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Cost effective marketing

Cost effective marketing

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Cost effective marketing

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  1. Cost effective marketing Ann Goodwin, FCIM, DipM, Chartered Marketer

  2. What is marketing? • Not simply another word for selling! • “The aim of marketing is to make selling superflous” Peter Drucker • B2B communications • Need to let clients know: • You exist • What you are offering to do for them • Who else you have done it for • What makes you different from or better than other solutions • Keep reminding them • CIM

  3. What is marketing? “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” Chartered Institute of Marketing definition http://www.cim.co.uk/resources/understandingmarket/definitionmkting.aspx

  4. Develop your strategy • Develop answers to 4 key strategic questions: • Where are you now? • Where do you want to be? • How might you get there? • How will you ensure arrival? • Why develop a marketing strategy?

  5. Know your market place • Check the health of your business from marketing perspective • Look for opportunities to maximise • Threats to minimise • Conduct a marketing audit • Understand your target audience and what is important to them • Don’t just assume • Consider the DMU • Decision making unit • Understand the purchasing criteria • Ask questions • Who, what where, when, how:

  6. Understand your business • Customers • What would be good questions to ask customers? • Competitors • What questions would you like to know about your competition? • Where did your business come from? • Conduct a SWOT, PEST • What business are you in? • Revlon • Xerox • Parker • 7 Ps • Products, Price, People, Physical Evidence, Place, Processes, Promotion

  7. Product or market focused? • Are you really customer focused? • Do you give the customer what they want and value • Not what you think they want • But I offer a service so I must be market focused? • Do you sell existing services to potential clients • Rather than think about developing those services to meet clients’ continually changing needs

  8. Where do you want to be? • Set SMART objectives • Specific • Measurable • Achievable • Relevant • Timely • Identify your planning gap

  9. The Planning Gap

  10. Planning gap • Say £100k • How could this be achieved • 10 orders of £10k • 100 orders of £1k each • What do I need to achieve 10 orders? • Say proposals have 1 in 4 success ratio • On average for every 4 quotes I write 1 get one order • If I speak to 10 people I get 4 enquiries and opportunities to quote • To speak to 10 people I need to make 80-100 spin dials = 8 hours activity • To get 10 orders I need to make 1000 spin dials = 80 hours • Is this feasible? • Do we know who to contact? • What can I do to improve my performance?

  11. STP • Segmentation, Targeting & Positioning • What are the segments in your market? • Establish your positioning • What are you? • Who are your competitors? • Why will prospects want you? • Develop a sales proposition • The best proposition does do not shout • Heard and believed, but rarely noticed • Good sales propositions • Quietly and skilfully slipped into a conversation or a written document • USP – what you can offer that no-one else can • If not unique then make it meaningful!

  12. Who wants you? Finding your target audience • Vertical markets • Who would want a niche product, a complementary range of services? • Horizontal markets • Which wide groups of users would want your product & service? • Clients, middlemen and decision-making • What will they be looking for? • Geographical limits • What is reasonable for you and your clients? • Demographic targeting • Consider business sectors, geography • Identify Company names, Job title and roles, Individual names • Psychographic targeting • Finding clients who you know need your services • To solve a problem they have

  13. Features and benefits • Features tell, benefits sell: • Different target groups : different messages • Relevant and meaningful • F.A.B • Features, Advantages, Benefits • SO WHAT!!!!! • Be passionate • About your clients and your service • Sales letters, brochures & credentials presentations often start with: • We have been established for ten years • We deliver HR policies on Maternity, Sickness, Welfare • We have an office in Nottingham • We employ 5 people • Stop the urine disease! • We, we, we, we, we • Talk about you, you, you

  14. Benefits • We have been established for ten years • so that you can be confident that we are an experienced, commercially viable company which knows what it is doing and will not fold in the middle of a project • We deliver HR policies on Maternity, Sickness, Welfare • so that you can benefit from our expertise in that area and save yourself time • We have an office in Nottingham • so that you can rely on us to be with you quickly should a problem occur • We employ 5 people – • so that you can relax, we are small enough to care, but large enough to ensure you have the necessary resources for your project • Customers only buy services to solve problems – the benefits you offer must directly address their needs.

  15. Benefit or positive words

  16. What are the F.A.B factors of your business?

  17. Plan your 7 Ps • Use marketing mix to gain competitive advantage • Product (service) • What niche product or service can you deliver specific to that sector • Price • Introduce a low cost product or service that can be sold next to the premium • People • Who will sell, customer service support • Processes • Streamline, be more customer focused, cross selling • Place • Online, at client’s premises • Physical Evidence • Consistency, recognition • Promotion

  18. Promotion • Tactics to get you noticed • Advertising • PR • Direct marketing • Web marketing • Selling • Apply some professional PR and marketing skills • No approach will obtain business • It’s up to you to convert

  19. Advertising • 50% works • If you are lucky • Great for brand awareness • Generally not specific enough for small businesses • Pay per click • Cost effective tool

  20. Media relations • Cost effective promotional tool • Free publicity • Radio, Newspapers, trade magazines • Identify and research publications • Educate yourself about the media • Identify individuals and feature opportunities • Start an ideas book • Engage with friends and family • Look for ‘hooks” to create publicity • What best publicity stunts do you remember? • How could you adopt that for your business?

