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Startup Boot Camp

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Title: Startup Boot Camp


1
Startup Boot Camp
  • Kick Starting Success for Californias Retail,
    Restaurant and Service Entrepreneurs!

Day 3 Session 1
2
Review/Questions
3
From Day 2
  • Lets discuss any questions you have from last
    week
  • What sources of market research have you found?
  • What questions do you have regarding . . . .
  • Estimating sales
  • Startup vs. operating costs
  • Developing cash flow projections

3
4
Marketing basics
People don't need to necessarily see me in the
jersey to understand who I am and what message
I'm trying to get across with the things that I'm
marketing. Dwyane
Wade
5
Importance Of Marketing
  • Marketing pulls it all together
  • Marketing is more than placing an advertisement
  • Its about developing the right product(s) or
    service(s), at the right price, at the right
    place, in the right quantities at the right time
    and offering it to the right customer
  • Marketing drives sales
  • Sales drive profits

5
6
The 4Ps of Marketing
  • Product Whatever you are selling
  • Price The amount of money asked for, or given in
    exchange for your product
  • Place Distribution channels (where will your
    customers find the product/service)
  • Promotion An activity designed to encourage the
    purchase of a product
  • And dont forget . . . . People!

6
7
Marketing Mix Definition?
  • How the 4Ps are combined is known as the
    Marketing Mix. Its the coordination of
    product/service design, pricing decisions,
    distribution, and promotional decisions to form a
    consistent and effective marketing program.

7
8
Whats The Marketing Mix?
  • Product?
  • Price?
  • Place?
  • Promotion?

8
9
Whats The Marketing Mix?
  • Product?
  • Price?
  • Place?
  • Promotion?

9
10
Whats The Marketing Mix?
  • Product?
  • Price?
  • Place?
  • Promotion?

10
11
Product
  • Remember your target customer, their needs and
    wants
  • Tailor your product/service to your customer

11
12
Price
  • Must make sense given the
  • Markets served and the target customer
  • Products/services offered
  • Operational costs/method of distribution
  • Competition/perceived competitive advantage

12
13
Place
  • Where will your customers find you?

13
14
Promotion
  • Methods a company uses to communicate its message
    to its target market and Brand its product or
    service
  • 5 Promotional Strategy Methods (eMarketing tools
    discussed separately)
  • Advertising
  • Sales Promotion
  • Public Relations
  • Personal Selling
  • Direct Marketing

14
15
Branding
  • Branding (positioning)
  • The battle for your customers minds.
  • Who will the customers think of first, when
    making a decision on your product/service type?

15
16
The Message
  • Lends itself to multiple media
  • From t-shirts and hats to cable ads
  • Shorter is better
  • Distinctive
  • Memorable
  • Examples
  • You Deserve a Break Today
  • The Ultimate Driving Machine

16
17
Advertising
  • The message(s) and what it says about your
    company and products
  • The mediums used and how they are perceived by
    different audiences
  • The mix of media combined with the message(s)
  • Can reach masses of geographically dispersed
    buyers
  • Message must be repeated many times to move
    customers to take action
  • Impersonal one-way, one-to-many communication
  • Can be very costly

17
18
Media Choices
  • Yellow pages
  • Newspaper
  • Other print
  • Radio
  • TV/Cable
  • Press Releases
  • The business systems and collateral materials
  • The Internet

18
19
Yellow Pages
  • Everyones favorite sold hard by the phone
    company
  • Mass market reach
  • Low cost per thousand but expensive overall
  • Most over use with diminishing effects
  • Web based version often a better value
  • Is your business really that mass market driven?
  • Some exposure is good keep it small and focused

19
20
Newspaper
  • Run of press is also mass market
  • Classified ads and retailing driven
  • Has lost ground to all other media
  • Older readership
  • Consider alternative papers
  • Consider special editions sections
  • Directories
  • Home repair guide
  • Real estate Sunday section
  • Best used by local retailers to drive traffic
    with deals, sales and coupons

20
21
Other Print
  • Specialty magazines
  • Chamber of Commerce newsletters
  • Industry Associations
  • Use depends on the product and customer
  • Can be high cost per thousand
  • Hard to measure and control
  • Keep use small and focused

21
22
Radio
  • Lots of very targeted media choices
  • Radio stations have detailed information about
    their customers demographics
  • Great for campaigns where high frequency is a
    plus
  • Ads are typically not expensive to produce

