Thanks SWOT was very popular last year Tool that’s used to build the foundation of your marketing plan But let’s first talk about marketing, “ On a scale of 1 to 10, 10 being “guru”, give me a show of hands of those who are at least an 8 or better on the topic of Marketing How many of you have an up-to-date marketing plan written down and are currently executing? 9 times out of 10, an entrepreneur will say that “marketing better” is the one thing he has to do for his business, but in reality its what gets the least attention. Call up 3 volunteers – elevator pitch This is why the 1 st step of marketing is working on our identity and the write message . . . Not only for verbal encounters but for written work to. So WHAT MAKES SOME SMALL BUSINESS PEOPLE REALLY GOOD AT MARKETING?
This list is excerpted from 130 Reasons why some people are much, much more successful in business than others. From the “Profit Coach” These are tips from mega-successful entrepreneurs and small business consultants. The World is Not Your Oyster Narrowing Your Focus Equals Power Rush Limbaugh – passionate character who preaches conservative values and embraces the Republican party. Does everyone agree with him. No. Does he appeal to the widest possible audience? No. Is he highly successful? Without a doubt. Eric Clapton – musician closely associated with blues-based rock music. With his talents, he could probably do reggae, Irish Jigs, folk tunes. However the songs on his albums that he releases are focused on the blues. Could he sell more records if he played all styles of music? No, because fans embrace him for what he’s know for. The wider you cast your branding net, the more watered down you message becomes. Knowing your target market, and having an effective strategy and positioning, as well as constant talk with your customers is what sets good marketers apart. SWITCH SLIDE After all, there’s a lot of competition out there, If you run a janitorial business in your city, what’s your story (i.e. what’s the unique benefit you give your customers)?
The human brain works by recognizing patters and making connections. The more specific your brand is (to a point), the better your chances of inspiring a connection. Positioning provides the set-up in which you can clearly communicate your value proposition. Positioning should be based on the strengths you already have AL RIES & JACK TROUT Example: 7up, Avis, M&M’s ( M&M’s -- Melts in your mouth, not in your hands) All products have a position— Even if it’s the position of “unfamiliar” or “irrelevant to me” or “not very good”. Successful products and service stand out. They have a unique position. The purpose of “positioning” is to create and articulate what makes your product unique Sometimes, in small business – we call this your “identity”
Bumper Sticker = Identity Statement BIS can be used: Internally, keeps you focused on what to say Email Press releases Post to a discussion group Update to your website Externally Slogan on your website Banner ad Newsletters, PR Email
If you were a part of the program last year and did a SWOT, it’s time to do it again. Your business changes, your threats change, etc.
After you do a SWOT with you and your staff, then the next step is to talk to your customer.
Introduce company first
HOW MANY OF YOU HAD AT LEAST 5 STRENGTHS? Applause ACTION: Circle your top 3 strengths – you just might have found the basis of your identity The combo of the strengths (flexible, fast response, and high quality) was the building blocks of her tag line “I can handle it”
Ask the audience to think of other ideas Such as “strategic partnerships”
Figuring out your top opportunities is important because based on the opportunities that you select . . . That will determine your TARGET AUDIENCE(s) So if Google Apps is your #1 opportunity, who are the customers that would want training on Google Apps Knowing your top opportunities can also help you understand where to direct your marketing campaigns. Ex. Pam knew that teaching computer skills classes was a sizable opportunity for her, so she developed a marketing initiative where she partnered with associations and co-branded training classes with them. Not only did she get a fee for teaching the initial class, but she got to know the students and received significant follow-up work from them.
Tell the story that anyone can do the “threats” page for anyone. Have to be very specific to your target audience.
Pull out the unique strengths, the must-fix weaknesses, and the best revenue generating opportunities IT SEEMS LIKE A TON OF WORK, BUT TIME & time, SWOT and Voice of the Customer, proves to be worth it . . . FLIP
On May 24, we’ll take our strengths and opportunities and use it to complete the strategy process Target audience Needs – Feature – Benefit Competitor Positioning Grid Building a Positioning Statement (a unique identity)
SWOT It Out: Understanding Your Business
Top 6 Reasons Why Some Small Businesses are Much Better at Marketing
Decide where and who they want to be
Know exactly what their target markets are
Have an effective strategy for marketing
Make someone responsible for each action in their marketing plan
Ask customers what they want, again and again
Ask customers what they think of the product/services sold to them
Your product or service is one among millions. With so many choices, why should a customer choose yours? Go For Unique A product or service’s “position” is the place it occupies in the customer’s mind
Canada's Helios Design and Communications uses "Hard-hitting design, done right the first time."
H&B catalog of Jazz CDs claims to be "A mail order service for people who know jazz."
Copywriter Luther Brock , who calls himself "The Letter Doctor," uses the phrase "High-response sales letters for firms on a limited budget."
Chicago's Smart Studios promotes itself with the BIS "Great sounds. Cool people. Killer studio."
Marketing Track: Roadmap Understanding your current situation Potential revenue opportunities Defining your target audience Need – Feature – Benefit Value Proposition Positioning Clearly communicating your uniqueness Build a plan to acquire customers (including discussion on direct mail and PR) Social Media Online marketing Opening Symposium Webinar 2 Webinar 3 Webinar 4 Special Interest Webinar Special Interest Webinar Strategy Tactics
Or, what would your customers say they don’t like about your product or services?
Weaknesses Weaknesses Is it in your control to change? Action to be taken Company growth is dependent on owner Y Hire part time person Let new person contact clients directly Moderate marketer Y Find a coach Find a business group to talk things over with and hold me accountable Need to constantly advance software skills Y Schedule learning time on calendar Doesn’t sell hardware product N None – can’t sell enough hardware to be a remarketer
What are opportunities that can result in increased revenue for you?
New market segment
Different customer size
Different industry group or class
Someone else’s customer
New ethnic group
Opportunities: Your Computer Lady Name of Opportunity Size of Opportunity (Deal size $, Number of deals) Strategic Fit (see SWOT) Critical Success Factors Inter-relationship with other opportunities Ranking Google Apps S – L deal size 2 – 5 deals/mo High
Partner with reseller
Good fit #1 Salesforce S – L deal size 2 – 5 deals/mo High
Learn software intimately
Good fit #2 Computer skills classes S – M deal size 4 – 10 classes/mo High
Connect with associations
Standardize & repeat
Good fit #3 Strategic Partnerships with Hardware Companies S – L deal size 0 deals/mo High
Hardware company that understands networking and referrals