Transcript What is your `Place`?

Understanding the Market
and Your Place in It
4755 Kingsway Drive, Suite 314
Indianapolis, IN 46205
Phone: 317.917.3266 | Fax: 317.916.8921
Email: [email protected]
www.businessownership.org
Presented by:
Kim J. Brand
President, Computer Experts, Inc.
CEO/Founder, FileEngine
Phone: 317.833-3000
Email: [email protected]
“Computer Repair Indianapolis” or
“FileEngine” or
“Kim Brand” + Indianapolis
Jeff Bowe
President & Chief Sales Strategist
ACTUM Group, Inc.
Author of INFOCUS Selling™
Phone: 317.577/3750
Email: [email protected]
“INFOCUS Selling” or
“Jeff Bowe” + Indianapolis
Agenda
 The market is like a rock
 (Just some of) the problems
 What is your Marketing Objective? - Key Questions
 The Marketing Mix – Four Ps of Marketing
Product – Place – Price – Promotion
Marketing facts (you need to know)
Learning what is selling
Combining and Coordinating Selling with your Marketing
 Homework / Next Steps
 Resources
Quick Quiz #1
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Marketing is how you tell prospective
customers about your product? True/False
Quick Quiz #1
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Marketing is how you tell prospective
customers about your product? True/False
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Selling involves a lot of presentations and
convincing prospects why you are the best
solution? True/False
Sales & Marketing
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Marketing is about The Masses
Sales is about The Singles
Must be Sending and Receiving
A Continuous Feedback Loop
Send Out
Messages &
Analyze
Feedback
Meet With
Prospects &
Collect
Feedback
The ‘Market’ is like a rock
A big rock
But much harder to move ;(
Your objective is to move the rock
(Just some of) The Problems
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You have a wonderful product or service but nobody knows
Buying habits of your customers don't include you
You have no reputation
You have no money
You've never 'marketed' a product or service like this before
(You may have sold them before, but marketing is different)
Competitors
Most of what you know is wrong (which leads to mistakes &
wasted time & money - but adds to experience ;)
The rules, once you figure them out, change - and usually
not in your favor
What is your marketing
objective?
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Create Awareness
Communicate Outrageous Value
Create Urgency
What is your marketing
objective?
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Create Awareness
Communicate Outrageous Value
Create Urgency
…but wait, there’s more !!
Your First (Natural) Marketing
Challenge
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Keeping your message…
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Short
Your First (Natural) Marketing
Challenge
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Keeping your message…
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Short
Simple
Your First (Natural) Marketing
Challenge
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Keeping your message…
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Short
Simple
Selfish
The Sales Process
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Old Definition: Always Be Closing
The Sales Process
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Old Definition: Always Be Closing
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Seller Focused
The Sales Process
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Old Definition: Always Be Closing
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Seller Focused
Transaction Focused (* You Tube video)
The Sales Process
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Old Definition: Always Be Closing
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Seller Focused
Transaction Focused (* You Tube video)
How do YOU like to Buy?
The Sales Process
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Old Definition: Always Be Closing
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Seller Focused
Transaction Focused (* You Tube video)
How do YOU like to Buy?
New Definition: Always Build Commitment
The Sales Process
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Old Definition: Always Be Closing
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Seller Focused
Transaction Focused (* You Tube video)
How do YOU like to Buy?
New Definition: Always Build Commitment
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Relationship Focused
The Buying-Selling Process
Build Rapport
& Relationship
Connection &
Project
Development
Commitment
Key Questions
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What are you selling?
Key Questions
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What are you selling?
Who are your competition?
Key Questions
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
Key Questions: The Core of
Selling
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
 Your competition includes:
Lack of awareness
Key Questions: The Core of
Selling
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
 Your competition includes:
Lack of awareness, Doing nothing
Key Questions: The Core of
Selling
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
 Your competition includes:
Lack of awareness, Doing nothing, Buying
habits
Key Questions: The Core of
Selling
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
 Your competition includes:
Lack of awareness, Doing nothing, Buying
habits, Bad experiences,
Key Questions: The Core of
Selling
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
 Your competition includes:
Lack of awareness, Doing nothing, Buying
habits, Bad experiences, “Good enough”
Key Questions: The Core of
Selling
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What are you selling?
Who are your competition?
Why should your customers buy from you
instead of them?