22
23
Cable TV
  • Lots of choice by market and system
  • Good for targeted marketing with a TV flair
  • Companies have in-house production resources
  • Many day/time choices
  • Easy to measure and track use a unique URL and
    phone number in the ad
  • Excellent viewer-ship information
  • Immediate if it works well
  • Lots of choices and deals

23
24
Promotion
  • Wide assortment of tools
  • Attracts consumer attention
  • Offers strong incentives to buy
  • Invites and rewards quick consumer response
  • Use to generate immediate sales

24
25
Promotion
  • Public relations
  • Events
  • Sponsorships
  • Pricing
  • Innovative sales and promotions
  • Good works

25
26
Promotion Examples
  • Patronage Rewards
  • Point-of-Purchase Promotions
  • Contests
  • Sweepstakes
  • Games
  • Samples
  • Coupons
  • Rebates
  • Cents-off Deals
  • Premiums
  • Advertising Specialties

26
27
Promotion Ideas
  • The following 7 slides contain examples of
    potential promotion ideas for you to consider as
    you formulate your marketing plan.
  • Always carry business cards. Give them freely and
    ask permission to leave them in places your
    target market may visit
  • Print the products you sell or services offered
    on the back of your business cards
  • Create a calendar for customers with your shop's
    name and address on it
  • Join a trade association or organization related
    to your industry

27
28
Promotion Ideas (contd)
  • Collect your customers email and mailing
    addresses by offering your customers an
    additional on their next sale (which you will
    email to them to confirm the email address)
  • Have a drawing for a product or a gift
    certificate. Use the entry forms to collect
    customers' mailing addresses
  • Develop a brochure of services your shop offers
  • Conduct monthly clinics about a product or
    service you offer

28
29
Promotion Ideas (contd)
  • Print a tagline for your business on letterhead,
    fax cover sheets, e-mails and invoices
  • Develop a website. Use a memorable URL
  • Include customer testimonials in your printed and
    online literature
  • Promote yourself as an expert
  • Submit to the local newspaper, trade journal or
    other publications
  • Host an after-hours gathering for your employees
    and their friends/relatives

29
30
Promotion Ideas (contd)
  • Provide free t-shirts with your logo to your
    staff to wear
  • Create an annual award and publicize it
  • Create a press kit and keep its contents current
  • Use an answering machine or voice mail system
  • Distribute specialty products such as pens, mouse
    pads, or mugs with your store's logo
  • Give a speech

30
31
Promotion Ideas (contd)
  • Sponsor an Adopt-a-Highway area in your community
  • Donate your product or service to a charity event
    or auction
  • Maintain your on-line presence
  • Advertise in creative locations such as park
    benches, buses, and popular Web sites
  • Improve your building signage

31
32
Promotion Ideas (contd)
  • Create window displays in locations away from
    your shop. Airports, hospitals, and large office
    buildings occasionally have display areas they
    rent to local businesses
  • Cross-market with local non-competing businesses
  • Team up with a non-competing business in your
    area to offer a package promotion
  • Pick the slowest day to hold a 1-day sale

32
33
Promotion Ideas (contd)
  • Create a loyalty program to reward existing
    customers
  • Send hand-written thank you notes to important
    customers every chance you get
  • Use brightly colored envelopes and unique
    stationary when sending direct mail pieces
  • Show product demos or related videos on a
    television on the sales floors during store hours
  • Book a celebrity guest for an event at your
    store

33
34
Public Relations
  • Very believable
  • Reaches people who avoid salespeople and ads
  • Can dramatize a company or product
  • Tends to be used as an afterthought
  • Planned use can be effective and economical

34
35
Public Relations
  • Cheaper to get them to write about you than to
    write about yourself
  • Worth a PR firms cost if you are doing something
    noteworthy and different
  • Many angles to play for all companies
  • A PR Agent will network you into the correct
    channels to get press

35
36
Examples Of Public Relations
  • News
  • Speeches
  • Special events
  • Buzz marketing
  • Mobile marketing
  • Written materials
  • Editorials
  • Audiovisual materials
  • Corporate identity materials
  • Public service activities
  • Web sites
  • Blogs

36
37
Public Relations Kit
  • Biography of You
  • Fact Sheet (bullet points which answer who,
    what, where, when, why)
  • Business Information (Biography about the
    business)
  • Pictures of the business and product/service
  • An article about something newsworthy amazing
    that the business has done
  • Public Relations Kit

