Establish Market Need Present Product Solution Acknowledge Competition and other Threats Identify Go-to-Market Strategy Segmentation, Target and Positioning Strategy Marketing Promotions Financials The Ask.
A: Describe the marketplace need that caused you to think this product or service idea would succeed.
• Remember, there are lots of alternatives available. You must create a compelling argument for customers to buy your product.
• If there are other alternatives, how will your product be different enough so customers ask for you by name.
B: Briefly describe the product solution.
• Link it to the market need that you described in the previous section.
• Consider ancillary products that will add revenue. For example, if this is a gadget that allows you to text "hands-free" consider an upgrade service that allows you to download up-to-the-minute stock quotes.
• Also mention the price-point for the core product and any upgrades.
C: Discuss the competitors and how you will survive.
• It's important that you identify who the competition is. Everybody has competition-even new products must battle the old way of doing things.
• You also must tell how you will out-perform the competition based on the differentiating factors in your product or service.
• Be sure to list all of them you can think of.
D: Discuss how you plan to go to market.
• Some entrepreneurs create product and see it through to maturity and pass it along to their children. Henry Ford did this.
• Others Create a product and then sell it to an existing company. From the beginning, they are thinking of the exit.
• You must decide what your plan is.
E: Describe what segmentation, targeting, and positioning strategy you plan to employ
• That is, is this a mass market or differentiated? Or is it a niche strategy?
• Don't be afraid to leave out an market that will not deliver for whatever reason. Nobody does well in being all things to all people.
• Remember the positioning of the product. It should tie directly to the market need in section 1 and the product description in section 2.
F: Describe the marketing promotions you will use and how you will use them.
• Start-ups can't afford to do lots of advertising (Usually). So what are other alternatives.
• Consider guerilla marketing tactics
• How can social media or viral marketing help you in business? Often, this is where your customers ‘stay' so you must have a presence here. Be clever!
• Entrepreneurs tell their story everywhere they go. You will sell sell sell!!!
G: Describe Your financials. A short description along with a projection statement will do it. Something like this
• Our business model is to use the investors' money for development of the product and marketing.