ISMA 360®
You have designed and implemented an innovative product or service, but who do you hit first? However effective an innovative product or service may be, unless its initial marketing strategy is built on a clear understanding of the customer needs that it aims to meet, its chances of success will be limited. This is crucial for any business and is based far too often on ‘gut-feeling’ rather than rational analysis.
ISMA 360® is a process by which innovative entrepreneurs focus on optimising their market strategy and on answering the fundamental question of “What should I sell and to whom?” The methodology is aimed at both early stage innovative businesses as well as established businesses introducing a new product or service – in either case, seeking to determine the most favourable market sector(s) on which to focus.
The process follows a structured methodology that maps the selected market and identifies relevant market and client needs, whilst simultaneously highlighting where further product development is needed and analysing the competition position of the new product or service. These elements are summarised in a final report.
The ISMA360® process was developed at one of Europe’s leading business schools in 2005 and has since been adopted by many of Europe’s best business incubators as a vital tool in improving marketing strategy development in innovative businesses.
St John’s Innovation Centre (SJIC) at Cambridge are able to offer ISMA 360 analyses to 4 innovative small businesses based in Cambridgeshire. The process takes 2 days of focused effort (the days will be at least one week apart) with each business working on a 1:1 basis with a trained business adviser from SJIC. As a result of funding received from the Greater Cambridge Partnership, we are able to offer this opportunity at no charge to the participating businesses. In order to qualify, businesses must be in the process of planning the introduction of a new, innovative product or service and must meet the following criteria:-
The business must be based in Cambridgeshire (which includes the districts of Cambridge, East Cambridgeshire, South Cambridgeshire, Fenland and Huntingdonshire) and
- Employ less than 50 people
- Be able and willing to:-
- Share and review your marketing data and strategy
- Explain your innovation in simple, layman’s terms
- Have available information on potential users, existing solutions and major players in the relevant value-chain. The data need not be independently verified.
Dates for the next ISMA Marketing Analysis session is March 21st 2011.
If you would like to reserve a place on any of the above sessions, please send a paragraph describing your innovation, its stage of development and the market data that you have compiled, together with a note as to how you believe the ISMA process would be of value to your business, to David Moir at St John’s Innovation Centre, Cambridge (dmoir@stjohns.co.uk)
