Strategic Market Planning, for LA2M, Dee Davey, Jan 2010
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There are hundreds of ways to market your business. Which silver bullet should you use? At the heart of a successful business is an understanding of who your customers are, what they want, how they buy, where they are, and if there are enough of them to warrant you even being in business in the first place. Successful businesses also need to have, or be able to build, the core capability to provide what your customers really want, at a profit, and be ready to execute focused and targeted promotions and communications programs to attract and engage potential buyers. Dee Davey, from Creative Ideas Marketing will talk about some of the questions you should be asking within your business about your business’ competencies, customer needs, and market opportunity in order to begin to shape a marketing roadmap that will meet the financial goals of your business, provide focus and direction for growth.
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Strategic Market Planning, for LA2M, Dee Davey, Jan 2010
- 1. Creative IDeas Marketing Interim Marketing and Service Product Management Which Silver Bullet? (Strategic Market Planning) Dee Davey l Creative Ideas Marketing www.creativeideasmarketing.com dee.davey@creativeideasmarketing.com Creative IDeas Marketing January 6, 2010 Interim Marketing and Service Product Management
- 2. Which Silver Bullet • Blogging • Twitter • Trade Shows • Mobile Marketing • Newsletters • Public Relations • Sales Calls • Internet Marketing • Branding • Ethnic Marketing • User Experiences • Messaging • Website Best Practices Creative IDeas Marketing Interim Marketing and Service Product Management • Social Networking
- 3. Which Silver Bullet Guarantees Public Articles Print Ads Radio Relations Private Case Affiliate Label Studies Marketing Briefings Newsletters Media Press Editorial Talk Shows Releases Forums Blogging White Seminars Webinars Papers Welcome Joint Packs Ventures Web & Trade Biz Cards Email Shows Direct Mail Phone Tele- Awards marketing Direct Email Teleconferencing Sponsorship Corporate Feedback Advertising Hospitality Forms Endorsements Videos Social Point of Networking Sale Testimonials Internet TV Analyst/ Media Marketing SEO Relations Postcards Freebies Discussion Groups eCommerce Webcasts Banners Community Public Relations Speaking Podcasts Creative IDeas Marketing Interim Marketing and Service Product Management
- 4. Which to Choose? Creative IDeas Marketing Interim Marketing and Service Product Management
- 5. Strategic Market Planning • What • Existing • Why Businesses • How • Entrepreneurs • Individuals Creative IDeas Marketing Interim Marketing and Service Product Management
- 6. Strategic Market Planning - What Understanding • Who Your Customers Are • What They Want • & Why Matching • What You Are Really Good At Doing • With What Your Customers Really Want Creative IDeas Marketing Interim Marketing and Service Product Management
- 7. End Result - Plan Roadmap • Business • Non Profit • Individual Creative IDeas Marketing Interim Marketing and Service Product Management
- 8. Strategic Market Planning - What Strategic Market Planning • Where are we now? Situation Analysis • How did we get there? Where is the Company Now? • Where are we Setting Marketing Objectives heading? Where Does Management Want the Company to Go? • Where would we like to be? Marketing Strategy • How do we get there? What Should Be Done in Order to Achieve the Objectives? • Are we on course? Creative IDeas Marketing Interim Marketing and Service Product Management
- 9. Strategic Market Planning - What Strategic Market Planning Hard Questions / Situation Analysis What: Where is the Company Now? • Business Setting Marketing Objectives Where Does Management Want the • Capabilities Company to Go? • Markets Marketing Strategy • Customers / $ What Should Be Done in Order to Achieve the Objectives? Creative IDeas Marketing Interim Marketing and Service Product Management
- 10. Strategic Market Planning - Why • Focus / Direction – Marketing Effort Business Objectives • Minimize Waste Maximize ROI • Time Creative IDeas Marketing Interim Marketing and Service Product Management
- 11. Strategic Market Planning - Why • Untapped Opportunities • Key Messaging • Differentiators • Competitive Advantage • Positioning Creative IDeas Marketing Interim Marketing and Service Product Management
- 12. Strategic Market Planning - Why • Corporate Identity • Brand • Quality Standards • Communication Tool • Integrated Marketing Creative IDeas Marketing Interim Marketing and Service Product Management
- 13. Key Elements in Strategic Market Planning Key Elements • Core Competencies • Customers / How to Get to Them (Channel) • Market • Environment • Competition • Marketing Mix Creative IDeas Marketing Interim Marketing and Service Product Management
- 14. Key Elements – Competencies Core Competencies • Provides Customer Benefits • Hard for Competitors to Imitate • Can be Leveraged - Many Products / Markets Niche Business Core Competency / Match to Customer Need Creative IDeas Marketing Interim Marketing and Service Product Management
- 15. Key Elements – Customers • Customer Demand • Customer Drivers • Customer Buying Behaviors • Wants / Needs • Benefits Know Your Customer / Needs / How to Reach Them Creative IDeas Marketing Interim Marketing and Service Product Management
- 16. Key Elements – Market • Market Size, Growth • Buyer / Seller Landscape • Changes / Shifts • Is There A Market for My Product / Service Know Where the Opportunity Is Creative IDeas Marketing Interim Marketing and Service Product Management
- 17. Key Elements – Market Creative IDeas Marketing Interim Marketing and Service Product Management
- 18. Key Elements – Market Creative IDeas Marketing Interim Marketing and Service Product Management
- 19. Key Elements – Environment • Trends • Factors driving • Sociological customer need • Technological • Now • Economical • Future • Political / Legal / Regulatory Anticipate Change / Plan to Flex Creative IDeas Marketing Interim Marketing and Service Product Management