37
38
Direct Marketing
  • 4 characteristics of Direct Marketing
  • Nonpublic (private)
  • Immediate
  • Customized
  • Interactive
  • Benefits
  • Powerful tool
  • Can be highly targeted
  • Can tailor offers to individual needs
  • Can be timed to reach prospects at just the right
    moment
  • Low-cost and efficient

38
39
Direct Marketing Examples
  • Examples of Direct Marketing
  • Telemarketing
  • Direct-Mail Marketing
  • Catalog Marketing
  • Direct Response TV Marketing (i.e. infomercial
    and shopping channels)
  • Kiosk Marketing

39
40
Personal Selling
  • Personal interaction between two or more people
  • Allows relationship building
  • Most expensive promotion tool

40
41
Sales
  • Product/service knowledge the more
    knowledgeable a salesperson is about a product,
    the easier it is for her/him to explain it to
    others
  • Training is important
  • Make sure they know what to say and have the
    tools to say it well

41
42
Is This A Salesperson?
42
43
Your Elevator Pitch
  • Whether you are trying to raise capital, promote
    your company, or promote yourself, its essential
    to have an elevator pitch. You must communicate
    your main message quickly, clearly, and
    distinctly to someone who doesnt even know you.
    A good pitch takes planning and practice to
    deliver quickly, on the spot, and under pressure.
    30 seconds to a maximum of 1 minute!
  • You your business name what you do any
    special/unique capabilities what kind of
    customers can benefit from your business and how
    you help them. If time, include an example of
    something great you have done that helped a
    customer
  • Example If you're a restaurateur and can't keep
    your regulars coming back, you're lost. Using
    proprietary online and offline survey techniques,
    Trey Research will find out how you can stop the
    losses and start generating profit.

43
44
Marketing Execution
45
Elements Of A Sound Marketing Plan
  • The market research is done
  • The heavy user group identified
  • The message is clear, concise and tested
  • The marketing mix well thought out and consistent
    with the product and target market
  • Spending is within budget
  • Feedback systems allow tracking and measurement
  • Willingness to change and adjust based on results

45
46
Marketing Budget
  • What the business can afford
  • What it needs to spend to be competitive
  • Fixed or Variable Cost model
  • Total communication costs
  • New businesses
  • Always spend more
  • Need to get known
  • Build a client base
  • Make mistakes while trying media

46
47
How To Spend The Money
  • Driven by the business plan and the target market
  • Reach your heavy user as often as possible
  • Budget by the month
  • Structure marketing campaigns
  • Manage costs by the campaign

47
48
How Much To Spend
  • A function of
  • The business model
  • Your profit vs. growth objectives
  • Stage of the company
  • Gross margins
  • Competition
  • Cash
  • 5 is about as little as one can spend
  • 12 is about the maximum
  • Averaged over the year seasonal peaks and
    valleys
  • Fish all day when they are running dont waste
    money when theyre not

48
49
Spending Levels
  • Model could be something like this
  • 1.00 Net Revenue
  • .55 Cost of Goods Sold
  • .45 Gross Margin
  • .09 Occupancy/Web Costs
  • .09 GA
  • .09 Sales and Marketing
  • .05 Interest and other cash
  • .13 Profit before Taxes

49
50
Spending Levels
  • Higher Gross Margins means more for Marketing
  • Sometimes you must over spend to launch a new
    business, new product, stay competitive or grow
  • Make sure you monitor costs and results
    frequently

50
51
Measurement Systems
  • Need to measure results
  • Gauge results quantitatively
  • Track leads and conversion to sales
  • Use the results to adjust future spending
  • Fund winners
  • Kill losers

51
52
Measurement Systems
  • Some ways to track results
  • Special phone numbers
  • Web site landing pages
  • Web based surveys
  • Questions when people call
  • Coupon codes
  • Simple tracking systems are the best
  • Use the data to adjust spending

52
53
The Marketing Plan
  • The schedule of all the planned marketing
    activities to be performed over a period of time

53
54
Example
  • Take out a blank sheet of paper.
  • Remember the bicycle shop

Take 3 minutes and write down marketing ideas it
should pursue
54
55
EXERCISE Marketing Plan
  • Take out the 7th sheet labeled Marketing and
    fill in ideas you tend to consider for the
    various elements of your marketing plan.

