attracting & retaining top quality inc clients

59
ATTRACTING & RETAINING TOP-QUALITY CLIENTS for BUSINESS INCUBATORS AttractingClients© M. Long, 2013

Upload: mark-long

Post on 08-May-2015

266 views

Category:

Education


1 download

DESCRIPTION

How to attract and retain clients for your business incubator - Presentation for National Business Incubation Association seminar, M. Long/J. Hanak/K. Lapan, 2011.

TRANSCRIPT

  • 1.AttractingClients M. Long, 2013

2. John M. Hanak, J.D. Statewide Director,Purdue Technology Centers, Indianapolis, IN Karl R. LaPan, M.S. President & CEO,Northeast Indiana Innovation Center, Ft.Wayne, IN Mark S. Long, M.S. - President, LongPerformance Advisors, Ellettsville, IN &Clinical Professor of Entrepreneurship, KelleySchool of Business, Bloomington, INAttractingClients M. Long, 2013 3. Identifying your Target Market How to understand and effectivelycommunicate your incubators valueproposition to prospective clients How to design and implement reasonablypriced marketing strategies for clientattraction getting the word out How to evaluate clients for entry into yourincubator How to design programs that encourageclient retention and growthAttractingClients M. Long, 2013 4. Finding the right clients?AttractingClients M. Long, 2013 5. What is a market? And where is it? The $2.00 definition - The market for aparticular item is made up of existing andpotential customers who need your productand have the ability and willingness to pay forit.AttractingClients M. Long, 2013 6. Cutting to the chase areIncubators/Accelerators/Research Parks allabout START-UP COMPANIES? Well AttractingClients M. Long, 2013 7. Typically, many incubators classifythemselves based on the markets they serve To evaluate the markets, manymunicipalities/states/countries perform afeasibility study Feasibility studies can help determine deal flow,can assist with obtaining grants, and alsodetermine markets served, among other things Universities often classify incubators according toIntellectual Property productionAttractingClients M. Long, 2013 8. Specialty Incubation specific market nicheshealth/bioscience/biotech/manufacturing/kitchen/retail/IT/agribusiness/? Mixed-use multiple opportunity Determined by systems/layout/capacity? Local/Regional markets, local spin-outs,sources of IP/companies? Resident/Affiliate/Associate Clients? AttractingClients M. Long, 2013 9. Pre-Market Staging Affiliates Associates Co-Space VirtualBuild relationships with companies in your target market even before theyare ready to become a resident client.Find ways to deliver value to these pre-market prospects tp such an extentthat when they are ready for space they dont consider anything other thanbecoming a resident client.AttractingClients M. Long, 2013 10. Traditional Sources of IP Universities as asource of start-up companies? 12 Stanford - Equity liquidated to dateEquity Cash-out ($ millions) 108 ~$364 million6Amati (Texas4 Instruments)2 $8.0 million0Abrizio (PMC-Sierra)$9.7 million5 79 137 5*9 99 000 0 4-6- 8-0- 2- 6-4-Google $336 million9 99 000 0 FYFY FYFY FY FYFYFiscal Year*Graph does not include Googleequity cash-out in FY04-05AttractingClients M. Long, 2013 11. AUTM 2009 Survey Results: Products, startups and licenses/options: 658 new commercial products created 5,328 total licenses and options executed,4,374 of which were licenses 596 startup companies formed, 435 of whichhad their primary place of business in thelicensing institutions home state 3,423 startups still operating as of the end ofFY2009 8,364 new U.S. patent applications, and3,417 issued U.S. patents AttractingClients M. Long, 2013 12. Where ARE these Markets/Clients? Tech or Non-Tech: There are many more sources. Community SBDC Clients Bank Clients Kitchen Ideas Schools Associations and organizations Networking events BOTTOM LINE: Make yourself known to all apparent market sources and connections so they can make referrals to you. Then you can assess and decideat this point all you want is VOLUME! AttractingClients M. Long, 2013 13. AttractingClients M. Long, 2013 14. AttractingClients M. Long, 2013 15. Additional logos for Anchor TenantsAttractingClients M. Long, 2013 16. What an Incubator Can Mean to EvenMore Mature Companieshttp://www.youtube.com/watch?v=_oZva1U_0xg AttractingClients M. Long, 2013 17. As Location OfficesBut remember: They must be accretive to the community you areconstantly building. AttractingClients M. Long, 2013 18. And HQ for our SweetSpot ClientsAttractingClients M. Long, 2013 19. What is Your SweetSpot? Are you leveraging it? Are you playing to it? Does your market audience know it? Does the community at large know it? Do your current clients know it? AttractingClients M. Long, 2013 20. Entrepreneurs new and serial Existing companies/Business owners StudentsAttractingClients M. Long, 2013 21. Displaced Professionals Hospitals/Entrepreneurial Physicians Faculty with Applied Research AttractingClients M. Long, 2013 22. Residential Clients Affiliate Clients Coworkers Anchor clients EVERYWHERE!AttractingClients M. Long, 2013 23. AttractingClients M. Long, 2013 24. ElizaJs distinctive deliverablerestrooms include fresh flowers,designer soaps and lotions, namebrand paper products, wicker wastebaskets, air fresheners, and mostimportantly - fresh water.The Portable Sanitation AssociationInternational reports that the portablesanitation industry has developed intoa $1.5 billion a year industry.Total Capital to Invest: $34,472 -$134,005AttractingClients M. Long, 2013 25. Dont overlook ANYTHING opportunity canknock at strange times in strange formsAttractingClients M. Long, 2013 26. AttractingClients M. Long, 2013 27. AttractingClients M. Long, 2013 28. What are you offering your clients? AttractingClients M. Long, 2013 29. What do you offer them? What do you havethat is: Unique Necessary Important to them Not duplicated Helpful