MOD Phased Marketing Approach.
The phased approach was developed by MOD because it is efficient, cost effective and minimizes risk. Each phase builds on the previous phase(s) and at any point, the client can take over the process.
Phase 1 provides general information about the market including assessing client technology against existing market, overall market assessment, size, trends/history, top level look at major competitors, macro assessments, and estimate of market share range.
This phase determines if the client can compete in this market, and/or if refinement to market approach is required. If viable, it estimates market share or revenue. Past Phase 1 studies conducted by MOD have determined opportunities and issues. Many clients had a sound opportunity but for others either the market and/or business model were not viable. They were advised to readjust their approach or not enter the market based on our findings.
Phase 2 is an in-depth analysis of the market researching both the competition and the customers. First, the customers buying and decision making process is evaluated. This gives us a good sense of the customer’s wants and needs. This data serves as the basis for the competitive analysis. Competitor’s market shares are determined, and their marketing tactics, sales process and pricing are examined. Research is conducted through open sources and “secret shopping” in-depth interviews of the competition.
Phase 3 and phase 4 are done concurrently. Phase three is the creation of the marketing plan from the results of phases one and two. Phase four is an assessment of the client’s resource constraints and goals. These shape the marketing plan. There is little point in having a plan that cannot be implemented due to a lack of resources (financial, human or otherwise). In the end, the client has a marketing plan with a timeline and cash flow analysis that fits both the company’s goals and capabilities.
Phase 5 is implementation of the marketing plan. At the onset of this phase, the client has not only a plan but understands the goal of each element of the plan, the expected return on each campaign, the expected revenue increases, the cash flow and resources and the probability of success. If the company opts to have MOD implement the marketing plan, we put performance measurement systems in place and guarantee a positive return on all marketing expenses and gross profit. We feel that gross profit is a better measure of success than revenue. Revenue can rise while net profit declines. This not our definition of success.
We believe that phases one and two need to be completed by an independent company such as ours. This is based on our understanding of neuroscience. Once an individual has knowledge about a subject, their perception changes and they become unconsciously biased. Further, once a human being makes a decision, it is very difficult for them to change. This is true even when confronted with overwhelming contradictory evidence. Inventors and most company executives are no different. They cannot objectively assess their markets because they have unconscious biases and notoriously ignore dissident information and problems.
After each phase is completed, you decide to continue with us, to continue on your own or with someone else.