. Segmentation
Typical Sensors Market Segmentation n Property sensed n Market n Application n Features/Benefits n Geographic
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Segmentation by Market
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Powergen
Aerospace
Medical
Segmentation by Application
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Engine Rebuild
Aircraft Assembly
Aerospace Market
Step 2: Where we want to go..
Targeting
Key selection criteria n Limited Competition n Size/growth n Market meets growth goals n Core competencies match market needs n Profitability
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Step 2: Where we want to go..
Positioning n Describes the position a firm wishes to occupy in the
mind of customers in the target segment versus the competition
n According to David Aaker, Positioning must: n Resonate with the target market n Differentiate from competitors n Reflect the culture, strategy, and capabilities of the business
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Step 2: Where we want to go..
Positioning
n Positioning statement should include: n What (type of product offered) n Who (target market and/or application) n Differentiation (how you are different from the competition)
n An example
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Positioning Statement Gapman
For Aircraft Builders who are looking to replace feeler gages to measure thin gaps during aircraft assembly The Gapman is an “Electronic feeler Gauge” that is a portable non contact gap measurement instrument Unlike mechanical contact gauges our product is 5 times faster, 3X more accurate and has 0 user subjectivity .
Step 2: Where we want to go..
Positioning
n Once you have developed excellent Positioning you are 80% there because your road map is in place
n You know what you are offering to who, specifically and why they should by your product.
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Marketing Strategy 1,2, 3
n Step 2: Where we want to go!!!
Marketing Strategy! ! !!Ø Segmentation!Ø Targeting!Ø Positioning!
n Develop a unique, sustainable value proposition backed by compelling evidence on differentiation to establish and maintain market leadership!
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Marketing Strategy 1,2, 3 n Step 1: Where we are today!
!Internal and External Analysis !!Ø TALK TO CUSTOMERS!Ø Company’s Core Competencies!Ø Know your competition!Ø What’s happening in your Industry!
n Select company’s overall strategy!
n Step 2: Where we want to go!!Marketing Strategy ! ! !!
Ø Segmentation!Ø Targeting!Ø Positioning!
n Develop a unique, sustainable value proposition backed by compelling evidence on differentiation to establish and maintain market leadership!
n Step 3: How will we get there!!Marketing Tactics!
Ø Product !Ø Price!Ø Place (channels)!Ø Promotion!
n Purse tactics that fit the Strategic Positioning
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Thank You!!
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It’s unbelievable how much you don’t know about the game you’ve been playing all your life. - Mickey Mantle
The Traditional Marketing Funnel The Modern Buyer’s Journey
Suspect
Prospect
Opportunity
Closed
General Recognition
Peer Validation
Purchase
Requirements Definition
Solution Evaluation
Need Recognition
Today’s buyers might be "anywhere from two-thirds to
Lori Wizdo, Forrester Analyst
90 of the way through their journey "
before they reach out to the vendor.
%
Sales’ new role"Consult the lead home.
Where your marketing "game plan?
The average person
IGNORES "5,000 ads per day
Higher average cost
to acquire "a new
customer
Search Spam Paid / Rented Email Lists TV, Radio + Print Ads Billboards + Outdoor Ads Throwaway Press Releases Off-Platform Social Media Ads"Pop-Ups + Pop-Unders Contextual Ads Outbound Sales Calls
Interstitial Pages Trade Show Booths Forum, Comment + UGC Spam Banner + Display Ads Paid App Reviews Video Ads
Responsible for <10% "
of clicks on the web
Powered by budget + repetition
Costs remain generally static with
scale
Opt-in Email Lists SEO, SEM + Retargeting Native Social Media Advertising High-Value Content Development Blogging Influencer Outreach Earned Social Media Authoring Books / Print Media Sponsoring Events
Press + Public Relations Thought Leadership Community Building Public Speaking Word of Mouth + Viral Mktg Organic App Store Visibility Video Content
Responsible for >90% of clicks on the
web
Lower average cost
to acquire" a new
customer
Powered "by creativity, talent + effort
Generates momentum,
making future efforts
easier
Traditional Marketing"Interrupting someone’s flow of activity "in order to get attention
Content Marketing"Earning attention organically without interrupting anyone’s path
Content Marketing
costs"
"less
62% generates"
"the results 3x
But engineers don’t use social media
57% & growing "use social media to "research products
Source: IHS Engineering360 Research Report, 2015 Social Media Use in the Industrial Sector
Source: IHS Engineering360 Research Report, 2015 Social Media Use in the Industrial Sector
“I’m seeking inspiration”
“I’m looking for a new
perspective”
“I read trade journals to
keep in touch with my field”
“I hope the website can tell me about this company’s
culture”
“I like to keep in touch with old
friends”
Source: IHS Engineering360 Research Report, 2015 Social Media Use in the Industrial Sector
Source: IHS Engineering360 Research Report, 2015 Social Media Use in the Industrial Sector
How can you attract attention?
