Transcript Marketing Spring 2014

Kimberly Frelow
Small Business Manager
Marketing Concept
 The marketing concept is the belief that consumer
wants and needs are the driving force behind any
successful business model or marketing effort.
Chapter 5
Slide 2
Who Are Customers?
 Customers are individuals or organizations with
unsatisfied needs but who have the resources to fulfill
those needs.
 The single greatest competitive advantage that small
businesses have over large businesses is that they know
and understand their customers better.
Know Your Customer…
Different Stages of Life = Different Needs
 Bachelor stage
 Newly married, no children
 Full nest I: youngest child under 6
 Full nest II: youngest child over 6
 Full nest III: older couple with dependent children
 Empty nest I: older couples, no children at home
 Empty nest II: older couples
 Widowed, grown children - working
 Widowed, grown children - retired
Know Your Customer…
 Find your “Target Market”
 Where do my customers live and work?
 What is the lifestyle of the people who are most
likely to need my product or service?
 What level of income is needed to purchase my
product or service?
 Which potential customers will receive the
greatest benefit from my product or service?
 Which group will buy the most of my product or
service?
Target Market
Chapter 5
Slide 6
Customer Profile
Chapter 5
Slide 7
Relationship Marketing
Building a Relationship allows the small business to:
 Receive more volume on fewer transactions
 Spend less money on attracting new customers
 Concentrate on continuous improvement
 Get more involved with its customers by providing
education and building future sales
 Be seen as credible, sincere, and trustworthy
 Receive strong referrals from a satisfied customer base
The Four P’s
of the Marketing Mix
 Product
 Place
 Price
 Promotion
 Person
Chapter 5
Slide 9
The Marketing Mix
Chapter 5
Slide 10
Product
 Tangible features (things you can see and touch)
 Intangible features (things you feel)
 Product mix
Chapter 5
Slide 11
Place
 The exchange point of a product
 Channels of distribution
Chapter 5
Slide 12
Channels of Distribution
 Home Depot
Contractor
Client
 Managing multiple jobs
Chapter 5
Slide 13
Price
Setting a price demands that the business owner
1. Cover the cost of the products and services sold,
including the cost of acquiring and receiving them
2. Cover the cost of all business operating expenses
3. Make sure that profits are sufficient to pay the owner a
fair salary for efforts and risk invested
4.Retain a certain portion of the revenue for future
expansion and improvement of the business
5. Entice customers to return because of the high value they
perceive for the prices charged
Chapter 5
Slide 14
Promotion
 Promotion is the way a business communicates with
its market.
 Promotion includes advertising, sales promotion,
personal selling, visual merchandising, and public
relations.
 These activities are termed the promotional mix.
Chapter 5
Slide 15
Advertising
 Advertising is defined as a paid-for, nonpersonal
presentation of a sales-enticing message.
Chapter 5
Slide 16
Importance of Advertising
 Lets customers know that the new business exists and
where it is located
 Informs customers about the products or services that
the business offers
 Provides ongoing communication with the customer
 Keeps the business’s name in front of the buying
public
Chapter 5
Slide 17
Visual Merchandising
 Signage on vehicles or on lawns are a common form of
visual merchandising.
 Business Cards (Info-Cards)
 Gifts of appreciation
 Give-aways/promotional items
Chapter 5
Slide 18
Public Relations
 Public relations (PR) consists of planned events ie
open houses
 Sponsorships ie. Events, youth organizations
Chapter 5
Slide 19
Marketing Strategies
 Marketing strategies are developed to accomplish
goals.
Chapter 5
Slide 20
Steps for Implementing
Marketing Strategies
1.
2.
3.
4.
5.
6.
