Chapter 10 Capturing the Eyes of Your Market

1. Chapter 10Capturing the Eyes of Your Market Small Business Management 4660

3. 1. To Assess Value Proposition • To create a marketing plan - advertising and promotion - identify value proposition. • Can be defined by answering the following: • Why would someone buy your product? • Would you buy your product? • Who is most likely to buy it?

4. Why? • Halal • Quality • Organic-based • Affordable • Free online delivery

5. 2. Segment and Define The Target Audience. • Segmentation - process of dividing the whole market into smaller groups with similar wants, needs and consumer behaviors • E.g. educated + halal conscious + high quality + organic + busy

6. Target market- chosen segment to focus marketing efforts. • Marketers can choose > 1 target market, but starting with one is customary at the beginning - B2C and B2B • Why? • Knowing this target market allows the company to tailor the 4Ps or 6Ps.

7. Market may be segmented any number of ways - three traditional methods GEDEBE: • Geographic (certain area or city) • Demographic (age, sex, race, religion, income) • Benefits sought (quality, convenience, comfort, knowledge, image) ***The more a marketer is able to define their target market, the more they can know exactly what appeals to them.

9. How do you do this (What Appeals To TM) for your product or service? 3 steps • To consider target market - wherethey get the information - to make decisions. • What product or service features are important? • What will target market pay attention to the information you are trying to convey?

10. Answers are influenced by: • Age, gender, ethnicity, education, income level, profession, geographic region, personality and other factors. • Important Note: Use a professional to design your final advertising product.

11. 3. Different approaches and methods to convey promotional message. • It is essential to craft your message for several reasons: • Consumer are bombarded by messages each day - screen out most of them. • When a consumer pays attention - recall is poor.

13. How do you fit the target market’s needs? • Need a thorough understanding of target market – what they like, what they are already seeing, etc. • Craft a specific message for target market and repeat it often to increase recall. • Link value proposition to the target market’s need.

14. Select the appropriate tone or voice. • Virtually any emotion can be used • Ads = real life or fantasy, real actors or cartoons, and have rational or emotional arguments. • Selection of all elements are tied to -product/service , target market and what will work best. • Effective messages are succinct (concise) messages.

17. Approach - to convey message - dependent on target market and what media they favor. • Traditional marketing promotional mix- different levels of usage of advertising, sales promotion, public relations, direct marketing and personal selling - is tied to the objectives.

18. Internet, word-of-mouth marketing, buzz marketing and guerilla marketing are newer elements that can be used. (Facebook, sms blast, video montage)

19. 4. Promotional Tools a. Advertising - conveying message to target market without immediate feedback. • Purpose - to give consumers information to influence their opinions – e.g. company and product for future purchases. • Virtually any media may be used (pros and cons) • E.g. Radio, newspaper, flyer, magazine etc

20. b. Sales promotion- a form of communication that encourages customer to take immediate action. • This includes coupons, sales contest, “buy one, get one free” and other similar techniques. • Range from easy to manage and relatively inexpensive to much more difficult and costly.

21. c. Website - an important tool for communicating message. • Keep it easy to read and understood. • Avoid too much information or special graphics and other distracters. • Provide links to e-newsletters, feedback forms, online press kits and contact information. • Use keywords and description tags - Website shows up on searches.

22. d. Using referrals and word-of-mouth promotion - ways to get customer to do the work for you. • Network advertising - referrals from your customers to encourage their friends and family to buy your product or use your service. • Word-of-mouth- information passed on by customers, friends, family, colleagues and you/your company and why people should consider using it.

23. Give referral discounts to encourage behavior. • Pass out business card at every opportunity. • Get involved with clubs, trade organizations or local government • Give product away to people who are likely to be influencers to your target market.

24. e.Buzzmarketing is network marketing electronically. • E-mail, youtube, montage, blogs or a social networking site such as MySpace and Facebook. • This form of marketing is often called viral marketing.

25. A popular blog can make company an overnight sensation. • Bloggers will mention your product if they find it worthwhile. • www.rizi-biz.com/halal-cosmetic-products/

26. 5. Process of personal selling • Prospect and evaluate • Collect background information • Prepare • Unique value proposition, why critical • Present • Logical and compelling argument – features and benefits • Close • How to encounter objections • Follow-up • Law of repetition - doubt that occurs

27. Revision