 Your competition includes:
Lack of awareness, Doing nothing, Buying
habits, Bad experiences, “Good enough,” and
LACK OF AWARENESS
Your Business in One
Sentence
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Focus
Results
Ask
Magical
Energetic
…and practice, practice, practice
Quick Quiz #2
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The first thing to do when meeting a
prospect is…
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A) Find out if the person is the decision maker
B) Find out his or her budget to make sure you
are not wasting time
C) Look for common ground to build a
relationship
D) Pull out your marketing material so it is
ready to show
Quick Quiz #2
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In marketing, your competition…
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A) Dictates your maximum price
B) Can be mostly ignored when you are a
better salesperson
C) Detracts from your message
D) Is your enemy
The Marketing Mix
The Four ‘P’s of Marketing
What you sell, the Product
Where/How you sell it, the Place
The Price you sell it for
How you get attention: Promotion
Source: http://www.netmba.com/marketing/mix/
The Four Ps of Marketing
What is your Product or
Service? – Really!!
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Your BRAND – your promise to deliver
Your MESSAGE – how you describe it . . .
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Your POSITION – How do your customers
view your product or service in the field of all
other products and services?
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You only have 13 words
How will you be compared and described?
What is the PAIN your product or service
relieves?
Where is your ‘Place’?
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Locality:
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Lemonade stand, Neighborhood?
Side of town, City, Region?
State, Country, Planet?
Distribution system:
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Direct, Indirect, Multi-Level
Retail, Wholesale, Discount
Storefront, Web-store, corner bar, catalog
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc.
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Surprisingly: The narrower the
better!
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Remember: The narrower the
better!
Size
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Remember: The narrower the
better!
Size Can you scale or must you enter large?
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Remember: The narrower the
better!
Size Can you scale or must you enter large?
Current buying behaviors
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Remember: The narrower the
better!
Size Can you scale or must you enter large?
Current buying behaviors
Existing competitors & weaknesses
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Remember: The narrower the
better!
Size Can you scale or must you enter large?
Current buying behaviors
Existing competitors & weaknesses
Communication channels (current – new)
What is your ‘Place’?
Who is your ‘Ideal Customer’?
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Demographic: men, women, owners of a
product, age, family status, income, taste,
race, etc. Remember: The narrower the
better!
Size Can you scale or must you enter large?
Current buying behaviors
Existing competitors & weaknesses
Communication channels (current – new)
What is the potential–share you want/need?
Quick Quiz #3
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When setting price, first…
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A) Look at your cost and determine your profit
margin
B) Look at your competition so you can go just
under their price
C) Know how much money your offering
saves your customer
D) Start with a low price to build volume
Quick Quiz #3
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In marketing, you want your target market
to be…
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A) As big as possible for maximum volume
B) Hard to define
C) Narrow
D) Growing
Pricing & Terms
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Are you better? (Can you charge more?)
Pricing & Terms
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Are you better? (Can you charge more?)
Is it easy to buy from you?
Pricing & Terms
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Are you better? (Can you charge more?)
Is it easy to buy from you?
Guarantees create trust (but create liability)
Pricing & Terms
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Are you better? (Can you charge more?)
Is it easy to buy from you?
Guarantees create trust (but create liability)
Can you create demand with a lower price?
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Price elasticity
Pricing & Terms
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Are you better? (Can you charge more?)
Is it easy to buy from you?
Guarantees create trust (but create liability)
Can you create demand with a lower price?
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Price elasticity
Can you afford discounts?
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Salesmen, specials, combinations, spiffs/referrals
Pricing & Terms
(Differentiation)
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Are you better? (Can you charge more?)
Is it easy to buy from you?
Guarantees create trust (but create liability)
Can you create demand with a lower price?
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Can you afford less?
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Price elasticity
Salesmen, specials, combinations, spiffs/referrals
Can you value price upgrades?
Promotion
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Superbowl advertising = $3M for 30 seconds
Promotion
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Superbowl advertising = $3M for 30 seconds
PROBABLY NOT IN YOUR
BUDGET – YET!
Promotion
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What is your promotion Budget?
Promotion
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What is your promotion Budget?
Where/How do your customers find it - now?
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Web, Yellow-Pages, Directories, Flyers, Mailbox
Consumer: Billboards, TV/Radio, Car wraps
Trade shows, Endorsements, Tie-ins, Cold-Calling
Promotion
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What is your promotion Budget?
Where/How do your customers find it - now?
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Web, Yellow-Pages, Directories, Flyers, Mailbox
Consumer: Billboards, TV/Radio, Car Wraps
Trade shows, Endorsements, Tie-ins, Cold-Calling
Networking, Associations, Groups
Where do your competitors advertise?
Promotion
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What is your promotion Budget?
Where/How do your customers find it - now?
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Web, Yellow-Pages, Directories, Flyers, Mailbox
Consumer: Billboards, TV/Radio, Car Wraps
Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise?
