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Target Market: Who Are They, What Do They Value, and Where Are They?

In last week’s column on Super Bowl ads, I stressed the importance of providing a value proposition when you are advertising or marketing your goods and services. As a reminder, a value proposition is a promise that you make to potential customers that provides them a compelling reason why they should buy your product rather than a product from one of your competitors. Prior to developing a value proposition, you first need to understand who you are trying to sell to and what product characteristics they value. This will ensure that your value proposition will be more likely convince these buyers (your target market) to buy from you. The most effective Super Bowl ads from last week did this important work well. Once the company has a good, valuable proposition, it then needs to communicate that valuable proposition to its target market. Fortunately for companies with Super Bowl ads, just about all target markets are watching the game. However, for pretty much all other advertising and marketing, it must communicate where the target market will see or hear it. In today’s column, I will walk you through how to determine who your target market is, what they value, and finally, where to distribute your marketing messages. You are probably asking yourself, why is a guy who teaches Operations and Supply Chain Management (O&SCM) writing about Marketing? The answer is simple, really. It is the job of the O&SCM function of the company to deliver on the value proposition. So, as marketing develops its value proposition, it must confer with O&SCM to determine if the firm can deliver on that value proposition. If marketing communicates a value proposition it cannot meet, the company will likely be unsuccessful. With that in mind, let us examine the target market/value proposition development process. As a firm begins to identify its target market for a particular product, it must first determine the various potential customers who might buy that product and attempt to partition those customers into groups who value similar things. For instance, looking at the automobile market, there are some customers who value low price most, some who value performance and aesthetics most, and others who value reliability, durability, and consistency. If we are either in the automobile market or thinking about entering the automobile market, we need to find a group that values some characteristics that we think we can provide better than other market entrants. As you can see, the identification of a target market and the development of a value proposition that will appeal to that target market are done concurrently and iteratively. As noted above, the O&SCM function of the company is also brought in during these iterations to determine if the physical good can be manufactured or a service can be delivered in such a way that it can meet the value proposition. One important thing to remember is that in most cases, you are not your target market. What I mean by that is that you are often biased by your own knowledge and taste/preferences, and this may differ significantly from what your target market values. Remember that you are a unique individual whose preferences for a price point and evaluation of other characteristics might differ from your target market. Be sure to develop a value proposition that reflects the buying habits of your target market customers. Once you have developed a strong value proposition that you know your O&SCM can deliver upon, it is time to message that value proposition in places where your target market is present. As noted above, this aspect of our process is like “shooting fish in a barrel” for Super Bowl advertisers because all target markets are typically watching the Super Bowl. It is not so trivial for the rest of us. We need to understand what forms of media our target markets consume (e.g., television, radio, social media), but also, with each of these media, which applications or types of shows do they frequent. While most think social media skews young, and that is true for the most part, Facebook skews older, while Instagram, Snapchat, and TikTok skew much younger. On television, much of network television skew older, but there are shows like “Dancing with the Stars” and The “Bachelor” that do particularly well with younger women. Many mornings when I am getting ready for the day, I listen to “Augusta’s Morning News” on WGAC radio, and it is clear that my fellow listeners are primarily in my age demographic. My advice is to do your homework and find out where your target market is consuming media. All the work above is not very easy, but doing it right will lead to big returns. If you can identify who you want to target, based on what they value, and then be sure they get the marketing message that you have what they value, your business will succeed!

