On 6 December 2019 SCI held its entrepreneurial training day for this year’s Bright SCIdea Challenge. The first article in our How to series will take a look at what we learned from Neil Simpson, R&D Director at Borchers, in his training session on how to market and brand your idea.
In order to successfully promote a product or service, it is essential to understand the customer and the market. It is important to be more effective than your competitors in creating, delivering and communicating your idea.
Segmentation, Targeting and Positioning (STP) is a useful tool to help you to define your product and customer base.
When segmenting your customer base, consider the demographics including age, income and gender, as well as their geographical location and behavioural traits.
Once you have segmented your customer base, you will be able to identify which groups are the most suited for your product.
After you have considered which segments to target, you need to take into consideration what your product solves for these people – what is your unique selling point?
The 4 Ps – Marketing Mix
Once you have used the STP framework to define your product and customer base, you can use the 4 Ps Marketing Mix to develop a strategy to bring your product to the market.
Product – This can be a tangible product, for example clothing, or a service. You should consider: What does your product stand for? What needs does it satisfy? How does it differ to your competitors?
Price – It is vital to think carefully about the pricing of your product. Do you compete on price or quality? Consider the perceived value of your product, along with supply costs and competitors’ prices. Pricing your product too high or too low could harm your sales and reputation.
Place – Where is the best location to provide your product to your customer base, and how do you distribute it to them? If you understand your customer base, you will be able to answer important questions such as: Where do your target customers shop? Do they buy online, or in high street shops?
Promotion – What is the most effective way to market your product and which channels should you use? Will you run a social media and email campaign? Would you benefit from attending conferences and exhibitions?
Finally, a useful tool to analyse your current position is the SWOT model. SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
Strengths – How are you perceived by your customer base? What separates you from your competitors?
Weaknesses – What do others see as your weaknesses? What do your competitors do better than you?
Opportunities – What are current market trends? Are there any funding opportunities you could apply for? Are there any gaps in the market?
Threats – Are there any emerging competitors? Do you have any negative media or press coverage?
Using STP, the 4 Ps, and SWOT will be invaluable when it comes to completing your business plan. The more you understand your product, your customer base, where you sell it, and how you sell it, the more successful you will be!
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University students from across the UK came to SCI HQ in London on Friday 7 December 2018 for a day of face-to-face business and innovation and entrepreneurship training, which was exclusively available to entrants to the Bright SCIdea Challenge 2019.
The students heard from experts in their fields on topics such as ‘Managing the Money’, ‘Defining the Market’, Intellectual Property (IP) and ‘How to Pitch’.
Sharon Todd, SCI’s Executive Director, introduces the students to SCI and the Bright SCIdea Challenge.
David Prest, from our corporate supporter Drochaid Research Services, talks to delegates about defining the market and taking their product from lab to the market.
Our Bright SCIdea applicants learnt about IP from Charlotte Crowhurst, a patent lawyer and partner from Potter Clarkson.
Martin Curry from our sponsor STEM Healthcare teaches the audience about managing the money of a business.
Libby Linfied – one-third of our 2018 UCL winners Team Glucoguard – spoke about her experience and journey to last year’s final.
Victor Christou, CEO of Cambridge Innovation Capital and 2018 Head Judge, ran an interactive session on how to pitch.
Groups were given everyday objects to pitch to Victor.
The students made compelling arguments for a plug adapter, hi-vis vest, ‘phone pillow’ and lunchbox.
Delegates and trainers mingled at a wine reception in the evening.
The Bright SCIdea Challenge 2019 final will take place on Tuesday 19 March 2019 at SCI HQ in London. Teams will compete for a chance to win £5,000!
💡In 2018, we launched the #BrightSCIdea Challenge – an opportunity for students with a science-based innovation to gain expert training in developing an idea into a business. 💡
💡The response was incredible, and we invited six fantastic teams to pitch their innovation at the very first final. The winning team walked away with £1,000… 💡
💡Now, we’re taking entries for 2019, and we’re offering the winners not double, not treble, but five times the prize! To find out more and register your interest for the 2019 #BrightSCIdea Challenge, visit www.soci.org/brightscidea 💡
💡Show us you mean business!💡
💡 bit.ly/SCIdea2018 💡 Bright SCIdea Challenge – show us you mean business. Watch to find out about our competition, for students with a bright idea for a science-based business. There’s a £1,000 prize! 💡
Are you a UK or ROI-based student with a bright idea for a science-based innovation? Want to gain experience in developing that idea into a business plan? Put together a team and join SCI’s Bright SCIdea Challenge for a series of training videos from science-based industry experts and you could be selected to pitch your business to our expert panel, with the winning team walking away with £1,000! For full details, visit bit.ly/SCIdea2018