Marketing Plan • The 4 C’s and the 4 P’s • Product, price, promotion, place • Consumer, cost, communication, convenience • Specific products/services vignettes (modeled after customer vignettes) • Image • Features/benefits • Promotions • Pricing • Advertising materials by medium • Customer acquisition goals
Advertising Platforms – Short-Term • Online • Particularly focused and cost-effective. Requires knowing the exact platform profile of your target customer. See separate PPT presentation on online marketing/advertising. • Events • Costs can range from a couple hundred dollars to tens of thousands. Allows for face-to-face interaction with prospective customers, robust demonstration of products, and dynamic generation of image/brand identity. • Street promo • Particularly cost-effective. Usually best done in combination with word of mouth. • Word of mouth • Can be practically free and extremely effective. Requires having opinion leader “champions” within your target customer groups.
Advertising Platforms – Long-Term • Outdoor • Average CPM $2.26* • Radio • Average CPM $4.54* • Print • Average CPM $5.50-6.98* • TV • Average CPM $5.99-10.25* With short-term and long-term, the key is (A) how big the price of what you’re selling is, (B) how many people purchase for a given CPM, and (C) how many purchasers become repeat customers. The difference between short-term and long-term is the volume you are required to purchase to “get in the game” (short-term has much lower cost of entry). * http://infoacrs.com/a/averagecmps.html
Customer Vignettes – Example (Golf Course) • Jeremy Woods • Consumer • Not active as an influencer for golf market • Wants/needs • Regular opportunities to enjoy drinking/smoking/talking with friends while doing some sort of “activity”. • Enjoyment of connection w/ friends, positive self-esteem from playing well, intellectual stimulation from environment. • Preferences • I’m not really into “Western” stuff personally, but it reminds me of the fact that my girlfriend likes Country music, which is a fond association for me. • If I’m going to stay at a golf course clubhouse to drink/smoke/hang out with friends after a round of golf, the place has to have enough people/activity to feel like a night life spot, not just a clubhouse. • Where/when they buy • $100ish for the entire round of golf, cart, drinks, food on course and in clubhouse. About once every other month. • Groupon, Google searches, word of mouth. • I tend to be a pretty loyal repeat customer. • I only play golf when it’s reasonably warm outside. • Demographics • 41 years old, single, $50k annual salary, PhD candidate, residence Clifton, professional location Clifton
Product/Service Vignettes – Example (Golf Course) • Customer segment: Cincinnati-area higher education professionals (see customer vignette for Jeremy Woods). • Specific product/service: The “weekend starter” package. • Image: The “weekend starter” package will be a differentiated weekend social activity. It offers golf outings and evening activities at a local course with a particular decoration theme. The holes will be decorated with quirky images and information about the development of golf courses in the American West, and evening activities will feature similar décor, as well as similarly-themed trivia and karaoke activities. • Features/benefits: Opportunity to converse with friends and enjoy an activity in an intellectually stimulating environment. • Promotions: Reduced green fees combined with evening food/drink credit. • Pricing: $15 per person for 18 holes including cart, $30 food & drink credit. • Advertising materials by medium: Groupon, AdWords, Word of Mouth, Street Promo (see following pages). • Customer acquisition goals: 20 individuals each for 3 weekend starter packages in 2013 (May, July, and September). Target 25% repeat customer retention.
Advertising Materials by Medium – Groupon • Other details: • Target location: select Cincinnati zip codes • Target demographics: age 30-50 • Target deal preference: off the beaten path • Text: • History of Golf in the West Outing • Enjoy 18 holes of golf and an evening of karaoke, trivia, and fun featuring the history of golf in the American West. • $90 value for $45
Advertising Materials by Medium – AdWords • Other details: • Keywords: Cincinnati, Golf, Weekend, Night Life, Activities • Max price per click: $0.99 • Max spend: $50 • Text: • Enjoy 18 holes of golf and an evening of karaoke, trivia, and fun featuring the history of golf in the American West.
Advertising Materials by Medium – Word of Mouth • Message: • Great Friday afternoon weekend starter activity. Join us! • Opinion Leaders: • Jane B., UC • Frank W., UC • Sharon N., Xavier • Steve F., Xavier • Joe B., NKU
Advertising Materials by Medium – Street Promo • Other details: • Flyers dropped in departmental admin offices and mailboxes at College of Business, School of Architecture, Law School at UC, Xavier, NKU • Text: • History of Golf in the West Outing • Enjoy 18 holes of golf and an evening of karaoke, trivia, and fun featuring the history of golf in the American West. • $90 value for $45