Taking discoveries to the real world for the benefit of human health

It takes about a decade and a lot of money to bring a new drug to market—between $1 billion to $2 billion, in fact. University of Delaware inventor Jason Gleghorn wants to change that. At UD, Gleghorn is developing leading-edge microfluidic tissue models. The devices are about the size of two postage stamps, and they offer a faster, less-expensive way to study disease and to develop pharmaceutical targets. These aren’t tools he wants to keep just for himself. No, Gleghorn wants to put the patented technology he’s developing in the hands of other experts, to advance clinical solutions in women’s health, maternal-fetal health and pre-term birth. His work also has the potential to improve understanding of drug transport in the female reproductive tract, placenta, lung and lymph nodes. Gleghorn, an associate professor of biomedical engineering, was named to the first cohort of Innovation Ambassadors at UD, as part of the University’s effort to foster and support an innovation culture on campus. Below, he shares some of what he’s learned about translating research to society. Q: What is the problem that you are trying to address? Gleghorn: A lot of disease has to do with disorganization in the body’s normal tissue structure. My lab makes microfluidic tissue models, called organ-on-a-chip models, that have super-tiny channels about the thickness of a human hair, where we can introduce very small amounts of liquid, including cells, to represent an organ in the human body. This can help us study and understand the mechanism of how things work in the body (the biology) or help us do things like drug screening to test therapeutic compounds for treating disease. And while these little microfluidic devices can do promising things, the infrastructure required to make the system work often restricts their use to high-end labs. We want to democratize the techniques and technology so that nonexperts can use it. To achieve this, we changed the way we make these devices, so that they are compatible with standard manufacturing, which means we can scale them and create them much easier. Gleghorn: One of the problems with drug screening, in general, is that animal model studies don’t always represent human biology. So, when we’re using animal models to test new drugs — which have been the best tool we have available — the results are not always apples to apples. Fundamentally, our microfluidic devices can model what happens in humans … we can plug in the relevant human components to understand how the mechanism is working and then ask questions about what drives those processes and identify targets for therapies to prevent the dysfunction. Q: What is innovative about this device? Gleghorn: The innovation part is this modularity — no one makes these devices this way. The science happens on the tiny tissue model insert, which is sandwiched between two pieces of clear acrylic. This allows us to watch what’s happening on the tissue model insert in real time. Meanwhile, the outer shell’s clamshell design provides flexibility: if we’re studying lung tissue and we want to study the female reproductive tract, all we do is unscrew the outer shell and insert the proper tissue model that mimics the female reproductive tract and we’re off. We’ve done a lot of the engineering to make it very simple to operate and use, and adaptable to common lab tools that everyone has, to eliminate the need for financial investment in things like specialized clean rooms, incubators and pumps, etc., so the technology can be useful in regular labs or easily deployable to far-flung locations or countries. With a laser cutter and $500 worth of equipment, you could conceivably mass manufacture these things for maternal medicine in Africa, for example. Democratizing the technology so it is compatible and useful for even an inexperienced user aligns with the mission of my lab, which focuses on scaling the science and the innovation faster, instead of only a few specialized labs being a bottleneck to uncovering new mechanisms of disease and the development of therapies. We patented this modularity, the way to build these tiny microfluidic devices and the simplicity of how it's used as a tool set, through UD’s Office of Economic Innovation and Partnerships (OEIP). Q: How have you translated this work so far? Gleghorn: To date, we've taken this microfluidic system to nine different research labs across seven countries and four continents — including the United States, the United Kingdom, Australia, France, Belgium and South Africa. These labs are using our technology to study problems in women’s health and collecting data with it. We’re developing boot camps where researchers can come for two or three days to the University of Delaware, where we teach them how to use this device and they take some back with them. From a basic science perspective, there is high enthusiasm for the power of what it can tell you and its ease of use. As engineers, we think it's pretty cool that many other people are using our innovations for new discoveries. Q: What support and guidance have you received from the UD innovation ecosystem? Gleghorn: To do any of this work, you need partners that have various expertise and backgrounds. UD’s Office of Economic Innovation and Partnerships has built a strong team of professionals with expertise in different areas, such as how do you license or take something to patent, how do you make connections with the business community? OEIP is home to Delaware’s Small Business Development Center, which can help you think about business visibility in terms of startups. Horn Entrepreneurship has built out impressive programs for teaching students and faculty to think entrepreneurially and build mentor networks, while programs like the Institute for Engineering Driven Health and the NSF Accelerating Research Translation at UD provide gap funding to be able to do product development and to take the work from basic prototype to something that is more marketable. More broadly in Delaware is the Small Business Administration, the Delaware Innovation Space and regional grant programs and small accelerators to help Delaware innovators. Q: How have students in your lab benefited from engaging in innovation? Gleghorn: Undergraduate students in my lab have made hundreds of these devices at scale. We basically built a little manufacturing facility, so we have ways to sterilize them, track batches, etc. We call it “the foundry.” In other work, graduate students are engineering different components or working on specific system designs for various studies. The students see collaborators use these devices to discover new science and new discoveries. That's very rewarding as an engineer. Additionally, my lab focuses on building solutions that are useful in the clinic and commercially viable. As a result, we've had two grad students spin out companies related to the work we've been doing in the lab. Q: How has research translation positively impacted your work? Gleghorn: I started down this road maybe five years ago, seriously trying to think about how to translate our research findings. Being an entrepreneur, translating technology — it's a very different way to think about your work. And so that framework has really permeated most of the research that I do now and changed the way I think about problems. It has opened new opportunities for collaboration and for alternate sources of funding with companies. This has value in terms of taking the research that you're doing fundamentally and creating a measurable impact in the community, but it also diversifies your funding streams to work on important problems. And different viewpoints help you look at the work you do in new ways, challenging you to define the value proposition, the impact of your work.