55
56
eMARKETING
People share, read and generally engage more
with any type of content when its surfaced
through friends and people they know and trust.
Malorie Lucich, Facebook
57
Traditional Marketing
One to Many
57
58
Online Marketing Or eMarketing
Many to Many
58
59
Goals of eMarketing
  • eMarketing provides an additional set of tools to
    communicate with your customers to
  • Create Brand Awareness
  • Strengthen Customer Loyalty
  • Generate New Opportunities

59
60
Effective eMarketing Is Built On . . .
60
61
Find Your Online Audience
  • What Are they Looking For?
  • Where are they on the Internet?
  • How Do they Find You?
  • What are Your Competitors doing?
  • Develop a set of questions to survey your current
    or perspective clients
  • Do your research!

61
62
Tracking Analysis
  • The Key Benefit of Online Marketing is the
    ability to track and analyze results, then
    quickly iterate and adjust for optimal performance

62
63
Your eMarketing Toolkit
  • Categories of eMarketing tools
  • Website, Blog, Newsletter Your online message!
  • Online Directories e.g., Google/Yahoo Local
    How theyll find you
  • Review Site e.g., Yelp How they will verify
    the quality of your services
  • Social Networks e.g, Facebook Developing your
    online community

63
64
Your eMarketing Toolkit (contd)
  • Micro Blogging e.g., Twitter Build a flowing
  • Rich Media e.g., YouTube A picture says a
    1,000 words
  • Mobile Apps e.g., FourSquare Community
    building quick hitting specials/deals
  • Industry Specific e.g., your local news website
    industry, geography, grouping specific
  • Event Promotion e.g., MeetUp Get people out
    for your next event

64
65
Website And Blog
Google ranking, Alexa ranking, SEO, Wordpress,
Blogger, Typepad
  • Control the content
  • A chance to tell your story
  • Define a clear message.
  • What do you offer?
  • Create a medium for contact
  • Invite feedback/questions
  • Provide links to other content/other content
    links back to website where you control the
    message
  • FB, Twitter, etc.
  • Strategically update

65
66
Website The Hub Of Your Online Strategy

66
67
What And Why SEO/Keyword Advertising?
  • Why? It helps your customers find you online!
  • SEO Search Engine Optimization free
    dictates when you show up and how high you show
    up in the listing generated by an internet search
  • User selected keywords to associate with your
    business
  • Helped by the degree of your online presence and
    your activity
  • SEM Search Engine Marketing paid advertising
    advertisement shows up in a special area of the
    page pay per click

67
68
eNewsletter
Goal Keep Customers Connected/Informed
68
69
eNewsletter Basics
  • Build an email list
  • Include subscription on your website
  • Ask customers for their email address (in the
    store)
  • Build the list at any events you attend
  • Create a newsletter that your audience will value
  • Perhaps include an incentive

69
70
Online Directories
Google Local/Maps, Yahoo Local, Yellow Pages,
CitySearch
  • Search yourself
  • The power of Google!
  • Look for similar businesses
  • If youre not listed, someone else is!
  • Display correct contact info
  • Location, phone , hours/directions MUST be
    correct
  • Add a photo

70
71
Google Search vs. Places
  • Google Search
  • Website scanned and indexed by search engine
    robots
  • Use SEO techniques to improve ranking
  • RESULT Customers find business on Google Search
  • Google Places www.google.com/places
  • Need Google account to claim your listing
  • Requires verifiable address
  • Can fill in basics first, then add detail later
  • RESULT Business listing shows on Google Maps

71
72
Google Places Scream Sorbet
72
73
Claim Your Google Places Listing
  • Click on the name of your business in the search
    results in the left-hand panel of Google Maps
  • In the information box that appears, click more
    info next to your businesss name
  • In the right hand menu, scroll down to IS THIS
    YOUR BUSINESS? And click on Manage this page
  • Three options appear You can Add, Edit or
    Suspend the listing.
  • For each of these options, Google will ask you to
    verify that you are the business owner. You can
    chose to receive a PIN by phone, SMS or by Post
    Card. Once you receive the PIN you can complete
    the verification process.
  • See Google Places Support for more information
  • http//support.google.com/places/

73
74
Review Sites
Yelp, Zagat, Chow, Lawyers.com
  • Rely on word of mouth
  • People trust personal accounts more than ads
  • Offer additional information.
  • Yelp is a mobile tour guide
  • Respond to reviews
  • Thank those who provide feedback, positive an
    negative
  • Learn from your reviews
  • Dont make the same mistake twice!