Advertising Specialties: Pens, Shirts, SWAG
Promotion
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What is your promotion Budget?
Where/How do your customers find it - now?
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Web, Yellow-Pages, Directories, Flyers, Mailbox
Consumer: Billboards, TV/Radio, Car Wraps
Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise?
Advertising Specialties: Pens, Shirts, SWAG
Networking, Referrals, Rewarding customers
for sending you leads
Marketing ‘facts’
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Your prospects are exposed to hundreds of
thousands of marketing messages a day
Marketing ‘facts’
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Your prospects are exposed to hundreds of
thousands of marketing messages a day – How
will yours stand out in the ‘Message Frenzy’??
Marketing ‘facts’
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Your prospects are exposed to hundreds of
thousands of marketing messages a day – How
will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even
know you exist – leverage multiple media.
Marketing ‘facts’


Your prospects are exposed to hundreds of
thousands of marketing messages a day – How
will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even
know you exist – leverage multiple media.
Marketing ‘facts’

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Your prospects are exposed to hundreds of
thousands of marketing messages a day – How
will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even
know you exist – leverage multiple media.
The number of touches is going up rapidly—
active is not enough.
Marketing ‘facts’
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Your prospects are exposed to hundreds of
thousands of marketing messages a day – How
will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even
know you exist – leverage multiple media.
The number of touches is going up rapidly—
active is not enough.
Fence sitters are not prospects—“think it over”
means move on
More Sales and Marketing
Facts
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Interruption marketing is out; referrals,
viral communication and entertainment is
in.
‘Free’ talks directly to the cerebral cortex –
can you give something away to get them
to give you a try?
Give away what you have the least
of…your expertise.
Where do I Spend my Budget?
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Every person selling you is better trained
Where do I Spend my Budget?
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Every person selling you is better trained
Statistics can be made to support any
argument
Where do I Spend my Budget?
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Every person selling you is better trained
Statistics can be made to support any
argument
The cost of marginal sales…isn’t
Where do I Spend my Budget?
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Every person selling you is better trained
Statistics can be made to support any
argument
The cost of marginal sales…isn’t
“Not for profit” is only a tax issue
Keeping Track of Prospects
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CRM—An electronic stack of 3x5 cards
Keeping Track of Prospects
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CRM—An electronic stack of 3x5 cards
Contacts
Keeping Track of Prospects
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CRM—An electronic stack of 3x5 cards
Contacts
Prospects
Keeping Track of Prospects
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CRM—An electronic stack of 3x5 cards
Contacts
Prospects
Clients
Keeping Track of Prospects
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CRM—An electronic stack of 3x5 cards
Contacts
Prospects
Clients
Consistency over confusion
Quick Quiz #4
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In marketing, your primary goal is that you
want your message to be…
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A) Louder than your competition
B) In front of your prospects more frequently
than your competition
C) Prettier and fancier than your competition
D) Memorable to your prospect when they are
ready to search for a solution
Quick Quiz #4
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When networking and meeting people…
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A) All contacts are created equal
B) Prospects are easy to spot
C) Prospects need immediate follow up
D) Knowing more people will build your
business
Quick Quiz #4
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In marketing, you want your target market
to be…



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A) As big as possible for maximum volume
B) Hard to define
C) Narrow
D) Growing
Quick Quiz #4
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In sales and marketing, you want to be
known as…
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A) The only provider of what you sell
B) The least expensive provider of what you
sell
C) Having the best service in your industry
D) A credible expert
Homework / Next Steps
Practice the answer to the questions:
“What Do You Do?” and
“What business are you in?”
Define your brand (promise to deliver)
Establish the size of the market you’re going after
and a goal for your share and a timeline.
Get a simple brochure, terms & price list
designed/ printed – ask 10 friends and 10 strangers
for feedback; fix what’s broken.
Homework / Next Steps
Collect information about your competition and be
prepared to differentiate yourself.
Create a Customer Relationship Management (CRM)
system and start refining your sales process.
Ask new customers “Why did you pick me?” & “How did
you find me?”
Add their testimonials to your next brochure.
Constantly test every assumption you make about the
market.
Resources
HeWhoEnters.PBWiki.com
- my Wiki for Entrepreneurs
SBA.GOV – Federal Government
IndianaEntrepreneurship.com – State Government
AddressTwo.com – Low cost CRM system
GoRainmakers.com, BNI-Indiana.com, OneDegreeConnected,
SmallerIndiana.com – local networking organizations
ActumGroup.com – free sales book chapter: “Captivate Attention in
One Sentence”
Anything by Ries & Trout – 22 Immutable Laws, etc.
Google.com – everything else