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SMALL BUSINESS MARKETING

SMALL BUSINESS MARKETING

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SMALL BUSINESS MARKETING

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  1. SMALL BUSINESS MARKETING

  2. Marketing Definitions • “Marketing is not the devious art of separating the unwary consumer from his loose change.” Theodore Levitt Marketing for Business Growth • “Marketing is telling people what you do.” C. J. Hayden Getting Clients Now • “…to many, Marketing is seen narrowly as the art of finding clever ways to dispose of a company’s products. Many people confuse marketing with advertising and selling. But authentic marketing is not the art of selling what you make, so much as knowing what to make. It is the art of identifying and understanding customer needs and coming up with solutions that satisfy customers and produce profits.” Philip Kotler Marketing Management

  3. Small Business Climate Is Very Challenging • 667,000 new businesses started each year • 25,000 new products introduced annually • 4,000 promotional messages assault each person daily • Competition becoming fierce • Marketing array is staggering

  4. Marketing Components • 4 Ps of Marketing • Product • Price • Promotion • Place • Customer

  5. 8 Step Marketing Plan • Identify Target Markets • Define Goals in relation to Target Market Strategy • What are BENEFITS of what you sell • Why should anyone buy from you? • Select Marketing Tactics • Set up Marketing Budget • Develop Implementation Schedule • Measure Results

  6. Customer • Business or Consumer • Demographics & Psychographics • Everyone vs. Market Segments

  7. Why Do Customers Buy? • “Last year one million quarter-inch drill bits were sold – not because people wanted quarter-inch drill bits, but because they wanted quarter-inch holes.” • Most small business don’t spend enough time finding out what a prospect wants. Maybe prospects don’t really know or can’t articulate what they want, but you can get at their problems – their “pain.”

  8. Customer Need Questions • What’s your biggest problem in (your line of business)? • How long have you had it? • What have you done to fix it? • And that’s worked well for you? • What is this problem costing you in time, money, other? • Do you have a budget set up to solve this problem? • Are you the person who makes these decisions? • When are you committed to finding a solution to this problem?

  9. Finding Customers • Targeted prospect list from professional list broker (both consumer and business) • Yellow Pages and other general advertising directories • Trade Association directories (e.g. Chamber/ BBB) • Professional Association member directories • Business and Industry directories (e.g. D&B) • “Book of Lists” from Rochester Business Journal • On-line forums like bulletin boards/listserves and chats

  10. Product In 1987, there were 14,254 new products introduced in the US. By 1998, the number had grown to 25,118. It means 69 new products surfaced every day of the year. • Position • Name • Packaging • Product Bundle • Performance/ Features • Service • Warranty

  11. Unique Selling Proposition (USP) Term created in 1960 by advertiser Rosser Reeves • Offer customer a specific, unique benefit – a proposition that differentiates you from competitors. • Examples • Amazon.com Books fast and cheap • BMW Ultimate Driving Machine • Domino’s Pizza Fresh, hot pizza in 30 minutes • Federal Express When it has to be there overnight • Nordstrom’s Unparalleled Service • Rolex Watches that Winners Wear • Volvo Safety • Mercedes Engineering

  12. Competition • Products • Price • Promotion • Place • Markets Served • Strengths/ Weaknesses • Estimated Sales Levels

  13. Price • Cost • Competition • Customer Value • Lease or Sale • Bundled - Look at what customer needs • Volume Discount • Current Specials • Hide Unattractive Components

  14. Promotion According to market positioning expert, Jack Trout, the average American is exposed to 4,000 marketing messages daily. • Direct contact • Networking & Referral Building • Public Speaking • Writing & Publicity • Promotional Events • Advertising

  15. Effective Promotional Tactics • Create Awareness • News Release, Press release, Publicity • Advertising, Direct Mail • Open House, Seminars, Trade Shows • Create Comprehension • Personal Selling • Web Site • Targeted Advertising/ Specific Message, Workshops • Conviction • Personal Sales • Coupons, Contests, Rebates • Orders/Reorders • Personal Sales, Telemarketing Campaign • Trade Shows, Direct Mail Sales Campaign

  16. Place • Retail Location • Direct Sales Force • Dealers, Distributors, Agents • Volunteer “Sales Force”

  17. Joint Ventures Expand Your Sales Force • Exchanging leads with other businesses • Exchanging links • Exchanging counter-top brochures between stores • Exchanging an endorsement of another’s product/service to your customer base for a percentage of sales (or a reverse endorsement) • Placing brochures/sales fliers in store shopping bags at checkout • Placing brochures in other business’ billings or newsletters • Writing articles for someone else’s ezine or web site & accept others’ articles for yours • Offering to sell someone else’s products for a commission • Cost-sharing for business functions (e.g. web site, ezine, newsletter, trade show, display ads,seminars, etc.)

  18. Marketing Goals • Qualitative • Best Customer Service in Town • Office Out Of Home For Prestige • Perception of Personalized Service • Have Highest Quality • Be the first ( _______ ) business prospects think of • Quantitative • Increase Sales from $27K to $100K in 12 Months • Double Number of Customers in 2 Years • Increase Market Share 1 point in 18 months • Increase marketing spend to 10% of sales as sales increase

  19. Marketing Budget & Schedule Promotional Budget should be at least 1% - 3% of gross sales.