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Four Financial Keys to Small Business Marketing Success
 

Four Financial Keys to Small Business Marketing Success

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This SlideShare presentation is a brief PowerPoint outline of the key components of a successful small business marketing strategy. It is written at an introductory level, and can be supplemented with ...

This SlideShare presentation is a brief PowerPoint outline of the key components of a successful small business marketing strategy. It is written at an introductory level, and can be supplemented with several related SlideShare articles on the same subject.

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  • 127 X 23% = 29.21 X 3.8 = 110.99 X 4 = $444
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Four Financial Keys to Small Business Marketing Success Four Financial Keys to Small Business Marketing Success Presentation Transcript

  • Four Financial Keys to Small BusinessMarketing Success 1
  • The goal of marketing is:To influence consumer behavior inways that accomplish your businessgoals.So what do you want consumers to do? 2
  • Four Financial Keys to Small Business Marketing Success1.Define your goals2.Know your numbers & understand their limits3.Continuous planning & experimentation4.Accountability – measure, monitor & manage 3
  • Define your goals:1. Be specific2. Identify monetary & non-monetary goals3. Include a timeframe for each goal4. Include interim benchmarks5. Be aware of conflicting goals6. Design simultaneous goals to insure they can be monitored separately 4
  • Define your goals:•Strategic Goals •Big picture (define markets by customers & their needs) •Long-term (1 to 5 years) •The who & what of your value proposition 5
  • Define your goals:•Tactical Goals •Focus is on execution of strategic goals •Short to intermediate term (1 to 12 months) •The how of your value proposition 6
  • Know Your Numbers – some key terms:•Cost of Goods Sold (or Services Provided)•Gross Profit•Variable vs. Fixed Costs•Closing Ratio•Customer Retention Rate 7
  • Understand Their Limits- Examples:Gross profit margin limits how low you can price aproduct/service and still make a profit. •If full price gross margin is 32%, a 25% discount affords a small gross profit; a 50% discount does not.Assume your average sale is $127 at a gross profit of 23%.Your customers makes 3.8 purchases per year. Customerretention averages 4 years. •Your customer will generate $483 in sales and $111 in gross profit annually. They are worth a gross profit or undiscounted value of $444. 8
  • Continuous Planning: Define Goals IdentifyEvaluate Strategies && Revise Tactics Monitor Costs & Execute Results 9
  • Accountability:If a salesperson said “I have a great deal foryou. Give me unlimited access to yourchecking account. I’ll invest however much Iwant, and never tell you how much I spent.And I am not going to ever tell you how wellthe investment is doing or what sort of returnyou got on your money.” WOULD YOU MAKE THE INVESTMENT? 10
  • Accountability:58% of businesses that filed for bankruptcy admitted to doing "little to no record keeping."Small Business: Causes of Bankruptcy, Don Bradley andChris Cowdery, University of Central Arkansas, 2005 11
  • Accountability - Costs & Results: 1. What is your gross profit? 2. How will variable costs be impacted? 3. Sales by day of the week & month? 4. Average dollar sale per transaction? 5. New versus repeat customer sales? 6. Most / least profitable customers? 7. Percentage of sales returned? 8. Average customer retention? 9. Daily & monthly people traffic? 10.Closing ratio? 12
  • “You can’t manage what you don’t monitor, andyou can’t monitor what you don’t measure” Look for: •Changes in trends •Cause & effect •Costs versus benefits •Comparisons to industry & competitors 13
  • For more information on this subject,please see two companion articles onSlideShare:An Introduction to Market Planning: http://slidesha.re/oAlVVgAndNine Keys to Market Planning: http://slidesha.re/oFi9jA 14