Establish an advertising budget
Plan and schedule advertising
Make decisions about sales promotions
Decide how personal selling will be handled
Create visual merchandising
Develop a strategies calendar
Chapter 5
Slide 21
Advertising
Calendar
Chapter 5
Slide 22
Strategies
Calendar
Chapter 5
Slide 23
Small Business
Marketing Guidelines
 Invest time, energy, and imagination, not just money
 Measure their success by making profits, not sales
 Use good sense to make up for experience
 Focus on excellence, not variety
 Place emphasis on making larger transactions with existing
customers and referrals, not just on adding new customers
 Use a combination of marketing strategies instead of just
sticking to one that appears to work
 Look for free ways to promote the business
Chapter 5
Slide 24
Small Business
Marketing Guidelines (continued)
 Keep track of the number of relationships they establish,
not just the number of sales
 Find ways to add drama to their promotional activities and
products in order to get the customer’s attention
 Invite their customers to get involved
 Communicate in a believable and clear manner
Chapter 5
Slide 25
Social Media
A Basic Guide to What It Is
And
How to Get Your Business in the
Conversation
Social Media
 Media for social interaction, using highly
accessible communication techniques.
 Social media is the use of web-based and
mobile technologies to turn communication
into interactive dialogue.
 Consumer generated media (CGM).
 Social media is a blending of technology and
social interaction for the co-creation of value.
Social Media
 Examples of Social Media Tools:
 Facebook
 Twitter
 LinkedIn
 Youtube
…More
Social Media
 Why is it important:
 This is how people interact on-line
 Facebook has 1,310,000,00 active users
 Twitter has 645 million active registered
users
 58 million tweets per day
 LinkedIn has 225 million users
 Find out about new business and trends
 Help spread the news to their social
network
Social Media
FaceBook
 Allows you to instantly send information
to your “friends” for free
 Great tool for a B2C business
 Allows customers to interact with you and
each other
 Advertise based on targeted demographics
 Your postings can become viral
 Links to other social networks
Company Profile
Social Media
Twitter
 Instant communication
 Share promotions ie.valuable coupons
 Follow a discussion and join discussions
 Allows you to instantly send information
to your followers for free
 Sponsored tweets
 Warning: must have frequent posts
Company Profile
Company/Industry Updates
•Project Status
•Company updates/opportunities
Company/Industry Updates
• Retweet Industry Updates
• Post Industry News/Events
Social Media
LinkedIn
 Connect with thousands & millions of
people
 Receive recommendations and reviews
(thumbs up) from trusted and verified
resources
 Find qualified employees
 Share important business information
Company Profile
Identify Relationships
Get Introduced
Company Updates
•Industry news
•New projects
•Partnerships
Company Updates
•Community News
•New Certifications
•Conference Participation
Social Media
YouTube
 Great advertising vehicle
 Upload videos on DIY construction
projects
 Upload video of before and after
renovations
 Create a loyal following
 Build a “Brand”
Social Media
Now that you Built it…How do you get People to come?
 First you must decide which tool is right for you
based on your business type and resources.
 Customers need to be active and consistently
following your site.
 Which ever SM tool you prefer, you MUST keep it
current and relevant.
 You must take the time to update and keep content
fresh-change out offers.
 SM is not a duplication of your website.
Social Media
Now that you Built it…How do you get People to come?
 Put your social media buttons and links on your website,
blogs and all other web-based pages.
 Make sure that your Facebook, Twitter, LinkedIn or
whatever social networks you have are clearly placed on
all of your web pages with links to your social networking
pages.
 Add your social media links at the end of your emails,
electronic newsletters and all electronic media.
 Place a note on all of your electronic correspondence and
invite people to “follow” you on Twitter or become a “fan”
on Facebook.
Social Media
Now that you Built it…How do you get People to come?
 Use your social media to grow your followers.
Invite FB friends to follow you on Twitter…or LinkedIn
folks to friend you on FB.
 Place your social media networks on your print
materials. Add to your business cards, post cards,
newsletters or any form of direct mail material. Every
time someone sees your social network, it reinforces
them to join you.
 Write blogs and articles with valuable content that
encourages people to respond or to share with others.
Social Media
Now that you Built it…How do you get People to come?
 Social media is all about engaging with
others and sharing information. If you
communicate consistently with your
followers, they will share you with others
and your social networks will grow.