74
75
Social Networks
Facebook, Linkedin
  • Communicate with clients
  • Be involved with the conversation
  • Connect
  • Associate your business with related pages and
    people
  • Establish a following.
  • Invite past clients/customers to view/like
    your page

75
76
Micro Blogging
Twitter, Friendfeed
  • Interact with daily events
  • Relate to whats happening
  • Remind everyone about events
  • Update information leading up to the event
  • Invite new customers.
  • Friend of a friend of a friend

76
77
Rich Media
Youtube Videos, iTunes Audio PodCast,
Flickr Pictures
  • Appeal to the senses
  • The eyes are drawn to an image/video first!
  • Attract new customers
  • If the website quality is great, then people
    assume the business quality is great, as well
  • Entertain your audience
  • Get creative with images and video

77
78
Mobile Apps
FourSquare, Urbanspoon, Yelp, iPhone, SMS Text
  • Stay in contact
  • People are ALWAYS on their smartphones
  • Solidify your relationship
  • Make the client feel special for receiving
    extra attention
  • Go the extra mile.
  • This shows that youre following through

78
79
Industry Specific
East Bay Express, San Francisco
Chronicle, DiabloMag.com
  • Network within the group.
  • Get the scoop on whats the latest and
    greatest in your industry, geography, etc.
  • Surround yourself with what you want to become
  • Hang out with likeminded businesses
  • Help those who help you
  • Youll never know when youll need something

79
80
Event Promotion
Meetup, Zvents, Constant Contact Events, PlanCast
  • Promote what youve got
  • An event can attract more business
  • Collaborate with others.
  • Get other businesses involved
  • Feature your calendar
  • The internet is a great way to publicize!

80
81
Getting Started
  • Get with your SBDC Business Advisor and develop a
    plan!
  • Build a website (many options with a variety of
    costs the SBDC can help you decide)
  • Claim yourself on Google Places and Yelp
    regularly monitor comments
  • Research and identify what tools your target
    market uses
  • Experiment strategically figure out where to
    spend your time
  • Create profiles on other tools over time (helps
    increase your search engine ranking)

81
82
Time Management
  • Dont let managing your online presence become
    all consuming.
  • Do what you like and what shows results
  • 3 days a week 15 minutes a day

82
83
Internet Marketing References
Resource Description Web Address
Blogger Free Blogging Platform www.blogger.com
CoffeeCup Website Design Software www.coffeecup.com
Constant Contact Email Marketing Service www.constantcontact.com
Cooler Email Email Marketing Service www.cooleremail.com
Dream Template Website Templates www.dreamtemplate.com
Elance Freelance Internet Consultants www.elance.com
Facebook Social Media Platform www.facebook.com
83
84
Internet Marketing References
Resource Description Web Address
Google Analytics Free Website Analytics Service www.google.com/analytics
Google Places Free Online Directory www.google.com/places
Homestead Website Hosting Service www.homestead.com
HP Logoworks Graphics Website Design Service www.logoworks.com
iContact Email Marketing Service www.icontact.com
LinkedIn Social Media Platform www.linkedin.com
Mail Chimp Email Marketing Service www.mailchimp.com
84
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Internet Marketing References (continued)
Resource Description Web Address
Ning Social Website Design Service www.ning.com
Odesk Freelance Internet Consultants www.odesk.com
Open Web Analytics Open Source Web Analytics www.openwebanalytics.com
Twitter Micro-blogging Social Media Platform www.twitter.com
Vertical Response Email Marketing Service www.verticalresponse.com
vWorker Freelance Internet Consultants www.vworker.com
85
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Internet Marketing References (continued)
Resource Description Web Address
WebSort (cardsorting) Website Design Application/Service www.websort.net
Wordpress Website Content Management Application www.wordpress.com
Wordtracker SEM Application Service www.wordtracker.com
Yahoo Small Business Website Hosting Service www.smallbusiness.yahoo.com
86
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Keyword SEO Research Resources
SEM Resources
  • Google AdWords Main Page
  • http//adwords.google.com
  • Wordtracker Keyword Research and SEO Tools
  • http//www.wordtracker.com
  • Googles Search Insights Tool
  • http//www.google.com/insights/search

87
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Startup Boot Camp LUNCH
  • I haven't trusted polls since I read that 62 of
    women had affairs during their lunch hour. I've
    never met a woman in my life who would give up
    lunch for sex.
  • Erma Bombeck
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