  21. Attracting media coverage • Gauge the types of stories that are hot • Tie your business in with news, issue a statement on a situation • Send letters to editors about industry or local issues • Think of a way to present the story with a fresh angle • Natural PR opportunities • New product launch, Opening new premises, be different, introduce new or improved • Celebrate anniversaries, 10 years old, 1000th customer • Announce a new member of your team • Sponsor local sports team or art exhibition • Announce publicity you have had • Hold a competition • Present an award • Stage a special event, debate, or a demonstration

  22. PR ideas to attract • Offer a series of articles - Be the expert • Radio phone in • Product placement on TV programmes • Solve a problem, Create a problem • Do something in a different way • Be anti-corporate • Attempt to set or beat a record • Commission a survey – serious or frivolous • Work with charities and develop community involvement programme • Donate products to charity events • Team up with suppliers/customers joint publicity • Become a figurehead in an organisation • so that its publicity brings you publicity

  23. Preparing a press release • Develop the story • Compelling headline • Avoid clever titles– they can look amateurish • Use AIDA approach • Attention • Have a strong introduction, powerful first paragraph to grab attention • Create interest • Move quickly to subject matter to develop interest • Arouse desire • Let the reader get to know a bit more about the subject • Action • Confirm how the reader can find out more or react to the news

  24. Develop press release content • Self contained paragraphs • Decreasing order of importance • A paragraph can be used as a filler if it still makes sense • Use a quote – highly effective • Don't be patronising, long winded abusive, too woolly • Keep it short and simple • No more than 2-3 pages double spaced typing • Only use acronyms after the letters have been explained in full • Think about what kind of story the publication is looking for • Does this release deliver? • Adopt the right tone, relevant to the publication • Consider tailoring the story with different angles for different publications

  25. Photographs • Use photographs in your promotional material • Interesting and relevant picture will increase chances of publication • Helps to attract attention • Use a professional photographer if possible • Use a caption

  26. Wider PR activities • Cross promotion opportunities with partners • Joint newsletters • Join professional associations • Offer support speaking, writing articles • Networking • Develop strong elevator pitch • Listening skills, develop relationships and trust • Follow up as relevant • Strong business card • USP • Photo

  27. Word of mouth • Referrals & recommendations • Current and past clients • Other professionals • Ask for recommendations • Networking • Not just passing out business cards • Get out and about • Go to client sector events

  28. Direct Marketing • Communicate directly with your customer • Develop a CRM system • Identify personal details • Refer to later, e.g., a birthday • Confirm the market segment • Tailor communication to relevant people • Circulate relevant marketing communications material • Press releases • Emails • Post cards • Case studies • Follow up with telephone call

  29. Marketing communications • Be interesting and relevant • F.A.B and AIDA, You - not we, we, we! • Sales letters • Personal, Relevant, Outward-facing, Polite • Mailers & profiles • Short profiles can be mailed • Encapsulate information without expensive brochures • Inventive invitations and unusual greeting cards • Clear objectives – what exactly are you trying to achieve? • Be attractive, visible and memorable • Consistent • Clear response mechanism • Brochures • Clear information, readers will be interested in • What you do, results you have help clients achieve, how you do it, for whom you do it • Efficiency and productivity gains • Client quotes • Be distinctive, memorable and consistent • Use minimum text, illustrations and good quality photographs

  30. Testimonials • Ask clients to provide them • Use as case studies on your website • Create a blog around a case study • Have a short sentence to pick out salient points • Use in proposals • Seek to have 5 quotable quotes from clients • Third party credibility • Ask clients for referrals • Set up a process to encourage them

  31. Web Marketing • Website • Build content around F.A.B • Build content for search engines • Key words, title tags, image descriptions • Content is King • Use photographs and videos • Launch informative blog on your website • Offer free information • Arrange for an interview with interesting or unique personality • Online advertising • Adwords, Facebook, Trade forums

  32. Web Marketing • Use social media • Twitter, Facebook, LinkedIn, You Tube etc • Link to your blog • Position yourself as an expert and trusted source • Forums • Monitor trade and consumer forums • Post responses • Permission based emails • Relevant information • Use Google analytics • Understand traffic • Adjust tactics, strengthen call to action

  33. Getting the business • Credentials presentation • Preparation • Be clear why are you doing this presentation • What do you expect to get out of it • Be recipient focused • Telephone confirmation – get more facts • Use examples to support your claims • Listen & learn • Leave document summarising your presentation • Follow up with letter • If not successful ask why? • If successful – ask Why? • Proposals • Written to stand alone • Written to reflect your professionalism • Accurate, comprehensive, well structured, well written • Terms of business

  34. Selling Success = Activity x Skill x Attitude Review your performance | Be honest | Seek to improve

  35. Monitor and evaluate • Is the plan working? • Measure effectiveness • Observation, experience and feedback • People and attitudes change • Customer complaints, ideas, suggestions • Analysis of your communication efforts • Level of enquiries • Web traffic • Newspaper cuttings

  36. Resources • Database • Online, cloud systems now available • Mailing, competitors, proposals, presentations • Sources of information • Use public data to help in your audit • People • Consider external support - how much can you realistically do yourself? • Money matters • Power of marketing lies in the brain and not in the wallet • Imagination, consistency and persistence – more useful than cheque book • Set targets in terms of fee income or gross profit • Promotion v production –Opportunity cost?

  37. Summary • Marketing is an investment • Not an expense • Develop a marketing plan • Devote enough time and energy to implement plan • Be persistent • Get creative • Local publicity stunts • Market promotions • Boring, inappropriate, irrelevant, bad releases and communication will not be noticed • When you gain a client – KEEP THEM • Keep in touch • Be positive • Don’t buy into the negative, doom & gloom • Adopt your own proactive infra-red system

  38. Your Proactive Infra Red for Marketing Be ahead of your competition

  39. Thank you Any questions? a.goodwin@winmarketing.co.uk www.winmarketing.co.uk Twitter: @anngoodwin @winmarketing LinkedIn: anngoodwin