- 20. Key Elements – Competition • Who Are They? • What Do They Offer / How? • What Are Their Strengths/Weaknesses? • Markets Served / Not Served & Why? • How Do You Compare? • What Can You Learn? • Future Competitors? • Potential Partner? Find Differentiators / Find Competitive Advantage Creative IDeas Marketing Interim Marketing and Service Product Management November 6, 2008 Proprietary & Confidential 20
- 21. Key Elements – Marketing Mix 7 not 4 Ps • Product • People • Price • Process • Place • Physical Evidence • Promotion Creative IDeas Marketing Interim Marketing and Service Product Management
- 22. Strategic Market Planning Steps Internal Discovery • What do we know? • What don’t we know? • Use Internal Knowledge • Different Perspective Understand Behaviour / Build Customer Profile / Define Value Proposition Creative IDeas Marketing Interim Marketing and Service Product Management
- 23. Internal Questions From Customer Eyes • What is important? • What do customers most value? • What do customers say about us? • How do our customers engage with us? • How do they think we compare with our competitors? Creative IDeas Marketing Interim Marketing and Service Product Management
- 24. Key Elements – Market Intelligence • Acquire / Analyze Information • Determine Current / Future Needs • Understand Preferences, Attitudes, Behavior • Assess Changes in Business Environment • Use Knowledge of Experts • Collectively Gathered Intelligence • Learn from Others – Other Markets! Informed Decision Making Creative IDeas Marketing Interim Marketing and Service Product Management
- 25. Strategic Market Planning - External External Market Analysis • Gather Information • Trends and market drivers • Industry vertical market penetration • Industry purchasing behaviors • Competitive Assessment • Opportunities and threats • Position your business within the context of competing companies, methods, alternative sources of a business offer • Identify Niche Pockets of Opportunity • Sociological, technological, environmental, economic, environmental, legislative and political changes Creative IDeas Marketing Interim Marketing and Service Product Management
- 26. External Research Traditional & New Media Social Networking Primary Secondary • Engage Directly • Indirect with Customer Information • Use Conversations Creative IDeas Marketing Interim Marketing and Service Product Management
- 27. Strategic Market Planning Tools • Workshops • Interviews • Employees • Customers • Partners • Stakeholders • SWOT Creative IDeas Marketing Interim Marketing and Service Product Management
- 28. Market Segmentation • Which Market Segments • Attractiveness of Each Segment • Size, Growth Rate • Competition Ways of Segmenting Demographics / Pain / Needs Geography Creative IDeas Marketing Interim Marketing and Service Product Management November 6, 2008 Proprietary & Confidential 28
- 29. Research / Segmentation Process Use Market Intelligence Select & Prioritize Potential Markets ⇓ ⇓ Which Markets Purchase? Build / Define Target Profile ⇓ (Purchaser/Buyer Profile) Which Segments Have “Pain”? ⇓ ⇓ Create Value Proposition For Opportunity By Geo Constraints Selected Markets & Define Specific Offer For Selected ⇓ Market Areas Are Growing / Shrinking? ⇓ (Gov Statistics, SBTDC, MEDC Etc) Go Test ⇓ ⇓ Estimate Opportunity Size / Potential Refine Strategy / Based On Feedback Creative IDeas Marketing ___ Interim Marketing and Service Product Management
- 30. Strategic Market Planning Steps Validate Understanding • Clarify Your Understanding • Not an Island • Customer Validation • Iterative • Building Creative IDeas Marketing Interim Marketing and Service Product Management
- 31. Strategic Market Planning Steps • Marketing Objectives • Outline the Strategy • Segment Your Market • 7 Ps • Alliances / Partners Creative IDeas Marketing Interim Marketing and Service Product Management
- 32. Strategic Market Planning Steps • Marketing Communications Plan • Product Development Plan • Sales Development Plan • Customer Service Plan • Operational • Organizational Creative IDeas Marketing Interim Marketing and Service Product Management
- 33. Strategic Market Planning - Summary Know / Understand Customer Needs • Match Core Competencies to Customer Need • Right Things - Right Customers - Right Reasons • Ensure you can make $ (Market Big Enough?) • Position Yourself so Customers will Buy • Build Brand • Build Messaging • Build Product / Service Offerings Creative IDeas Marketing Interim Marketing and Service Product Management
- 34. Q&A Dee Davey Creative Ideas Marketing www.creativeideasmarketing.com Creative IDeas Marketing Interim Marketing and Service Product Management
- 35. Biography Dee Davey helps businesses become more successful by delivering strategic market planning, service product development and business operations improvement projects; primarily for companies who offer technology or business services to their customers. Her interim marketing business, Creative Ideas Marketing, started in 2004 in the UK, helps companies adapt and extend client service offers, helps clients find new sources of revenue and brings ideas for new service products to life. Creative Ideas Marketing helps businesses who want to take the next step in marketing their business, but lack the resource or time to pull it all together. Dee has extensive marketing experience engaging with mid-sized to major multi- national technology & service companies including AT&T/NCR, Siemens, Vodafone, Hays DX, StairMaster and Nautilus. An international marketer resident in England for 30 years, Dee has a unique ability to view and understand global marketing issues from a different perspective. Relocated to Michigan, Creative Ideas Marketing services clients primarily in technology, telecommunication and health and fitness industry sectors. Dee achieved her Professional Diploma in Management from the Open University, Open Business School in 1991, and in the same year her Diploma in Marketing Management from the United Kingdom’s most stringent professional marketing body, the Chartered Institute of Marketing. Creative IDeas Marketing Interim Marketing and Service Product Management