Marketing For Money Part 1: Getting the World to Beat a Path to Your Door June 19, 2007 Santa Fe Sma - PowerPoint PPT Presentation

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Marketing For Money Part 1: Getting the World to Beat a Path to Your Door June 19, 2007 Santa Fe Sma

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Title: Marketing For Money Part 1: Getting the World to Beat a Path to Your Door June 19, 2007 Santa Fe Sma


1
Marketing For Money Part 1 Getting the World to
Beat a Path to Your Door June 19, 2007 Santa Fe
Small Business Development Center
  • presented by
  • Jan Zimmerman
  • Author, Web Marketing for Dummies
  • Watermelon Mountain Web Marketing
  • www.watermelonweb.com
  • 4614 Sixth St. NW Albuquerque, NM
    87107
  • info_at_watermelonweb.com
    505-344-4230

2
What Youll Learn Today
  • How to Create or Improve Your Marketing Tag
  • How to Apply the 4Ps of Marketing
  • How to Identify Your Target Audience (Exercise)
  • What You Can Learn from Your Competition
  • Defining the Marketing Mix for Your Business
    (Exercise)
  • What It Will Cost to Market
  • What It Will Cost Not to Market

3
Marketing is Not Rocket Science
If it works, keep doing it. If it doesnt, change
!
4
A Word About Words
  • Marketing everything you do to build awareness of
    your company and products
  • Sales everything you do to convert marketing
    interest to a purchase
  • Advertising one technique used for marketing and
    sales promotion

5
Why You Need to Market
  • To Survive
  • Against competitors
  • To Grow
  • Access new markets
  • Access resources
  • To Thrive
  • Increase profits
  • Develop new products

6
What Is Marketing?
  • Marketing is only part of a business, but all of
    a business is marketing.

7
Guerrilla Marketing Principles
  • Define narrow, niche markets
  • Go after 1 market at a time
  • Know your audience and forget the rest
  • Fish where the fish are

8
The Marketing Process
  • Analyze Your Situation (SWOT)
  • Set Marketing Goals Objectives
  • Develop Marketing Strategies
  • Define target markets
  • Tailor strategies to each market
  • Implement Strategies
  • Monitor Results

9
SWOT
  • Strengths (internal)
  • what sets your company apart
  • Weaknesses (internal)
  • areas that may affect ability to perform
  • Opportunities (external)
  • outside factors you can take advantage of
  • Threats (external)
  • risks you face (e.g. lack of capital)

10
Marketing Tags
  • 5-7 words that describe your business
  • your elevator speech
  • May be descriptive or a slogan
  • May include a value proposition - what sets your
    company apart
  • Appears in marketing materials

11
The 4 Ps of Marketing
  • Product or Service
  • Price
  • Position or Place (distribution)
  • Promotion

12
Product or Service
  • Physical product(s) or service(s) being sold
  • Includes packaging, associated services, e.g.,
    tech support

13
Price
  • Price point for product or service
  • Includes discounts, special offers, warranties
  • Compare to competitors

14
Position or Place
  • Where distributed
  • When distributed
  • B2B vs. B2C
  • How customers buy
  • Where
  • When
  • How (catalog, phone, online, in-store)

15
Promotion
  • Advertising
  • Promotion
  • Publicity
  • Selling collateral

16
Targeting Your Audience
  • Who buys your product or service?
  • Who does not buy it?
  • What need or function does it serve?
  • What else do your customers buy to satisfy that
    need or function?
  • What price do they pay?
  • When do they buy?
  • Where do they buy?
  • Why do they buy ?

17
Segmenting Your Audience
  • Demographics
  • Maslows Hierarchy
  • Life Cycle
  • Adoption Cycle
  • Psychographics

18
Demographics
  • Age distribution
  • Gender
  • Income
  • Ethnicity
  • Education
  • Occupation
  • Geography

Watch for trends fewer married couples, smaller
family size, changing roles of women, higher
incomes, etc.
19
B2B Market Segmentation
  • By vertical industry segment
  • By application
  • By geographical territory
  • Buying cycle
  • who proposes
  • who decides
  • timeframe

20
Maslows Hierarchy of Needs
21
Life Cycle Segmentation
22
Product Adoption Cycle
23
Psychographics
  • Grouping people according to attitudes, values,
    or lifestyles
  • http//www.sric-bi.com/VALS/presurvey.shtml
  • Porsche example
  • Top Guns (27) Ambition, power, control
  • Elitists (24) Old money, car is just a car
  • Proud Patrons (23) Car is reward for hard work
  • Bon Vivants (17) Car is for excitement,
    adventure
  • Fantasists (9) Car is form of escape

24
Stanford Research Institute Consulting
http//www.sric-bi.com/VALS/types.shtml
VALS places U.S. adult consumers into 8
segments. The main dimensions are
primary motivation (the horizontal dimension) and
resources (the vertical dimension).
25
Team Exercise Targeting Your Market
  • For two members of the group, decide which set of
    parameters will best segment the market for that
    business.
  • Within that parameter, specify ONE target market
    and explain why.
  • Report your decisions in 10 minutes.

26
Learn from Your Competitors
  • Decide what information you need
  • Identify what companies already serve this market
    with similar product
  • For potential markets, identify companies that
    sell an alternative solution to estimate demand

27
Collecting Data
  • Watch other advertising
  • Survey existing or prospective customers
  • Consumer rating panels
  • Observation usage
  • Focus groups

28
Choosing a Marketing Mix
  • Purpose of the marketing campaign
  • Branding vs. Selling
  • Target Market - Segmentation
  • Timing
  • When will marketing take place
  • Budget

29
Where Marketing Mix Fits
  • Establish Marketing Goals Objectives
  • Develop Marketing Strategies
  • Select marketing mix (tactics) for each strategy
  • Implement Tactics
  • Monitor Results Revise

30
Key Factors Affecting Your Marketing Mix
  • Purpose of your marketing campaign
  • Timing - when marketing will take place
  • Budget - how much do you have to spend?
  • Where are your fish? What tactics are used by or
    appeal to your audience?

31
Promotional Tactics
  • Publicity
  • Press releases
  • TV
  • Radio
  • Billboards
  • Promotional Items
  • Packaging Signs
  • Print
  • Newspaper
  • Magazines
  • Brochures

32
More Marketing Ideas
  • Flyers
  • Trade Shows
  • Direct Marketing
  • Direct mail
  • Catalogs
  • Telemarketing
  • Infomercials, Teleshopping
  • Event Sponsorship
  • Concerts, sports
  • Product placement
  • Online
  • Web
  • Email
  • Unusual Ideas

33
Team Marketing Mix Exercise
  • Each packet has marketing tactics cards and
    money.
  • For one or two of group members businesses,
    allocate the money among some or all of tactics,
    or suggest different ones based on the target
    market.
  • Report your decisions in 10 minutes.

34
What It Will Cost to Market
  • Needs to fit with your business plan
  • Estimate costs at 20-25 of projected revenues
    for new business, product or market
  • After established, estimate costs at 10 of
    projected revenues

35
What It Will Cost NOT to Market
  • Missed opportunity
  • You can only make a first impression once
  • Reduced revenues
  • Longer to profitability
  • If sales sag, increase marketing

36
Review
  • What idea most stuck in your mind?
  • Which concept is the most confusing for you?
  • What would you like to see covered next week?
  • What 2 actions will you implement during the
    coming week?
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