Recognized See as available?AttractingClients M. Long, 2013 30. AttractingClients M. Long, 2013 31. Getting the word outAttractingClients M. Long, 2013 32. AttractingClients M. Long, 2013 33. Some Examples.http://purdueresearchpark.com/Whats Pertinent? Use of social media Use of video A platform for other communication methods A reference point for prospects The marketing of services AttractingClients M. Long, 2013 34. Marketing is not selling; marketing isbuilding a brand in the mind of the prospect Al Ries What is your brand? An extension of your value proposition An extension of your mission A reflection of your goals A reflection of your sponsor(s) AttractingClients M. Long, 2013 35. Were not a University company Were probably not a fit Were not a start-up I dont think were that kind of company I dont think we need/would benefitfrom/would fit into that kind of program A business WHAT?AttractingClients M. Long, 2013 36. AttractingClients M. Long, 2013 37. AttractingClients M. Long, 2013 38. Identify yourself! Sources/States of Growth & Progress/Types&/or Industries/Qualifiers be clear Exercise one paragraph elevator speech 60 second identifier AttractingClients M. Long, 2013 39. Can you easily explain the difference betweenyou and your competition? Why should I come here and pay these priceswhen I can go down the street and pay$8.00/sf? An office is an office; why should I comehere? Why would I move in someplace where I haveto report my earnings, attend meetings, &eventually move out? AttractingClients M. Long, 2013 40. All the pieces http://www.niic.net/downloads.aspx http://www.purdueresearchpark.com/incubation/index.asp AttractingClients M. Long, 2013 41. Advertising & Promotion Brochures, pamphlets, information sheets Annual reports, newsletters Billboards, lightboards Emails, direct mail, newspapers, posters, bulletinboards, radio, television, web pages Press kits Public Appearances, speeches, presentations,special events, announcements, pressreleases, free publicityAttractingClients M. Long, 2013 42. Do it yourself? Use University resources? Hire an advertising agency? Local? Regional? National? AttractingClients M. Long, 2013 43. Do you have a marketing budget? What does it cost you if you DONT market? I dont need to market Clients come to me I have plenty of clients I already know/understand my market I cant afford to market Everyone already knows me AttractingClients M. Long, 2013 44. How do you make your decision?AttractingClients M. Long, 2013 45. AttractingClients M. Long, 2013 46. Example 1 the Simple Application Why simple? AttractingClients M. Long, 2013 47. The Initial If Positive, Application goes Applicationto Advisory BoardCommitteeInitial Review byIncubator Manager Re-application in 6 Company does presentationMonths or admissionFor Advisory BoardAdvisory Board makes recommendation For admission/re-application CompanyAdmitted/advisedto re-applyAttractingClients M. Long, 2013 48. Example 2- an assessment toolAttractingClients M. Long, 2013 49. A Quick Guided Tour AttractingClients M. Long, 2013 50. We have a multi-purpose (mixed-use)University-affiliated incubation facility,40,000sf, 40% occupied, 3 years into ourprogram. We are approached by thefollowing company: (describe company here)AttractingClients M. Long, 2013 51. How do you review/retain clients? Regular financial reviews quarterly financialreports (requirement built into lease/masterrelationship documents) Regular meetings (with CEO/CFO) Occasional drop-ins Formal reviews (semi-annual) with committee Milestones and progress requirements Financial Personnel Funding AttractingClients M. Long, 2013 52. Programs? Facilities? Counseling? Money?AttractingClients M. Long, 2013 53. Define Your Retention Strategy How critical is retention to your operation? How do you balance retention against graduation? How long do you want to keep your clients? Long-term? Until they can survive on their own? Are you robustly servicing your clientele? Survey, Survey, Survey AttractingClients M. Long, 2013 54. Elements of a Marketing Strategy AttractingClients M. Long, 2013 55. Marketing Principle #1:The marketing strategies must aim at precise targets verses shotgundistributions of information to the general public or trade and professionalsectors. Casting wide nets to scoop up good leads among a large volume ofresponses is not productive. AttractingClients M. Long, 2013 56. Marketing Principle #2:The marketing strategies should showcase the feature services of theincubator and results of what has recently happened to advance thebusiness interests of particular incubator clients versus focusing ongeneral plans and what might be an expected result for a client in thefuture.AttractingClients M. Long, 2013 57. 10 ELEMENTS OF A STRATEGIC MARKETING PLANTARGETED ACTIVITY2011201220131.NewslettersMonthlyMonthly Monthly2.Case Records six/yearseven/yeareight/year3.Pro-Active Speaking3/12 4/125/12Engagements/Total SpeakingEngagements4.Sponsored Social Event12 45.Collaboration1 X 3 clients1 X 6 clients 1 X 7 clients6.Pro-active Host to Meetings2/year 3/year 6/year7.Recruit Mentors 2 to 4 4 to 6 6 to 108.National Collaborations1129.Taster Demos 2/year 6/year 12/year10. Support Services Suite Members26 14In addition to the Traditional Marketing a continued focus will be placed on:BrochureLeasing GuidePress ConferenceBillboard Site SignageCo-sponsorship of Local EventsFacility Tours AttractingClients M. Long, 2013 58. Identify the Principles You Need to Follow _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________Please share one or two with the group.. AttractingClients M. Long, 2013 59. Identify three elements of a strategic marketing plan for immediate use______________________________________________________________________________________________________________________________________________________ AttractingClients M. Long, 2013