IDC Canada Recently Released 20 New Research Reports to Understand the Impact of COVID-19 on the Canadian ICT Market

TORONTO, ON., May 29, 2020 — International Data Corporation (IDC) Canada announced today the release of 20 new research reports to help vendors understand the impact of COVID-19 on the Canadian ICT market, including five new forecast documents. In addition, most analysts have created an additional report analyzing the impact of COVID-19 on their specific technology patch, providing our clients with additional details on the impact and guidance for vendors in that market. IDC Market Forecasts help technology suppliers identify market drivers and size, measure current performance, analyze leading market indicators, as well as plan for future opportunities and growth. The five forecast reports are listed below: Canadian Communications Services Forecast, 2020–2024: COVID-19 Turns Telecom Inside Out (IDC# CA45063520 ). This IDC study presents IDC Canada's five-year forecasts for communications services spending by market and customer segments, company size, industry sector, and region for 2020–2024 based on the annual update of IDC Canada's Communications Market Model and replaces our previous comprehensive spring and fall 2019 forecasts. "Communications providers are largely recession proof and fortunately investments in next-gen network technologies and architectures are allowing communications service providers to cope with unrivalled demand," says study coauthor Lawrence Surtees, vice president of Communications Research and principal analyst at IDC Canada. "But the duration of the COVID-19 pandemic is still a great unknown and its associated economic shocks could dramatically impact the current forecast." Canadian IT Professional Services Forecast, 2020–2024 (IDC# CA45064220 ). This IDC study provides the spring 2020 market size and forecasts for the Canadian IT professional services market. The professional services market is made up of four submarkets: Custom application development, IS consulting, Network consulting & integration, and Systems integration. "The Canadian IT professional services market relies on discretionary capital spending budgets, which are typically suspended or curtailed in times of economic uncertainty. 2020 will be a challenging year for professional services firms due to the COVID-19 pandemic, but the market is expected to recover as the Canadian and global economies recover and businesses reinstate capital spending for IT projects," says Jim Westcott, research manager, Professional Services, IDC Canada. Canadian Infrastructure Outsourcing Services Forecast, 2020–2024 (IDC#CA45058420). This IDC study provides IDC's forecast for the Canadian infrastructure outsourcing services market for 2020–2024. It is an update of the previous forecast published in Canadian Infrastructure Outsourcing Services Forecast, 2019–2023 (IDC #CA43804019, May 2019). "The infrastructure outsourcing market continues to change, and COVID-19 will likely accelerate change. The decline in 1st and 2nd Platform technologies is leading to slow outsourcing spending on these areas, while the growth in 3rd Platform technologies to support digital transformation are increasingly incorporated into outsourcing and managed service engagements," says Jason Bremner, research vice president, Industry and Business Solutions. Canadian Consumer Wireless, Internet, and Wireline Voice Services Forecast, 2020–2024 (IDC# CA45059520). "In an already-competitive consumer market in the middle of great technological change, the global Coronavirus pandemic and the precautionary restrictions it has placed on Canadians has not only caused drastic socioeconomic changes but has forced consumers to weigh out the value proposition of each consumer service," says coauthor Manish Nargas, senior analyst for Consumer Services and Mobility. "Survival of the fittest is the call of the hour, and it seems that some consumer services will fare better than others after the dust has settled. While easier said than done, service providers need to