Transcript Marketing To Start

Marketing To Start
1 million new businesses open each year.
Only 200,000 will survive the first 5yrs.
Only 40,000 enjoy the second 5 yrs.
Truth donated by the Dept. of Commerce
But what is Marketing?
“The process or technique of promoting,
selling, and distributing a product or
service” ~ Merriam Webster
The Umbrella of Marketing
Customer Service
Advertising
Sales
Events
Design
Public Relations
Word Of Mouth
Interactive
Networking
Some Stats to Crunch On


50 million non-english speaking individuals
(over half speak Spanish)
There are more millionaires then individuals
unemployed in the U.S.
Women earn 1 trillion and spend 2 trillion
The longest drumming marathon by an
individual lasted 84 hours. - Guinness World Records
US Census Bureau

“Don’t think pink” Lisa Johnson

Where to Start

Define Your Business:
Scope of services/products?
 Industry?
 Core Assets/Capabilities?


Define The Market Place:
Social, Legal, Technical Influences?
 Competitors?
 Economy Conditions?

Define Target Audience
Demographics:
Lifestyle, Geographical Region, Age Group,
Gender, Ethnicity, Profession, Income, Social
Status, Education
Questions:




What are their likes / dislikes?
What are their needs?
Their expectations of price, quality and service?
What are their reasons for purchasing?
More on Audience
From the U.S. Census Bureau
Age Groups

Baby Boomers (43-62)









3% Other
4% Asian
15% African American
21% Hispanic
57% White
Generation X (28-42)



80 million strong,28% of
U.S. population
Earn 2 trillion yearly
50 years and older
control 70% of $ in the
marketplace
Emerging Markets
61 million in number
Entrepreneurial &
Practical in nature
Generation Y (10-27)


75 million in number
Have 1 trillion dollars
at disposal
Remember to target a
focused group but remain
appealing to the general
group
Four Steps
To Develop A Marketing Plan
Step One: SWOT Analysis
Analyze the Strengths, Weaknesses,
Opportunities and Threats of your
business & your competitors
Strengths





What do you, your management and your
staff contribute to the business?
How does the location affect business?
What is the Unique Selling Position of your
business?
What are the benefits to your employees,
your customers?
Is your pricing strategy, sales and
distribution effective?
Weaknesses
What do you, your management and
your staff lack?
 What are the complaints & how are
they handled?
 Where can you improve?

Sales
 Operations
 Cash flow?

Opportunities
What needs are unfilled that match
business strengths?
 How can you capitalize on
competitors weaknesses?
 How can the brand be best positioned
in the marketplace?
 How can the business be enhanced?

Threats







Competitors: Price wars, Marketing Messages
Market Place Conditions: Economy, Inflation, Stocks
Location: Future Growth, Current Conditions
Overhead expenses: Justified, Relation to Profit
Breakeven Point: Number of clients in relation to
the average volume per client
How are PR, Advertising and Promotions positioning
your company?
Can your business stand behind its marketing
message?
Step Two: Marketing Mix
Product, Price, Place, Promotion
Product Benefits?
What needs are
satisfied?
Place / Location
Convenient?
Appropriate?
Known?
Price Strategy?
Will target market
like price point?
Promotion?
Budget?
Objective?
Be Sure to Define your Business Goals and Marketing Budget
Rule of Thumb is to spend about 10% of Gross Revenue on Marketing
Promotion Mix
Promotion of your business may have
3 different objectives
Branding: Combination of a name, term, sign,
symbol, design & combination to identify and
differentiate a business
Direct Response: Facilitation of the phone ringing
Interactive: Utilizing a medium that requires
response from the audience
Promotion Options






Business Cards &
Stationary
Online Presence
Media Kit
Events
Word-of-Mouth
Networking:



Memberships
Non-Profit Groups
Business Groups






Loyalty and Discounts
programs
Direct Mail, Newsletter
Advertising: Directory
Newspaper, Radio,
Television, Magazines
Outdoor: Mobile,
Billboards
Samples
Telemarketing
Step Three: Decide on the
tools, materials and techniques


Use a Professional to maximize
the dollar
Be Creative

Example: Sensory Marketing
According to Martin Lindstrom in
“Brand Sense” The purchasing
behavior of consumers can be
influenced through their 5 senses.
Research shows the following
degree of importance





58% Sight /
Appearance
45% Scent
41%Sound
31% Taste
25% Touch
Step Four: Annual Marketing
Plan
Identify your industry & business
seasonal cycle
 Implement an annual marketing plan
that includes monthly execution plans
 Develop measurement techniques for
all promotions

Last
Always remember it is Okay to ASK
Ask for help, Ask other business owners, Ask your
competitors, Ask your clients, Ask your friends, Ask
family and Ask yourself
According to Sarah Endline founder of Sweet Riot:
MBA from Harvard Business School and National
Recognition for Company’s Business Plan
“Hold true to your values, trust your heart, live
with passion and from that derive your
driving energy on the road to success.”