September 2007 Summary
Marketing strategist Ms. Judy Knafel of Element Three helped us understand one of the most challenging topics with which an inventor must deal - the basics of marketing an invention - with a presentation entitled "Marketing in the Mix". Sooner or later, nearly every inventor must learn how to persuade a client to part with hard earned funds for a product that may seem far less valuable to the client than it does to the inventor.
As defined by the American Marketing Association, "marketing is the process of planning and then executing the product, pricing, promotion, and place of ideas, goods, or services to create exchanges and satisfy individual and organizational NEEDs."
Start with a business plan, which reveals opportunities a marketing plan can then exploit. In developing your marketing plan, think about:
- the end users of your product. Who are they? Where are they? How many are they? How will your product benefit them and improve their lives? Realize that most people base their decision to buy on emotion, which they later justify with reason. If you can't answer these questions, you may need to return to your workshop and improve your invention.
- your specific marketing goals and strategies. Do you want more customers? Better customers? More loyal customers? More customer awareness of your product? Better employees? Do you want your message to be distributed by radio, TV, newspaper, mail, cell phone, website (becoming more popular, and gives you information about your target group), in person?
- your competitors. Who are they? Don't forget about indirect competition.
- your marketing budget, based on a sales forecast. Do you have the money for this, or do you need financial help?
- your place in the market, based on a SWOT analysis (strengths, weaknesses, opportunities, threats).
- your product and its life cycle, design, branding, packaging and distribution, production strategies, pricing, and customer service.
- SCORE (see side panel on left)
- Business Marketing Association
- International Data Corporation (a market intelligence firm)
- University resources, such as:
- Purdue Marketing Communications
- Purdue University Center for Entrepreneurs
- Indiana University – Johnson Center for Innovation and Entrepreneurship
- Ball State Entrepreneurship Center
- Butler Business Accelerator
- Notre Dame Gigot Center for Entrepreneurs
- Indiana State University Center for Business Support and Economic Innovation
- Ms. Knafel (Judy@discoverelementthree.com)
- Other information sources, such as:
- ACNielson (the world’s leading marketing information provider)
- American Marketing Association
- The Gallup Organization (poll results)
- Guideline
- U.S. Census Bureau
- Marketing Science Institute
- Export.Gov
- Starting Your Business -- Indiana Economic Development Corporation
- Indiana State Government – Entrepreneur Resources
- U.S. Post Office mailing lists
- Zoomerang (do your own market survey online; free marketing toolkit)
- Indianapolis Marion County Public Library