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Entrepreneurial Series Fundamentals of Marketing Your Business

Entrepreneurial Series Fundamentals of Marketing Your Business. Welcome. Fundamentals of Marketing Your Business Facilitator Logistics www.misbtdc.org. Objectives. Introduce basic marketing concepts Demonstrate key marketing tools that help grow your small business

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Entrepreneurial Series Fundamentals of Marketing Your Business

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  1. Entrepreneurial SeriesFundamentals of Marketing Your Business

  2. Welcome • Fundamentals of Marketing Your Business • Facilitator • Logistics • www.misbtdc.org

  3. Objectives • Introduce basic marketing concepts • Demonstrate key marketing tools • that help grow your small business • Begin to develop actionable • marketing plans • Determine next steps

  4. Agenda • Introductions • What is marketing? • Market analysis • Marketing strategy • Marketing plan • Marketing implementation

  5. Introductions • You and your Business • What is your product or service? • (What need are you filling for customers?) • Who is your target customer? • Why will they buy from you? • (What makes your product unique?) • What do you hope to learn in this session?

  6. What is Marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. - American Marketing Association

  7. Marketing Includes: • Product (or Service) • Price • Placement (Distribution) • Promotion • Sales • Positioning • Research

  8. Market Analysis • Determine if there is a market for • your product or service • Set the stage for developing • your marketing plan • Uncover market information that • will assist in the sale of your product • or service

  9. Market Analysis • Industry environment • Economic conditions • Market size/potential • Customers • Competitors

  10. Target Market Determine your “ideal customer” Who will buy? Why? How? When? Where? From Whom?

  11. Characteristics of Your Target Customers Consumer Product Customers Geographic location Age Gender Marital status Family size Education Income Occupation Ethnic group Buying frequency Attitudes about your product

  12. Characteristics of Your Target Customers Business-to-Business Customers Geographic location Industry (NAICS or SIC code) Size (number of employees or annual sales) Length of time in business Type of product (s) Import or export products Buying process Decision maker Need for your product Loyalty to vendors Buying frequency

  13. Customer Profile Segment customer groups by Common characteristics Need for your product Buying frequency Determine size and growth of potential market(s)

  14. Competitive Analysis Identify direct and indirect competitors Evaluate their strengths and weaknesses, relative to what customers value: Quality Customer service Price/value Location Convenience

  15. Internal SWOT Analysis • Use SWOT as the basis for developing • marketing strategies: • Strengths • Weaknesses • Opportunities • Threats

  16. Positioning • Compare your strengths and weaknesses • to the competition. • Take advantage of opportunities and • counteract threats in the market place. • Determine your unique competitive • advantages. • Why should customers buy from you? • Develop a descriptive sentence or slogan • the company is known for.

  17. Marketing Strategy • Develop strategies that incorporate your goals, • build on your strengths and embrace your • unique competitive advantages. • Build your marketing mix to best serve your • target customer segments. • Product • Price • Placement • Promotion

  18. Product • Describe your product from your • customer’s point of view. • What’s in it for them? • Key Features • (“Product comes in sizes 1AAA to 22EEE”) • Key Benefits • (“All my kids can wear SurelyFits!”)

  19. Price • Set prices strategically to accomplish • business goals, while understanding • customer motivations: • Cost based – cover expenses • Going rate – follow the leader • Image pricing – exclusivity • Service pricing – convenience • Slow entry – build customer loyalty • Loss leaders – generate traffic

  20. Placement • Determine most effective ways to • get your product to the customer: • (with packaging that reinforces value and image) • Ship • Electronic transfer • Personal delivery • Retail checkout

  21. Promotion • Determine promotional tools based on • what your target customers hear and see: • Publicity/Public Relations • Advertising • Signage • Word-of-mouth

  22. Publicity/Public Relations • News releases • Media relationships • Success stories • Organization memberships • Community events

  23. Advertising • Electronic media • Radio, TV, Internet, e-mail • Print media • Newspapers, magazines • Brochures, letterhead, business cards • Direct mail, newsletters

  24. eMarketing • e-mail communications • eNewsletters • Social media • LinkedIn, Facebook, Blog, etc.

  25. More Communication Tools ! • Billboards, vehicle signs • Point-of-purchase displays • Product photos, exhibits, samples • Telemarketing • Website • Referral incentives • Word-of-mouth • Personal selling Your Message

  26. Communication Strategy • Determine consistent message and look • Clarify purpose of each tool • Consider frequency, reach, cost per contact • Remember that one-time advertising almost • never works • Practice your elevator pitch: • your word-of-mouth marketing

  27. Common Challenges with Marketing Strategies • Marketing message strategy is poorly • communicated if it is not: • consistent • repetitive • a priority

  28. Overcoming Common Challenges with Marketing Strategies • Establish a memorable and unmistakable brand • message / identity • Identify your target market and develop a deep • connection with them • Craft a personal, workable, consistent marketing plan • Designate a time to work on marketing

  29. Key Elements of a Good Marketing Plan • Measurable goals • Market analysis • Marketing strategy • Diversify tactics • Marketing budget • Implementation schedule

  30. Marketing Plan • Marketing objectives • Sales and profit goals • Define target markets • How you will achieve your goals: • Overall strategy • Competitive strategy • Product, Price, Place, Promotion/Sales

  31. Marketing Implementation • Marketing objectives with timeline • Implementation schedule • Advertising • Other Media • Budget • What combination of marketing tools • will most cost effectively reach and • retain the greatest number of customers?

  32. Marketing Implementation - Plan

  33. Marketing Implementation - Budget

  34. Fundamentals of Marketing Your Business • Summary • What is marketing?  • Market analysis  • Marketing strategy  • Marketing plan  • Marketing implementation 

  35. The MI-SBTDC™ is funded through a cooperative agreement with the U.S. Small Business Administration (SBA), the Michigan Economic Development CorporationSM(MEDC) and matching funds from Local Network partners in each region. MI-SBTDC State Headquarters Grand Valley State University Seidman College of Business Phone: 616.331.7480 www.misbtdc.org The Michigan SBTDC

  36. Michigan SBTDC Services • Counseling - One-on-one meetings with experienced business consultants to assist starting or growing small businesses • Training - Available through the Entrepreneurial Series: • ▪ Starting a Business • ▪ Writing a Business Plan • ▪ Marketing Your Business • ▪ Financial Management • ▪ Business Legal Issues • Research - Provide a full range of information services through the State Headquarters

  37. Next Steps

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