Market Like You Mean It

Market Like You Mean It.!

So, what is marketing?!

Dare we try and deﬁne it?!

Yep…we dare.!

McKinseyʼs deﬁnition:! Marketing is the art and science of entertaining, engaging, delighting and informing your target market clients in a way that drives results that tie back to your organizationʼs goals and objectives.!Marketing is a process, not a product.!

Meet Sean.!

Letʼs start with you!•  Who are you?!•  What do you do?!•  Why does it matter?!

Re. Differentiation…!Our brains ﬁlter out irrelevant info and let in whatʼs different and useful. So remind me, why does your product matter?! --Marty Neumeier!

Re. All Brands…!!Only one can be the cheapest.  The rest have to use branding.!

Re. Your Brand… !!Your brand is not what you say it is. It is what they say it is.! --Marty Neumeier!

Re. Charismatic Brands…!A charismatic brand is any product, service or company for which people believe there is no substitute. Any brand can be charismatic…even yours.! --Marty Neumeier!

Marketing Plan 101!•  Objectives!•  Audience! –  Demographics! –  Psychographics!•  Message(s) !! –  Branding or calls to action (or a mix)?! –  May differ among audiences!

Re. Differentiation, remember?!Our brains ﬁlter out irrelevant info and let in whatʼs different and useful. So remind me, why does your product matter?!

Marketing Plan 101!•  Marketing objectives!•  Strategies (print, social, special events, sponsorships…)!•  Tactics (Facebook, Evening Under The Stars, Warrenton Lifestyle…)!•  Media plan (when and what media)!•  Budget!•  Measure & reﬁne!!

Back to “C”!

Budgeting!Three popular models:!Percentage of revenues.!Desired customer growth.!Spend nothing. Market for free!!

Percentage of revenues. Most talked about method of determining a marketing budget.!Takes a ﬁxed percentage of your revenues (all money your company brings in) andallocates it for marketing. !Revenue Marketing Budget !•  Less than $5 million 7–8% !•  $5–10 million 6–7% !•  $10–100 million 5–6% !•  $100–300 million 3–5% !•  More than $300 million 3-4%!Some variations by industry:!Retail and pharmaceuticals lead the spending, with many of these companies spendingmore than 20%. !Average across all industries is 4-6%. !Source: ImageWorks SMB 2011!

Desired customer growth. •  Method of budgeting based on acquiring a speciﬁc number of new customers.!•  Must know how much it takes you to acquire a new customer and then multiply that cost by the number of new customers you want to acquire.!

Spend nothing. Market for free! •  Yes, there are “free” tools and resources available, particularly online.!•  Remember: Time is money and money is time! !

Putting the Plan Together!Determined your business objectives.!Set a marketing budget.!Go shopping!!

Available Tools!•  Print Publications !•  Public Relations !•  Online Advertising!•  Direct Mail !•  Marketing Collateral !•  Outdoor Advertising !•  Website/Search Engine Optimization!

Available Tools!•  Blogging !•  Social Media ! •  Facebook! •  Twitter! •  LinkedIn! •  Yelp! •  YouTube!•  Professional Memberships/Networking !•  Email Marketing !•  Sponsorships !•  Radio !•  TV !•  Photography !

Available Tools Cont.! Customer ! Service!

Key Ad Buying Questions:!•  What is the opportunity reach?!•  What are the market demographics?!•  What is the message frequency?!•  What is the cost?!

Metrics & Measuring!•  How will you determine the effectiveness of your campaign?!•  How do you know if your message is reaching your intended audience?!•  How do you know if the market is aware of your brand?!

5 Metrics to Track at the   Executive Level!1) Website Grade - The great thing aboutthis score is that is it very easy tounderstand. Visit www.websitegrader.comand see how your site measures up tothose of your peers..  •  Source: HubSpot!

5 Metrics to Track at the   Executive Level!2) Website Trafﬁc - This is the totalnumber of unique visitors to your websiteover a time period, usually a month. At ahigh level, this gives you a sense of theoverall interest in your business, and ifthe marketing programs you are doing areworking or not. What key words did yourvisitors search to ﬁnd you? •  Source: HubSpot!

5 Metrics to Track at the   Executive Level!3) Leads - This is the next step in thesales funnel, and is the most importantmetric for measuring your marketingefforts.  

5 Metrics to Track at the   Executive Level!4) New Customers - "How many salesdid you close this month?" is probably themost important question you shouldanswer for your business.!

5 Metrics to Track at the   Executive Level!5) Customer Acquisition Cost - Manybusinesses dont compute this on anongoing basis, but knowing the total salesand marketing cost for each newcustomer (on average each month) isimportant. It gives you a good sense ofhow your business is going, and if it isgetting easier or harder to grow.  

Welcome Tony!!

Thank you!! www.PiedmontPress.com www.McKinseyDevelopment.com

Market Like You Mean It

by McKinsey Development on Feb 07, 2012

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Market Like You Mean It — Presentation Transcript