think beyond the today's losses in order to plan for tomorrow's win." Canadian Consumer TV Services Forecast, 2020-2024 (IDC#CA45059620). This IDC study examines the forecast for Canadian consumer TV services subscribers and revenue. It also addresses the factors shaping the market as well as the key drivers and inhibitors underlying the forecast. "TV service providers will have to bring out their A game as they look to harness their next-gen TV service capabilities and create symbiotic, seemingly 'complementary' partnerships with OTT video providers to keep consumer eyeballs on their TV service platforms all the while combating economic ill effects of COVID-19 restrictions in the short term," says coauthor Manish Nargas, senior analyst, Consumer Services and Mobility at IDC Canada. "Based on our forecasts from May 1, 2020, we’re looking at an unprecedented 5.4 per cent decline for the year for the combination of telecom and IT spending in Canada. The cumulative impact of trade restrictions, supply chain impairments, commodity price declines, significant lay-offs and freefalling consumer and business confidence has led to a more dramatic impact on the overall ICT market than we had predicted in early April," says Nigel Wallis, vice president, IoT & Industries at IDC Canada. IDC develops detailed forecasting reports and analysis for major technology markets in Canada, which are published annually during the month of May. IDC's Forecast Scenario Assumptions for the Canadian ICT Market, 2020 and Beyond (IDC# CA46217620 , May 20 20 ) supports the underlying macroeconomic assumptions for each of the ICT market forecast reports. We also recently released a new interactive Canadian COVID-19 IT Impact Dashboard tool to help our clients visualize the impacts, in partnership with Rel8ed.to, which is available for everyone to use. For our clients that need to know the impact of the pandemic on ICT Spending beyond Canada’s borders, IDC created our global COVID-19 Resources microsite which contains more research reports, webinars, press releases and blog posts from around the world. We’ve also done a series of free webcasts for our clients with the first one on April 2 and the second one on May 6. Our third webcast in this series will occur on June 4th. Register today for COVID-19 Impact: Preparing for Recovery in the Canadian Tech Market. Here’s the list of our recently published Canadian-based COVID-19 research reports to help our clients meet the challenges from the pandemic, anticipate market changes and keep business moving: COVID-19 Impact on the Canadian ICT Market (IDC#CA46134820) Canadian Datacenter Infrastructure Action Item, Q2 2020: The Impact of COVID-19 (IDC#CA45057420) Impact of COVID-19: Canadian IT Services Market (IDC#CA46166120) All Priorities Aside: The Canadian Government's Singular Response to COVID-19 (IDC#CA46166920) The Impact of COVID-19: Canadian Security Solutions Market (IDC#CA46166520) Canadian Communications Service Provider Capex Spending, 2019–2020 (IDC#CA45063820) Canadian Government Wireless Price Policy - Ill-conceived and Horribly Timed (IDC# CA45663920) COVID-19 Business Impact: Hierarchy of Needs; Moving from Pandemic Risk Management to Organizational Agility (IDC# CA46228420) How is the Pandemic Crisis Impacting Digital Transformation in Canada? (IDC# CA46235620) Impact of COVID-19: Canadian Software as a Service Market (IDC# CA46166620) COVID-19 Impact: What’s Next for the Canadian Tech Market (IDC# CA46281820) COVID-19 Impact: Canadian Retail & Wholesale Market (IDC# CA45674020) COVID-19 Leadership: Canadian CIOs Strategize on Responses to COVID-19 (forthcoming) Critical Networks Provide Critical Care: Role of Communication Networks to Treat and Prevent COVID-19 (forthcoming) COVID-19 Impact: Canadian Vertical Markets Overview (forthcoming) For more information about the market forecast reports, the COVID-19 related reports, or to arrange a one on one interview with any of the report authors, please contact Cristina Santander at AskIDC@IDCcanada.com.

Make Your Expert Profile Stand Out!

