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Entrepreneurial Marketing
- 1. ENTREPRENEURIAL MARKETING Garage Entrepreneurs Business Planning Blog Series
- 2. Please Share This! This content was created by a entrepreneurs for entrepreneurs Please use it and spread it as you wish BUT, please keep it in it’s original format
- 3. Entrepreneurial Marketing This is the Affected Campaign, started by a good friend of mine.
- 4. The Affected Campaign Started in 2006 by Brady Thrasher Thrasher bootstrapped his business to get it off the ground With a small start-up budget, Thrasher has created a movement that is getting some huge publicity See the next slides for how he got the word out… blog.garageentrepreneurs.com
- 7. Marketing Defined “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.” -American Marketing Association blog.garageentrepreneurs.com
- 8. What is Marketing? Marketing is the link between you and your customers Achieved by creating, developing and maintaining profitable relationships between customers and your company All about creating some profit margin A marketers job is to understand, influence and serve people blog.garageentrepreneurs.com
- 9. The W Marketing Challenge What problem does your company face – what are you trying to change? Ex. Drive more customers to store, increase profit from each customer Think about it now: What is YOUR marketing challenge? blog.garageentrepreneurs.com
- 10. Market Segmentation Dividing people into groups based on similar characteristics Allows marketers to influence behaviors Many ways to segment (age, income, education) Can be broad (male/female) or narrow (age) Focus on a group so that you can serve them better than competition – can’t be everything to everyone Once target is chosen, analyze needs/wants and purchase motivators AND 4 P’s (see next slide) blog.garageentrepreneurs.com
- 11. The W 4 P’s Product Place Promotion Price • Kinds and • Sales promotion • Physical good • Flexibility locations of • Salespeople • Service • Comparison to stores • Advertising • Features competitors • Channel • Publicity • Benefits • Changes over • Market exposure • Quality Level product life • How to handle • Accessories cycle transporting • Installation • Geographic and storing • Instructions terms • Service levels • Warranty • Discounts • Packaging • Allowances blog.garageentrepreneurs.com
- 12. What type of person buys this car? What are the purchase motivators?
- 13. What type of person buys this car? Now, what are the purchase motivators?
- 14. Customer Segmentation W Customer Segment #1 (PORSCHE) Customer Segment #2 (VAN) Characteristics Fun, Rich Older? Young? Upper/Middle Class Product Colors/Features Simple Customization Generic Placement Specialty dealers Many dealer outlets Promotion Upper-class events Mass market (newspaper) Personal mail packages Magazine Pricing High Mid blog.garageentrepreneurs.com
- 15. Competitive Analysis W “Quite often the preparers of marketing plans assume that the competition simply will do nothing to try and stop us from doing precisely what we want to do.” William Smith, Quaker Oats Company Predict future competitive strategies Identify a competitive vulnerability that we can exploit Predict reaction to current strategies blog.garageentrepreneurs.com
- 16. Competitive Analysis W Questions to Ask: Who are our competitors? (Direct vs. Indirect) 1. Indirect: Do same thing but in different ways (Crest/Listerine) Direct: Two companies doing exact same thing What are THEY currently doing well/poorly? 2. How can we compete with them? 3. How might they react to our decision(s)? 4. blog.garageentrepreneurs.com
- 17. Marketing Framework W Who are our customers and how do they buy? Who are our Implementation and competitors? actual performance? How can we design our Marketing Mix so that Can we make a profit Why does the customer customers choose our with this marketing mix? choose one product or product/service over service over another? our competitors? Product Price Promotion Place blog.garageentrepreneurs.com
- 18. Marketing Math W Marketing Math Variable Cost: A cost that varies with volume For every one you sell, it costs more Fixed Cost: A cost that does not vary with volume Rent expense Investment: A one time cost; accounted for through depreciation expense over the useful life of the asset Unit Contribution (UC): The amount of money a company keeps Selling Price (SP) – Variable Costs (VC) x # units Profit is what is left over after we pay our fixed costs Profit = Contribution – Fixed Costs blog.garageentrepreneurs.com
- 19. Breakeven Example Fixed Costs Variable Costs $500 Marketing Plan $25 Delivery $1000 Rent $50 Grocery Expense $500 Salary (Target Profit) How many units do you have to sell to cover your costs? 1. Find unit contribution. (UC = SP – VC) UC = $150 – ($25 + $50) = $75 2. Find total fixed costs. = $500 + $1000 + $500 = $2000 3. BE (units) = FC (Including Target Profit) / UC = $2000/$75 = 27 deliveries Is this number reasonable and attainable? DON’T FORGET SENSITIVITY! blog.garageentrepreneurs.com
- 20. Pricing Strategies W Skimming - High price/low volume; ST strategy Goal: Keep industry profits high, stay away from a price war Great strategy when you are the first to market a certain product Ex. Honda – Hybrid Cars Wanted car, price did not matter; kept people fighting for them Market Penetration - Low price/high volume; LT Strategy Goal: Gain Market Share Used when competing firms want to discourage new competitors from entering the market Ex. Rogers and Bell (Internet Market) Based on perceived value, not actual worth Dynamic Pricing - Set prices in real time – changes with demand Ex. Airline Industry, Coke attempted to do this! blog.garageentrepreneurs.com
- 21. W Marketing Ideas Wear company logo’s/buttons Talk to people • • Sell at flea markets • Mail a postcard • Advertise on movie theatre • Make a creative business card • screens Classified ads • Sponsor local teams • Speeches, training Send a newsletter • • Exchange services for advertising Advertise on voicemail • • Ask “How did you hear about Events, contests, raffles • • us?” from every customer Put advertising on your car • Follow online discussion (banner, magnet) • groups and mention your Offer free samples business • Donate product to local Advertise in entertainment • • books/magazines auctions/raffles blog.garageentrepreneurs.com
- 22. W Takeaways Key Determining the marketing challenge is the first step in a marketing plan Choosing a target market is critical in order to make your marketing plan tailored and effective It is essential to know as much as possible about the target market – SEGMENT! A company must ALWAYS monitor the actions of the competition DO THE NUMBERS! blog.garageentrepreneurs.com