Transcript Marketing Forum - Westminster College

TRENDS IN
MARKETING
Be a
leader
According to a survey of U.S.
Senior Executives, marketing
will be the most important area
of expertise for the next
generation of leaders
www.marketingtoday.com
BUSINESS PLAN
COMPETITION
35% of your business
idea will be scored on
the effectiveness of your
marketing strategy
MARKETING STRATEGY
& EXECUTION
It is most likely
marketing that will
determine the level of
success any business
will have.
BUSINESS PLAN
Goal #1
Effectively convey
Proof of Concept
Based on your great idea,
business model, strategy
and industry knowledge
PROOF OF CONCEPT
SALES
BUILDING A CASE
WITH THE UNKNOWN
How do you effectively
convey your passion and
story, and have the
judges’ believe that this is
something that will sell?
WHAT IS
MARKETING?
Exchange
Relationship
Seller
Buyer
VALUE
MARKETING
FUNDAMENTAL
Perception
Reality
PERCEPTIONS OF
QUALITY
1. Semantics (the words used to create
meaning and conviction)
2. Statistics/validated market assumptions
(validation of industry research/understanding)
3. Use of illustrations/graphs/visuals (provide
reinforcement to explanations)
4. Packaging (the overall appearance of the
plan)
A SOLID
MARKETING PLAN
Will influence your reader to
buy-in to your concept
WITHOUT having to question
who, what, where, when, why
and HOW?
POSITIONING
Be Different
If you aren’t perceived any different than
your competitors, consumers can only
evaluate you by comparing prices.
IF THE ONLY VALUE IS PRICE,
YOU BECOME A COMMODITY
DEMONSTRATE
MARKET KNOWLEDGE
• Have you clearly identified the market
need/problem that you are solving?
•Have you created value in the product/service
you are selling?
•Have you clearly stated your target market and
their buying behavior/characteristics?
•Do you really know all of the competitors
(direct and indirect) in the industry
DEMONSTRATE
MARKET KNOWLEDGE
• Are you aware of the barriers to entry
•Do you understand all of the market forces
impacting the industry?
•Have you assessed the industry
characteristics?
•Do you really know the market size?
BEING FAMILIAR WITH THE
INDUSTRY IS CRITICAL
RECOGNIZE
MARKET FORCES
What you
can NOT
control
•Competition (direct and indirect)
•Economic forces
•Legal/political forces
•Technological forces
•Socio-demographic forces
•Event forces
What you
can control
The Marketing Mix
Market forces,
industry
characteristics,
and your target
market will help
determine the
structure and
strategy of the
4 P’s
Products
Price
POSITIONING &
target market
Promotion
Place
MARKETING
STRATEGY
A plan of action developed around your
company’s positioning, resources,
capabilities, target market and
market forces that exist in the industry.
–Set realistic goals
–Build in measurable milestones
–Ensure strategy is in alignment
with financial goals
DETERMINE
MARKETING TACTICS
•
•
•
•
•
•
•
Sponsorships
Press releases
Events
Website
Newsletters
Thank you cards
Education/product
tips thru podcasts,
website, blog
• Free product trials
• Tradeshows
• Speaking
engagements
• Networking
• Email blasts
• Joint venture
partnering
• Social networks
• Advertisements
• Direct mail
Don’t be afraid to ask other
individuals for input and
feedback
Billy Bob Teeth
$40 million in sales to date