Successful organizations know that leveraging their leadership and subject matter experts is important to driving visibility and value for the organization. Most About Us pages and corporate bios fail miserably in their goal of engaging key audiences – and they are often very out of date. Based on our years of working with corporate, professional services clients, academic and healthcare institutions and others, we’ve put together the “Top 5 Tips for Creating a Winning Expert Profile”. By following these simple tips we’re confident you’ll be well on your way to driving better conversations with prospective customers, media, analysts, conference organizers and others. We hope these tips provide you the starting point for better showcasing your people. Tip #1:  BE VISUAL Your Headshot Creates a Human Connection Profiles with photos get 14x more views (according to research from LinkedIn). A good head shot humanizes your profile and helps establish trust. Make sure to invest in some professional headshots. Avoid busy backgrounds and lose the props unless they are relevant. Tip #2:  BE SEARCHABLE Choose Topics to Help You Get Discovered Pay very close attention to which topics you list on your profile as they help determine search results. Find the right balance between general and specialized terms. For example “tax inversion” is a specialized accounting term. But “offshore tax”, “tax havens’”; and “corporate tax planning” or geographic tags related to specific tax havens such as “Bermuda” are more likely search terms used by various audiences looking for a tax expert. Tip #3:  BE APPROACHABLE Create a Tagline that Draws People In Your professional headline (tagline) and biography must create and sustain attention. Don’t misuse this prime real estate to simply restate your current job title. Focus on your value proposition to advertise what you’re trained in and summarize the experience you have. Keep it concise using relevant keywords. Here’s an example of a powerful headline for an accomplished expert: “15 Years Experience in Commercial Real Estate | Author | Adjunct Business Professor | Keynote Speaker | TV & Radio Guest | Architectural Enthusiast.” Tip #4:  BE DESCRIPTIVE Focus Your Biography on Accomplishments Keep your biography clear, descriptive and up to date. Describe your responsibilities in concise statements led by strong verbs. Incorporate industry specific keywords and topics. Whenever possible, quantify your accomplishments and responsibilities with numbers or percentages. Don’t forget to mention international experience and any special awards or recognition you received. Remember it’s not your life story or a chronology of all your work experience. Leave that for your resume. Tip #5:  BE ENGAGING Multimedia Helps Prove Your Expertise Journalists and conference organizers will often avoid profiles that don’t have multimedia as they need to see how well you present your ideas in front of an audience. Videos, photos and audio of podcasts or interviews provide quick validation of your ability to communicate your ideas. If you’re an author upload a thumbnail of your book. Upload clips of your speaking sessions. Did you appear on TV? License a copy of the interview or upload a screenshot of the broadcast.

The World Needs More MBAs! Let an expert from WGU explain how partnerships can make it work.

Recently, much talk has centered on the closing of business school programs, and the extreme debt that many students take on to achieve a business degree. New data from Bloomberg Businessweek reported that nearly half of students polled from 126 universities across the world finance $100,000 or more for their MBAs. “Bloomberg Businessweek surveyed more than 10,000 2018 graduates of MBA programs from 126 schools about the amount of debt they piled on earning their degrees. The survey found that almost half of students at leading business schools around the world borrowed at least $100,000 to finance their MBA. According to the survey, at minimum 40% of MBA graduates from U.S. News & World Report’s top-ranking business programs — those at Duke, Dartmouth, University of Michigan, Cornell and University of Chicago — reported incurring at least $100,000 in debt.” July 09 – CNBC MBAs have been widely accepted by employers, and the return on investment for students has historically been high. Over the years, business programs have adapted to the needs of employers, and the basic design of the MBA, combining a broad scope of valuable business skills, has remained relevant despite massive changes in the business world. But with the rise of tuition costs, rapid changes in technology, and a higher value being placed on specialization, the long-standing value proposition of the MBA is changing. Cost, flexibility of delivery and open-loop, customized micro-learning are more likely to meet the needs of students and employers going forward. At WGU, we live and breathe the mission of supporting student academic success and expanding opportunities with affordable, valuable and relevant degree programs. Collaborations with companies which are equally committed to provide their employees the opportunity to sharpen their skills, advance in their careers, and better their lives, are one step in this evolution of business education. An evolution not in the future, it’s here.  Dr. Rashmi Prasad is Dean and Academic Vice President of Western Governors University's College of Business.  Dr. Prasad is available to speak with media regarding the need for higher education and how partnerships will bolster MBA programs and help graduates find success after they leave school – simply click on his icon to arrange an interview.