Marketing basics seminar
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Marketing basics seminar

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Resources from Business Victoria's seminar covering practical tips and ideas about deciding which marketing tools are best for your business.

Resources from Business Victoria's seminar covering practical tips and ideas about deciding which marketing tools are best for your business.

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Marketing basics seminar Marketing basics seminar Presentation Transcript

  • Market BasicsIntroductionWhat do you hope to learn in the next two hours?Burning issues?Opportunity to networkEnjoy and ask questions
  • What is Marketing? Marketing is much more thanadvertising,selling or having a website! “The aim of marketing is to make selling superfluous” Peter Drucker
  • Marketing is about: Who your most profitable/best customers are Your competitors. The business environment you operate in The Marketing Mix. Developing a marketing strategy. Setting a budget. Measuring and evaluating marketing activities.“The aim of marketing is to make selling superfluous” Peter Drucker Page 2
  • Market ResearchWho and what should you research and how will it help yourbusiness? Market Research External Customers Competitors Factors Brian Singer Co-Founder Rip Curl on customer market research – “We were the customer!”
  • Market ResearchWhat low cost, practical Market Research can you undertake? It keeps you up-to-date with trends and changes in the market and in your customers!
  • Market ResearchWhat low cost, practical Market Research can you undertake? Focus groups Interviews Observation Sampling Desk research Analysing existing customer data Surveys and questionnaires Activity: what research do you need to be doing Page 4
  • Who are your customers? “One size does NOT fit all”“Your business does not belong in markets where it cannot be the best.” Kotler Page 7
  • Who are your customers?“One size does NOT fit all” General Insurance Vehicle Insurance Classic Car Insurance Activity: How can you group your customers Page 8
  • The competitionHow do you compare to your competitors? Is the market crowded with competitors? Who are your main competitors? What are their offerings? What are their strengths and weaknesses? Page 9
  • The business environmentWhat can impact on your business that is out of your control?
  • The business environmentWhat can impact on your business that is out of your control? The economy Government policy/legislation New competitors entering the market Exchange rates Fuel costs
  • The importance of Market ResearchKnowledge is Power – it can be your competitive advantage! Market Research External Customers Competitors FactorsBusinesses that have competitor intelligence grow 200% faster - BRW
  • The 7P Marketing Mix Product Solution Price Value Placement Access Promotion Communication People Relationships Process Service Excellence Physical Brand ImageMarketing is much more than advertising, selling and having a website Page 10
  • Customer Service Customer service – your marketing will get the customer, your customer service will keep them “The purpose of business is to create and keep customers”So every business needs to organise its service delivery around the needs of its customers”. – Peter Drucker Page 14
  • The ten key service activities Products & Services Information Managing the Counter & face-to-face Service culture ServiceHandling Complaints Telephone/Online Service Service Cycle Making Repairs Taking Customer Orders Visiting Customers Follow-up Documentation Billing & Managing Payments Page 15
  • Customer Service ExcellenceThe 7 steps 1. Involve your staff 2. Check for any service „gaps‟ 3. Develop Customer Service Standards to match your „Promise to Customers‟ 4. Put in systems as a priority to ensure consistency 5. Ongoing staff training 6. Empower staff to make decisions 7. Regularly monitor and measure your performance Activity: how many touch points are there for your customers? Page 16
  • Branding You A brand is more than just a logo, advertising slogan, product or service. It encompasses how you manage your customer relationships and how you are perceived as a business USYour reputation is your brand –develop an excellent reputation and you‟ll develop an excellent Brand Page 18
  • Your Unique Selling Proposition Why will someone do business with you?A unique selling proposition or competitive advantage exists when a business is able to deliver benefits that exceed those of competing products or services! Page 19
  • Impact on buying decisions H IGH BEN EFIT S (high impact always) (initially high but always falls off)Impact onCustomers (low impact always) ADVAN T AGES FEAT U RES LOW Contact Contract Features, Advantages and Benefits across the selling cycle Source: Neil Rackham, Spin Selling Page 20
  • Marketing goalsSMART Goals – every marketing activity must have a purpose!S specificM measuredA achievableR realistic and relevantT time-framed Activity: Plan one SMART marketing goal for your business Page 27
  • PromotionNow you‟re ready to build a Promotional Plan that won‟t have you throwing good money after bad! Virtual marketing - networking, websites, emails, blogs and social media, mobile technologies Traditional marketing - Word of Mouth, Public relations, face-to-face, Print magazines, newspapers Page 21
  • Promotional strategyPick the promotion that best matches: your customer base your marketing or business goals, and your budget Build a Promotional Plan for each customer group! Page 26
  • Marketing budgetWhy do you need a marketing budget? To know what your financial commitment is When the money will be needed What resources will each activity need – people, time etc How you can balance all the demands on those resources Can you afford it? Page 29
  • Monitor and evaluateMarketing is an investment! Budget – what was the ROI What activities attracted customers or sales? What things worked? What things didn‟t? "The more you engage with customers the clearer things become and the easier it is to determine what you should be doing" – John Russell, President, Harley-Davidson Page 30
  • Your marketing strategy 6 steps to develop your marketing strategy 1. Select the target markets 2. Rate your competitors 3. Set your SMART marketing goals for the period 4. Develop you promotional strategies 5. Determine the budget 6. Set measurements for evaluationYour marketing strategies primary objective is to develop activities that will ensure you achieve your key business financial objectives Page 32
  • Small Business Mentoring ServiceBusiness mentors help you to identify a clear directionfor you and your business.Business mentors can also advise you on how to: conduct market research price and/or cost your products or services develop an effective marketing strategy use other business management tools To arrange a session with a business mentor go to: www.sbms.org.au
  • Discussions and questions Thank you for attending Check outbusiness.vic.gov.au/workshops for more workshop information