Building a Powerful Marketing Plan

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Building a Powerful Marketing Plan

• This fishing lure manufacturer I know had all
  these flashy green and purple lures. I asked,
  Do fish take these? Charlie, he said, I
  dont sell these lures to fish!Charles Munger

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Guerilla Marketing

• Pinpoint the specific target markets
• Determine customer needs and wants
• Analyze firms competitive advantage and build
  marketing strategy around that
• Create marketing mix that meets customers needs
  and wants

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Definition of Marketing

• The process of creating and delivering desired
  goods and services to customers involves all of
  the activities associated with winning and
  retaining loyal customers.
• Guerilla marketing unconventional, low-cost,
  creative marketing designed to give small
  businesses an edge over their larger, richer,
  more powerful rivals.

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Pinpointing the Target Market

• Target market the specific group of customers
  at whom a company aims to sell its goods and
  services
• Demographic Growth Rate to 2050
• Asians 212.9
• Hispanic 187.9
• Black 71.3
• White 7.4

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Market Research

• The vehicle for gathering the information that
  serves as the foundation for the marketing plan
  it involves systematically collecting, analyzing,
  and interpreting data pertaining to a companys
  market, customers, and competitors.

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How to Conduct Market Research

• Step 1 Define the Objective
• Step 2 Collect the Data
• Step 3 Analyze and Interpret the Data
• Step 4 Draw conclusions and act!

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Primary Research

• Customer surveys and questionnaires
• Focus groups
• Daily transactions
• Other ideas

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Secondary Research

• Business directories
• Direct mail lists
• Demographic data
• Census data
• Forecasts
• Market research
• Articles
• Local data
• World Wide Web

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Tips from Faith Popcorn

• Read as many current publications as possible
• Watch the top 10 TV shows
• See the top 10 movies
• Talk to at least 150 customers a year about what
  they are buying and why (make that 365)
• Talk with 10 of the smartest people you know
• Listen to children

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Individualized Marketing

• Individualized (one-to-one) marketing a system
  based on gathering data on individual customers
  and developing a marketing program designed to
  appeal specifically to their needs, tastes and
  preferences
• Data Mining
• Geographic
• Demographic
• psychographic
• See Figure 8.2, p. 274

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Customer Relationship Management

• Connect and collect
• Learn
• Build relationships
• Sell, Service, Delight
• Analyze

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4 Levels of Customer Sensitivity

• Customer Awareness
• Customer Sensitivity
• Customer Alignment
• Customer Partnership

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Guerilla Marketing Principles

• Find a niche and fill it guerilla tactics
• Dont just sell, entertain - entertailing
• Strive to be unique
• Connect on an emotional level - USP
• Create an identity through branding
• Start a blog
• Focus on the customer - CEM
• Devotion to quality - TQM
• Attention to convenience
• Concentration on innovation
• Dedication to service and customer satisfaction
  Customer Delight
• Emphasis on Speed - TCM

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Guerilla Marketing Tactics

• Organize community-oriented project
• Sponsor memorable events
• Look out for new niches
• Speak at many occasions
• Ask for referrals
• Sell at every opportunity
• Develop sales script (elevator speech)
• Offer gift certificates
• Create samples
• Offer 100 money-back guaranty
• Create Frequent Buyer program
• Clip articles and send reprints
• Code coupons on ads

• Create tip sheets
• Create an award
• Conduct a contest
• Collect testimonials
• Get a journalist to write about you
• Find unique ways to thank customers
• Show an interest in customer needs
• Give a freebie occasionally
• Create a newsletter
• Cooperate with other businesses
• Use competitors coupons against them
• Market uniqueness

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Unique Selling Proposition

• A unique customer benefit of a product/service
  that sets it apart from competition answers the
  critical question every customer asks Whats in
  it for me?
• Intangible or psychological benefit save them
  time or money, improve their self-esteem, make
  their lives better, make them feel better
• while at the same time protecting the environment

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Superior Customer Service

• Hire for attitude, train for skills
• Train employees to provide excellent customer
  service
• Treat employees the way you want them to treat
  customers
• Empower employees to take care of your customers
• Wow your customers with service
• Listenand learn from your customers
• Pay attention to the details
• Instill a service attitude into the company
  culture
• Use technology (where appropriate) to improve
  customer service

