Transcript Marketing - The Big Picture

Marketing
The Big Picture
Success Strategies for Business Owners
About SCORE
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• Successful and experienced business owners
and executives acting as volunteers
• Free ongoing mentoring:
One-on-one
E-mail
Signup on our website – Mentoring Tab
Douglas S. Cavanaugh
• Seminars, workshops and Meetup Group
• Resources for small business:
manasota.score.org
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Introductions . . . Your Expectations?
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Introduce yourself
What business are you in?
What are your expectations for the meeting today?
Record . . .
Expectation
End of the meeting feedback:
Outcome
Gaps
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Marketing
What is Marketing? The 4P’s
Product / Service
Pricing
Promotion
Place (Distribution)
Karen Bevels
Marketing Examples / Functions
Market Research
Merchandising
Advertising
Product Planning
Sales Promotion
Public Relations
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Marketing
Today, think about . . .
Where does your business stand today?
Where you need to take it?
Karen Bevels
How do you get there?
. . . as we go through the session
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Identify Your Marketing Goals
Have Your Business Needs Changed?
Karen Bevels
• Target customers
– Existing customers
– New customers
• Product or service mix
• Pricing approach
• Promotion Success
• Budget
• Sales channels
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Target Market Comparison and Selection
• Fills target customer needs
• More profitable
(considers cost and price)
• More sales
• Minimum channel conflict
• Favorable competitive
environment
• Fits my vision and skills
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Identifying Target Markets
Who will you sell to?
– Channel position
– Profile
• Key demographics
• Income level
• Gender
• Geographic
– Buying habits and behavior
– Market size and realistic
penetration: growing or declining
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Products and Services
Descriptions should include:
• Special benefits
• Unique features
• Limits and liabilities
• Production and delivery
• Suppliers
• Intellectual property,
special permits
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Pricing Decision Approaches
You can vary prices in accordance with the market’s
expectations to achieve your profit goals
Where do you stand now?
Market – Premium – Discount
Do you have changes in your costs?
Do you have pricing power?
Do you have alternatives? – packaging, features, services, etc
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Promotion Methods and Tools
• Advertising: radio, TV, newspaper,
magazine, direct mail, yellow
pages
• Public Relations: print, radio, TV
• Collateral: business cards, tri-folds,
stationery, flyers
• Websites, e-mail, social networks,
blogs, newsletters
• Product samples, special offers
• Customer surveys
• Presentation material, signage
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Typical Channels / Distribution
• Direct Sale: Business to
Business
• Producer to Distribution to
Retailer
• Direct Sale to Final Consumer
• Internet
• Associate Networks for
Services
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Understanding Market Share
Market
Share
Portion of
the Market
That Your
Business
Obtains
• Measured by dollars, units or percentage
• Monitor market share regularly
• Adjust marketing strategy accordingly
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Competitive Data Analysis
Compare the competition for:
• Features/benefits of offering
• Pricing strategy
• Annual sales size
• Marketing strategy
• How they reach target
customers
• Business model/efficiency
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Is the Strategy Right for You?
Not every marketing strategy is right for every business
When evaluating the options, ask:
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Will this help achieve my goals?
Will this reach my target customers?
Does this fit my budget?
Do I have adequate staff to implement?
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Exercise – Promotion Strategy Assessment / Goals
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Using the Worksheet in your folder, fill in your EXISTING
Promotion Strategy and then potential new target
markets. What new promotion strategies may be able to
help grow your business?
Fill-in your thoughts about pros and cons of each area list
below:
How will this help achieve my goals?
How will this reach my target customer/s?
Does this fit my budget?
Do I have the necessary staff?
10 minutes to work and 10 minutes to discuss
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Exercise – Market Strategy Assessment / Goals
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10 minutes to work and 10 minutes to discuss
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Assessing Your Business
The SCORE Business Needs Assessment, it is in your
packet. Download at: http://tinyurl.com/8j7fkgw
It will help you assess the current state of your
business in 5 key areas:
1. Management
2. Marketing
3. Sales
4. Finance
5. Operations
Decide what additional sessions to attend
Develop a customized business improvement
plan
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Business Needs Assessment - Marketing
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Help Us, Help You
Please fill out the session
evaluation form
Your feedback is important to
help us improve our programs!
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