INNO3005 Early Wins Matter: Nothing Happens Without a Sale

2018

4.5

1 x 3-hour workshop weekly

^ INNO3002 - Going Live. Entrepreneurial Strategies, Resources & Activities

INNO9010 has been successfully completed

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There is no better validation of the relevance and value of an innovation than a customer’s or stakeholder’s willingness to pay for it! But, regardless of sector (corporate, government, not-for-profit), customers and stakeholders seldom provide financial or other resources without being asked. The success of any new idea depends in no small, measure on the willingness and ability to ask for support, early and often. This topic concentrates on developing and applying practice-honed techniques and processes for winning acceptance and financial support from customers and/or stakeholders for new ideas, products or services.

In the first half of the topic, the emphasis will be on low-cost, sales and value validation techniques; in the second half, the emphasis will shift to more deliberate planning, execution and evaluation. Throughout, students will try out their sales and marketing ideas on a small company that sells customized customised products online. Teams will compete for the most effective sales process! All profits made will be re-invested in the business or donated to a charity of the students’ choice.

This topic combines established theory with current practice in a highly experiential setting. Students will apply a set of techniques for testing a value proposition and validating market demand. They will then build, implement and record the results of a sales and marketing plan for a small company. In the first half of the topic, the emphasis will be on low-cost, sales and value validation techniques; in the second half, the emphasis will shift to more deliberate planning, execution and evaluation. Throughout, students will be asked to learn the basics, design an element, try that element, evaluate the results - and repeat, thus reinforcing and refining theory through practice. Similarly, students will learn campaign management by planning, implementing, documenting and evaluating their efforts and results.

On successful completion of this topic students should be able to:

• Describe and use a number of specific sales and marketing techniques, both low-cost and more elaborate.
• Articulate, and test, a compelling value proposition.
• Design, implement and test a simple sales and marketing plan.
• Measure in real time the effectiveness of entrepreneurial sales and marketing efforts.