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Branding

• Antes
• Features that are important but all competitors
  have them
• Neutrals
• Features that are irrelevant to customers

• Drivers
• Features that are both important to customers and
  are highly differentiated
• Fools Gold
• Features that are unique but do not drive
  customer loyalty

R E L E V A N C E
DIFFERENTIATION
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Focus on the Customer

• 67 stop buying because of poor treatment
• 96 never complain about poor service
• 91 will not buy again
• 100 of unhappy customers will tell 9 others
• 13 of unhappy customers will tell 20 others

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Principles of Customer Experience Management

• Intimate understanding of each customers needs
  and wants
• Personal, customized messages in marketing,
  sales, service, and advertising
• Consistent, courteous, and professional treatment
  by everyone in the company
• Responsive, rapid handling of requests,
  questions, problems and complaints
• Helpful information and advice delivered
  proactively, where appropriate
• Involvement of caring, well-trained people rather
  than strict reliance on technology for service
  delivery
• Long-term view of the company/customer
  relationship rather than on making a sale
• Emphasis on sustaining an ongoing relationship
  built on trust and respect
• Frequent and visible demonstrations of commitment
  to nurturing the company/customer relationship

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Strategies for Developing and Retaining Customers

• Identify best customers and make them return
• When you have a dissatisfied customer, fix the
  problem fast
• Make sure your systems make it easy to buy from
  you
• Encourage customer complaints
• Contact lost customers-find out why they left
• Ask employees for feedback
• Get total commitment from employees
• Allow managers to wait on customers
• Carefully select and train everyone
• Develop a service theme that communicates your
  attitude
• Reward employees caught providing excellent
  service
• Call customers by name
• Remember the customer pays the bills. Special
  treatment wins customers and keeps them coming
  back.

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Total Quality Management

• Build quality into processes
• Foster teamwork
• Establish long-term ties with suppliers
• Train mangers and employees
• Empower workers at all levels
• Get managers to commit to total quality
• Rethink processes
• Be willing to make changes
• Reward employees for quality work
• Develop company-wide strategy for continuous
  improvement

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Convenience

• Is your business located near your customers?
• Are your business hours suitable to them?
• Would customers appreciate pickup and delivery
  service?
• Is it easy to pay with credit cards?
• Are you handling transactions quickly,
  efficiently and politely?
• Do you offer extras to make their lives easier?
• Can you bundle services to make it easier?
• Can you adapt products to make them convenient?
• Do you handle telephone calls quickly and
  efficiently?

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Customer Service-Delight Them

• Listen to customers
• Define superior service
• Set standards and measure performance
• Examine your companys service cycle
• Hire the right employees
• Train the employees
• Empower the employees
• Treat employees as you would customers
• Use technology
• Reward superior service
• Get top managers support
• View customer service as an investment

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Delight the Customer!
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Time Compression Management

• Speeding new products to market
• Shortening customer response time in
  manufacturing and delivery
• Reducing the administrative time to fill an order

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The Marketing Mix

• roduct
• lace
• rice
• romotion

• P

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Product Life Cycle
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Place
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Promotion

• marketing

sales
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Sales Forecasting

• Now that you have described your products,
  services, customers, markets, and marketing plans
  in detail, its time to attach some numbers to
  your plan. Use a sales forecast spreadsheet to
  prepare a month-by-month projection. The forecast
  should be based on your historical sales, the
  marketing strategies that you have just
  described, your market research, and industry
  data, if available.
• You may want to do two forecasts 1) a "best
  guess", which is what you really expect, and 2) a
  "worst case" low estimate that you are confident
  you can reach no matter what happens.
• Remember to keep notes on your research and your
  assumptions as you build this sales forecast and
  all subsequent spreadsheets in the plan. This is
  critical if you are going to present it to
  funding sources.

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• Marketing Plan
• Market research - Why? How?.
• Economics
• Product
• Customers
• Competition
• Niche
• Strategy
• Promotion
• Promotional Budget
• Pricing
• Sales Forecast
• Marketing Expense Budget

Niche . Strategy . Promotion Promotional
Budget Pricing
Niche . Strategy . Promotion Promotional
Budget Pricing
Niche . Strategy . Promotion Promotional
Budget Pricing
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