A Marketing Strategy for Service Firms
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A Marketing Strategy for Service Firms

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How service firms might develop and implement a Marketing Strategy prepared by The MIS Department (Later 2SS.Com) for Management Advisory Services a local business and marketing consulting firm.

How service firms might develop and implement a Marketing Strategy prepared by The MIS Department (Later 2SS.Com) for Management Advisory Services a local business and marketing consulting firm.

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    A Marketing Strategy for Service Firms A Marketing Strategy for Service Firms Presentation Transcript

    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services A Marketing Strategy forA Marketing Strategy for Service FirmsService Firms Q.Q. What kind of strategy would bestWhat kind of strategy would best serve Growth & Profit objectives?serve Growth & Profit objectives? A.A. A Direct Marketing ProgramA Direct Marketing Program 22
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Direct Marketing ProgramDirect Marketing Program The DMP is...The DMP is... Three Tiered Marketing SystemThree Tiered Marketing System Designed to HelpDesigned to Help service Firmsservice Firms Increase Business to BusinessIncrease Business to Business SalesSales 44
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Why a DMP???Why a DMP??? Traditional “Rainmaking” andTraditional “Rainmaking” and Networking is no longer enoughNetworking is no longer enough Increasing intensity of competitionIncreasing intensity of competition Power of informational technologiesPower of informational technologies >> adapt or fall behind>> adapt or fall behind Price / cost pressures force pursuit ofPrice / cost pressures force pursuit of marketing leveragemarketing leverage 44
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services ... But Most Important... But Most Important The need to replaceThe need to replace an episodic effortan episodic effort with awith a sustainedsustained,, focusedfocused,, andand disciplineddisciplined marketingmarketing attackattack 44
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier I - Strategic Marketing PlanTier I - Strategic Marketing Plan Custom TailoredCustom Tailored ComprehensiveComprehensive Easy to ExecuteEasy to Execute Goal: The development of aGoal: The development of a purposeful plan of actionpurposeful plan of action 44 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier II - Desk Top MarketingTier II - Desk Top Marketing SoftwareSoftware AcquisitionAcquisition InstallationInstallation ConfigurationConfiguration Goal: Identify & harvest highGoal: Identify & harvest high potential prospectspotential prospects 44 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier III - Implementation ChoicesTier III - Implementation Choices In-HouseIn-House SBA’sSBA’s Out-Source... 3 levels:Out-Source... 3 levels: • CoachingCoaching • Project ManagementProject Management • Hands-OnHands-On Goal: Executing the planGoal: Executing the plan 44
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier I - Strategic MarketingTier I - Strategic Marketing Plan Development (1 of 3)Plan Development (1 of 3) Grand strategy & opportunity reviewGrand strategy & opportunity review Analysis of new sales and customerAnalysis of new sales and customer retention trendsretention trends Assessment of promotional materialsAssessment of promotional materials ((ContinuedContinued)) 44
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Strategic MarketingStrategic Marketing Plan Development (2 of 3)Plan Development (2 of 3) Targeted customer analysis andTargeted customer analysis and profile:profile: • DemographicsDemographics • PsychographicsPsychographics • Buying patterns, behaviors & trendsBuying patterns, behaviors & trends • Must be ... Sizable, Definable andMust be ... Sizable, Definable and ReachableReachable ((ContinuedContinued)) 22
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Strategic MarketingStrategic Marketing Plan Development (3 of 3)Plan Development (3 of 3) Selection of “marketing missiles”Selection of “marketing missiles” Implementation of game planImplementation of game plan Budget requirementsBudget requirements ((ContinuedContinued)) 44
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier I - DeliverableTier I - Deliverable A comprehensive, customized andA comprehensive, customized and easy to execute marketing planeasy to execute marketing plan 11 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Targeted Customer ProfileTargeted Customer Profile (1 of 3)(1 of 3) Industry TypeIndustry Type # of Employees# of Employees Years in BusinessYears in Business LocationLocation Annual SalesAnnual Sales ownership Typeownership Type ((ContinuedContinued)) Some demographicSome demographic Characteristics of businesses...Characteristics of businesses... 11
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Targeted Customer ProfileTargeted Customer Profile (2 of 3)(2 of 3) Phychographic Characteristics...Phychographic Characteristics... CultureCulture Industry LeaderIndustry Leader Conservative VsConservative Vs Risk TakerRisk Taker Management StyleManagement Style Fiscally PrudentFiscally Prudent TechnologyTechnology OrientedOriented SociallySocially ResponsibleResponsible EnvironmentallyEnvironmentally ConsciousConscious ((ContinuedContinued)) 11
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Targeted Customer ProfileTargeted Customer Profile (3 of 3)(3 of 3) Other Relevant Characteristics...Other Relevant Characteristics... Trade AssociationTrade Association MembershipsMemberships Publications &Publications & SubscriptionsSubscriptions State in BusinessState in Business Maturation CycleMaturation Cycle Workforce TypeWorkforce Type CommunityCommunity ActivitiesActivities 11
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services 11 Please see the FlowPlease see the Flow Chart titled:Chart titled: GUIDE TOGUIDE TO DEVELOPINGDEVELOPING A STRATEGICA STRATEGIC PLANPLAN
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier II - Desk Top MarketingTier II - Desk Top Marketing Software...Software...system support for prospectsystem support for prospect IdentificationIdentification TrackingTracking CultivationCultivation 33 D M P
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Desk Top Marketing SoftwareDesk Top Marketing Software (1 of 2)(1 of 2) Acquisition and Installation ... ofAcquisition and Installation ... of two powerful and inexpensivetwo powerful and inexpensive software tools:software tools: • Prospect ManagerProspect Manager • Contact ManagerContact Manager ((ContinuedContinued)) 22 D M P
