There's more to marketing than advertising, sales or social media. These are tools of communication. Where marketing really starts is with creating a product and/or service people want to buy. It just makes promoting it a whole lot easier.
-- What we mean by business and revenue model
-- Customer segmentation and how to build customer profiles
-- Market research techniques and low-cost resources for finding key data and opportunities
-- The value of product/service “packaging” for both you and your customer
-- Key marketing concepts like, positioning, messaging, branding and so much more
7. Marketing Plan
The 4 P’s & 2 C’s
Product
Price
Customers
Competition
Promotion
Place
Distribution
8. Your Business in
Marketing Terms
Niche: What need do you fill?
Bi z
P lan
Objectives
Market (customers, competition,
lifecycle, trends)
SWOT Analysis
Competencies: What are the 1-2-3
great things you offer or do really
well?
Differentiation: What makes you
unique?
Positioning: How your customer
thinks about your product, service
and/or business
Brand: Your promise based on core
competencies
Visual Identity: The presentation
of your brand
9. *:
USP
M&M’s
Need?
Premium chocolate,
healthy snacks
Competencies
Unique capabilities
History, technology,
shelf, financial
Differentiation
Uniqueness
Shape, flavor
Positioning
In your customers
mind?
Melts in your mouth,
not in your hand
Branding
Promise
Established, consistent
Niche
*Unique
Selling Proposition
11. Product/Industry Lifecycle
Intro
Growth
Build product
awareness and
develop a market for
the product.
Maturity
Decline
Competition heats up.
Build brand preference
and increase market
share. Differentiation
becomes critical.
• Rejuvenate product
with new features
and finding new
uses.
Strong sales growth
diminishes;
competition steps up.
Defend market share
while maximizing
profit.
Maintain
Possibly
Reduce
• Harvest: reduce
costs and continue
sell to loyal niche
segments.
• Discontinue:
liquidate inventory
Add features
Harvest: or sell to another
niche
firm.
Liquidate or sell
12. When the product is right, you don’t
have to be a great marketer
ter
mo
pro
Lee Iacocca
20. Take Aim:
Who is Your Target?
Lowest Hanging Fruit
Evaluate Costs & Benefits
Measurable
Size & purchasing power
Accessible
Effectively/efficiently
reached & served
Substantial
Large and/or profitable
Actionable
Effective/efficient
marketing programs
21. Benefits Exercise
Saves time
Saves money
Offers convenience
Enables peace of mind
Provides better profit
opportunities
Helps them focus on
their business
Preserves/enhances a
particular lifestyle
Benefits
Features
22. Price
Other Influences:
What the market will bear
Supply and demand
Customer motivation
Differentiation
& Added Value
$
Costs
Industry trends
Competition
Look for “reference
points” as a starting
point to determining
your price; in other
words, prices of
similar products or
services in your
industry.
23. Value is in the Customer’s Mind
Not Yours
Now or
Later?
Worth it?
Can I afford
it?
Cheaper?
Substitute?
Brand?
24. Your Price
Reference points
Business model (i.e., volume) & strategy
What drives your ability to charge more or less?
Packaging
Promotional pricing allowances
26. Competition
Direct
Substitutes
Differentiation
Similar products
or ser vices
What prospects might do or
purchase instead
Why you?
Seattle Wedding
Photographers
•No pictures at all
•Have a family member act
as photographer
•Ask guests to take pictures
Likely or Unlikely?
Why?
•Awareness
•Specialty
•Portfolio/Website
•Credibility: Experience,
Education, Awards, Press
•Referral (live/social)
•Packages & Price
•Added Value Ser vices
More exclusive = fewer competitors
29. Essential Data
Consumer insights
Forecast: Price x Units
Where customers go
for information
Number of
competitors/impact
Market sizing
Sales trends
Size of market
overall
Market share
(guesstimate)
Price reference points
Untapped market
opportunities
30. Types of Information
Quantitative
Qualitative
Average price
Units sold
Number of competitors
Number of buyers
Market share
Political/Economic climate
Social trends
Industry standards
Consumer behavior
Typical Distribution
31. Info Sources
• Internal: Credit card receipts, transaction
records, foot and Web traffic, inbound calls,
etc.
• Determine current margins, best selling
products, highest margin products
• Ask: Colleagues, management, salespeople,
channel partners, customers, prospects
• Trade organizations offer data
• Industry and trade magazines:
FindArticles.com
• Consumer magazine media kits
• Purchase information when needed and
practical
• Information you need, but can't buy:
obser vation, sur veys, focus groups
33. Ideas
If you can’t find exact data, look at companies and
industries closest to yours.
“Steal” -- Don’t reinvent the wheel.
Don’t get lost in the sauce. Define the information
you need before you start.
You’ll never have complete information. At some
point, you’ll have to make assumptions. Test them
and continually update.
34. Promotional Mix
Getting the Word Out
Personal Selling
Advertising
Public Relations
Sales Promotion
Paid
“Free”
Coupons
Sampling
Discounts
36. Resources
Use all for the greatest impact and results
Smarts
Time
Contacts
Relationships
Partners
Money: top down vs. bottom
up budgeting
Assets
37. Average SMB marketing spend: $475/month
21% spend more than $1,000/month
Source: Search Engine Land, “Health & Medical SMBs Spend More on Marketing Than Other Industries,” Jan 15, 2014, Myles Anderson
38. Promotional
Strategy
The
Close
”
P i tch
he “
T
A
Action
First Contact
Email(s)/Postcard(s)
Website visit(s)
A
The “Need”
Sign up
I
Interest:
WIIFM
Build Awareness, Get Attention: PR/Advertising
D
Desire:
why you?:
“Proof”
39. Messaging
Nail your position in your customers’ mind
Talk about your business in ways that your
prospect understands and cares about
Help them understand why you’re better and
what’s in it for them
Educate them about what you do so they value it
41. Use the Right Media
New Media
Process of Elimination
Traditional
Media
list
no
PR
X
b
Mo
Email
ge
Wid
n
ia
oc
S
l
X
n
Wi
ki
Po
d
Environment
Dig
it
al S
i
Review Sites
Soc
ial
Ne
two
rks
Links
getAdvertising
bud
o
ime
ot
s
Blog
Collateral
Personal
Selling
ts
X
Search
Your Business
Web 2.0
RSS
Direct
Web
ile
gna
ge
cas
ts
s
Boo
kma
rkin
g
42. How to Choose?
Will it reach my target audience?
Is it a good fit with my plans? Is the timing right?
Is it the best way to allocate my resources?
Is there a cheaper alternative? Can I negotiate?
Consider production costs.
What are the expected short- and long-term results?
43. Smart timing will help a small budget go farther and have more impact
Q1
Q2
Q3
Q4
Internal milestones, operations, resources...
External seasonality, trade shows, business cycles,
editorial calendars, holidays, school calendars...
Marketing campaigns, PR, media, sales, events...
Actions work backwards, deadlines
Marketing Calendar