B2Me
“B2B purchasers are almost 50% more likely to buy a product or service when they see personal value”
B2Me"It’s Science!
What’s so big about torque?
So, maybe torque is okay.
Torque Rules
3,000"Target Audience
6"Previous year’s
attendance
120"TorqueToberFest
attendance
Beer isn’t the only way to an Engineer’s brain
B2Me Insights: Engineers
“We criticize everything in the world – where’s the inefficiency in this object?”
Engineers don’t simply “see” the world, "they are wired to deconstruct it.
https://www.youtube.com/watch?v=Q-TClLfoXuo&feature=youtu.be
Website visits increased 256% "1,445 new leads generated"
Product sales up 22%"
2,200 former customers back in touch"
"
"A hot dog at the ballgame beats roast beef at the Ritz.” - Humphrey Bogart
Workshop
Typical Positioning Statements
• We are the industry leader • We offer solutions to your problems • Best in industry Quality and Service • We value our customers
Typical Positioning Statements These mean “everything and nothing” and are
Positioning Statement Format
Positioning Statement Exercise
For target customer Who statement of the need or opportunity The product name is a product category
Positioning Statement Exercise That state compelling reason to buy Unlike primary competitive alternative Our product primary differentiation
Gapman®
“electronic feeler gauge”
Capacitec Gapman
For Aircraft builders Who are looking to replace feeler gages to measure thin gaps during aircraft assembly The Gapman is an “Electronic feeler Gauge”
Capacitec Gapman
That is a portable non contact gap measurement instrument Unlike mechanical contact gauges Our product is 5 times faster, 3X more accurate and has 0 user subjectivity.”
Tests ‘R Us
a national engineering testing facility servicing Aerospace
Positioning Statement Tests ‘R Us
Background: Company is a national engineering testing facility servicing the Aerospace market with offices in key locations in the US For Aerospace Manufacturers
Positioning Statement Tests ‘R Us
Key Industry trend: Change from in-house to outsourced product testing Who are struggling to find a compelling reason to outsource testing of their large systems
Positioning Statement Tests ‘R Us
Products & Services: • National network of engineering service centers • Full service testing houses
The Tests ‘R Us is a national full service testing house
Compelling Value Proposition: • An extension of customers own engineering teams • Has expertise to build better, stronger, safer, more reliable
products and bring those products to market quickly That state compelling reason to buy
Positioning Statement Tests ‘R Us
Unlike other testing competitors
Positioning Statement Tests ‘R Us
Benefits: A customer collaboration portal that lets engineers observe tests remotely" Our product includes a customer collaboration portal that lets engineers observe test remotely
Positioning Statement Tests ‘R Us
For Aerospace Manufacturers who are struggling to find a compelling reason to outsource testing of their large systems Testing ‘R US is a national full service testing house that is an extension of customers own engineering teams. Unlike other testing competitors local services our product includes a customer collaboration portal that lets engineers observe tests remotely.
Positioning Statement Tests ‘R Us
B2Me research shows that Engineers like "making videos and watching them. Videos of "
other people’s failures are particularly entertaining.
Marketing Campaign Tests ‘R Us
Inspiration: Will it Blend?
Thought Starters
Tests ‘R Us works with Aerospace Companies that need to test their jet engines. Some tests they run:
• Lightening strikes • Bird impact • Rain/wind
Wrap Up: 5 mistakes to avoid when marketing to engineers
Selling instead of consulting
Thinking of marketing and sales as "two different departments
Not developing a compelling value prop
Focusing too much on business value "rather than personal value
Avoiding social media
Exhibitor Marketing Workshop
Bryan Manning"Founder & President"
Sensor Marketing Strategy
Teri Sun"Senior Account Director"
White Rhino