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Inventors Marketing Plan Extras

Use the following tips along with the instructions and information included in The Marketing Plan for Independent Inventors or The Business Plan for Independent Inventors to customer desires.

PRICE / QUALITY MATRIX SALES APPEALS
PRICE/QUALITY HIGH  MEDIUM LOW
HIGH "Rolls Royce" Strategy "We Try Harder" Strategy  "Best Buy" Strategy
MEDIUM "Out Performs" Strategy "Piece of the Rock" Strategy "Smart Shopper" Strategy
LOW "Feature Packed" Strategy "Keeps on Ticking"  Strategy "Bargain Hunter" Strategy

MARKETING PLAN - TIPS, TRICKS & TRAPS

1. Marketing Steps

  • Classifying Your Customers' Needs
  • Targeting Your Customer(s)
  • Examining Your "Niche"
  • Identifying Your Competitors
  • Assessing and Managing Your Available Resources
    • Financial
    • Human
    • Material
    • Production
2. Marketing Positioning
  • Follower versus Leader
  • Quality versus Price
  • Innovator versus Adaptor
  • Customer versus Product
  • International versus Domestic
  • Private Sector versus Government
3. Sales Strategy

Use Customer-Oriented Selling Approach - By Constructing Agreement

Phase One: Establish Rapport with Customer - by agreeing to discuss what the customer wants to achieve.

Phase Two: Determine Customer Objective and Situational Factors - by agreeing on what the customer wants to achieve and those factors in the environment that will influence these results.

Phase Three: Recommend a Customer Action Plan - by agreeing that using your product will indeed achieve what customer wants.

Phase Four: Obtaining Customer Commitment - By agreeing that the customer will acquire your product.

Emphasize Customer Advantage

Must be Read: When a competitive advantage can not be demonstrated, it will not translate into a benefit.

Must be Important to the Customer: When the perception of competitive advantage varies between supplier and customer, the customer wins.

Must be Specific: When a competitive advantage lacks specificity, it translates into mere puffery and is ignored.

Must be Promotable: When a competitive advantage is proven, it is essential that your customer know it, lest it not exist at all.

4. Benefits vs. Features

The six "O's" of organizing Customer Buying Behavior
 
ORIGINS of purchase: Who buys it?
OBJECTIVES of purchase: What do they need/buy?
OCCASIONS of purchase:  When do they buy it?
OUTLETS of purchase:  Where do they buy it?
OBJECTIVES of purchase: Why do they buy it?
OPERATIONS of purchase: How do they buy it?

Convert features to benefits using the "...Which Means..." Transition

Sales Maxim:

"Unless the proposition appeals to their
INTEREST, unless it satisfies their
DESIRES, and unless it shows them a
GAIN--then they will not buy!"

Quality Customer Leads:

Level of need                  Ability to pay
Authority to pay              Accessibility
Sympathetic attitude        Business history
One-source buyer             Reputation (price or quality buyer)

CONVERT FEATURES INTO BENEFITS
THE "...WHICH MEANS..." TRANSITION
 
FEATURES  "WHICH MEANS"  BENEFITS
Performance Time Saved
Reputation Reduced Cost
Components  Prestige
Colors  Bigger Savings
Sizes Greater Profits
Exclusive Greater Convenience
Uses  Uniform Production
Applications Uniform Accuracy
Ruggedness Continuous Output
Delivery Leadership
Service Increased Sales
Price Economy of Use
Design Ease of Use
Availability Reduced Inventory
Installation Low Operating Cost
Promotion Simplicity
Lab Tests Reduced Upkeep
Terms  Reduced Waste
Workmanship Long Life

BUYING MOTIVES
 
RATIONAL EMOTIONAL
Economy of Purchase
Economy of Use
Efficient Profits
Increased Profits
Durability
Accurate Performance
Labor-Saving
Time-Saving
Simple Construction
Simple Operation
Ease of Repair
Ease of Installation 
Space-Saving
Increased Production
Availability
Complete Servicing
Good Workmanship
Low Maintenance
Thorough Research
Desire to be Unique
Curiosity
Pride of Appearance
Pride of Ownership
Desire of Prestige
Desire for Recognition
Desire to Imitate
Desire for Variety
Safety
Fear
Desire to Create
Desire for Security
Convenience
Desire to Be Unique
Curiosity

From Mary Bellis,
Your Guide to Inventors.
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