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Desk Top Marketing SoftwareDesk Top Marketing Software (2 of 2)(2 of 2) Configuration of the contactConfiguration of the contact Management software to matchManagement software to match the strategic marketing plan.the strategic marketing plan. Training on the use,Training on the use, management and capabilities ofmanagement and capabilities of the software tools ... and theirthe software tools ... and their interface.interface. 22 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier II - DeliverableTier II - Deliverable An up and running system toAn up and running system to support the identification andsupport the identification and tracking of high potentialtracking of high potential prospect leadsprospect leads R1R1 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Why a Contact ManagementWhy a Contact Management Database?Database? Think of it as aThink of it as a SUPERSUPER Rolodex!!!Rolodex!!! R1R1 D M P
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Record every prospect lead andRecord every prospect lead and customercustomer Capture information critical toCapture information critical to an effective marketing effortan effective marketing effort ((ContinuedContinued)) Contact Management SoftwareContact Management Software is a means to...is a means to... (1 of 4)(1 of 4) R3R3
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Track all significant contact activity:Track all significant contact activity: callscalls meetingsmeetings direct maildirect mail salessales proposalsproposals inquiriesinquiries attendance at eventsattendance at events responses to adsresponses to ads Note information that can be used toNote information that can be used to plot sales strategyplot sales strategy ((ContinuedContinued)) Contact Management SoftwareContact Management Software is a means to...is a means to... (2 of 4)(2 of 4) R3R3
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Identify prospects byIdentify prospects by characteristics that relate tocharacteristics that relate to different needs and servicesdifferent needs and services Spend your marketing $$ and timeSpend your marketing $$ and time on the prospects you are moston the prospects you are most likely to convert to customerslikely to convert to customers ((ContinuedContinued)) Contact Management SoftwareContact Management Software is a means to...is a means to... (3 of 4)(3 of 4) R3R3
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Identify customers ready for the nextIdentify customers ready for the next salesale Group customers to facilitate tripGroup customers to facilitate trip scheduling & drop-by’sscheduling & drop-by’s Cultivate suspects ... to ... prospectsCultivate suspects ... to ... prospects ... to ... CUSTOMERS... to ... CUSTOMERS Contact Management SoftwareContact Management Software is a means to...is a means to... (4 of 4)(4 of 4) R3R3
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Configuring the DatabaseConfiguring the Database Means selecting the type ofMeans selecting the type of information you will capture forinformation you will capture for each prospect lead or customereach prospect lead or customer InformationInformation relevantrelevant to yourto your marketing strategymarketing strategy R2R2 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services RuleRule The right kind of contact repeatedThe right kind of contact repeated over time will generate newover time will generate new customers ... and additional salescustomers ... and additional sales from existing customersfrom existing customers R1R1
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services 11 Please see the FlowPlease see the Flow Chart titled:Chart titled: DESK TOPDESK TOP MARKETINGMARKETING SUPPORTSUPPORT SYSTEMSYSTEM
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier III - Implementation...Tier III - Implementation... First , AssessFirst , Assess Internal CapabilityInternal Capability Budget / cost advantageBudget / cost advantage preference (style - control -preference (style - control - coordination)coordination) 33
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Then, decide execution ... forThen, decide execution ... for each marketing missileeach marketing missile In-HoursIn-Hours SBA’sSBA’s Out-source - 3 ChoicesOut-source - 3 Choices • CoachCoach • Project ManagementProject Management • Hands-OnHands-On 33
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Typical “Missiles” for serviceTypical “Missiles” for service Firms:Firms: TelemarketingTelemarketing SeminarsSeminars Writing ArticlesWriting Articles Direct MailDirect Mail Print AdvertisementPrint Advertisement NewslettersNewsletters PromotionalPromotional materialsmaterials and more!and more! 11
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Tier III - Deliverable:Tier III - Deliverable: Implementation of the marketingImplementation of the marketing missiles aimed at high potentialmissiles aimed at high potential customer groups and individualcustomer groups and individual leadsleads 11
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services 11 Please see the FlowPlease see the Flow Chart titled:Chart titled:
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Benefits (1 of 3)Benefits (1 of 3) Increase sales, profits andIncrease sales, profits and customer retentioncustomer retention Improve “yield” on time & moneyImprove “yield” on time & money spent to generate salesspent to generate sales ((ContinuedContinued)) 33 DMP
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Benefits (2 of 3)Benefits (2 of 3) Build a customer base that betterBuild a customer base that better matches their unique nichematches their unique niche Selectively use “out-sourceing” toSelectively use “out-sourceing” to minimize internal administration andminimize internal administration and lower customer acquisition costslower customer acquisition costs ((ContinuedContinued)) 33
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services Key Benefit (3 of 3)Key Benefit (3 of 3) Replace an episodic sales effortReplace an episodic sales effort with a....with a.... • FocusedFocused • SustainedSustained • Systematic marketing programSystematic marketing program • and, gain a competitive edge!and, gain a competitive edge! 11
    • Prepared forPrepared for by The MIS Departmentby The MIS Department 07/14/1307/14/13 Management Advisory ServicesManagement Advisory Services The Customer PipelineThe Customer Pipeline 55 Universe of Business prospectsUniverse of Business prospects Qualified ProspectsQualified Prospects Launch Marketing MissilesLaunch Marketing Missiles Contact ManagementContact Management Proposals New CustomersProposals New Customers D M P ...DMP Implementation...DMP Implementation