Marketing Essentials: Marketing Basics
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Marketing Essentials: Marketing Basics

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We’ll cover how to determine your business goals, marketing options and budget. Presented by Lauren Zirilli, Marketing Communications Manager

We’ll cover how to determine your business goals, marketing options and budget. Presented by Lauren Zirilli, Marketing Communications Manager

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  • How could any marketer make sense of all the possibilities? You need a road map that not only drives action but also points the way to profitability.

Marketing Essentials: Marketing Basics Presentation Transcript

  • 1. Smart Marketing forSmall Business Owners 2/13/2012 1
  • 2. Raise your hand if you……. Know the difference between acquisition and retention marketing Know who your ideal customer is Know what channel marketing is Have created one marketing piece with different messages targeted to different populations Know what integrated marketing is Know how to calculate the Return On Investment (ROI) of your marketing campaigns Company Confidential Vistaprint © 2011 2/13/2012 2
  • 3. Smart Marketing Tip #1“The key to getting started isasking the right questions” 2/13/2012 3
  • 4. Key questions before you begin What is my primary marketing goal now? Who is my ideal customer? Why do they buy from me? How do I find them? What do I say to them? How do I know if my marketing is working? Which channel(s) best support my goals? Company Confidential Vistaprint © 2011 2/13/2012 4
  • 5.  What is the specific goal for this marketing initiative? Acquisition Increased Profitability Retention/ Winback Repeat Company Confidential Vistaprint © 2011 2/13/2012 5
  • 6.  Who is my ideal customer and why?• Identify who your best customers are in terms of the total value they represent to your revenue and their loyalty to your business.• Determine the common characteristic these customers share o Demographic i.e., Age, Income, Location o Behavioral i.e., Product Use, Response / What do they buy from you? How often? Full price or only at a discount? o Psychographic i.e., Values or Status, Needs and Attitudes/ What do they do for hobbies? Are they “green conscious”?• Target those people in the marketplace who display these characteristics = Target Audience Company Confidential Vistaprint © 2011 2/13/2012 6
  • 7. Market Research ToolsFree Online Survey Feedback card at point of purchase In person Company Confidential Vistaprint © 2011 2/13/2012 7
  • 8. Effective Consumer Research • Free web-based survey with offer for free car wash for participation • 53% of respondents said they would like to receive future communication – sales, coupons, news • Resulted in new channel in the form of a monthly newsletter Company Confidential Vistaprint © 2011 2/13/2012 8
  • 9. Smart Marketing Tip #2“You are not selling a productfeature but rather a productbenefit.”
  • 10.  Why do they buy from me? The Consumer Decision Process choice for me? Company Confidential Vistaprint © 2011 2/13/2012 10
  • 11. The 5 Ps of Marketing • What are your customers really buying? • Are you selling a quality product? How does it compare? PRODUCT • Which products are the most profitable to promote? • How are they packaged/delivered? • Does the price make your target customer see the value? PRICE • Do you simply slash prices when business lags? • Are there unique ways you can approach pricing? • How do customers react to your product, price, quality, price, service and brand? PEOPLE • Who are your most profitable customers? What are the attributes that define them as a group? • Do you deliver/guarantee customer satisfaction? • Are you creating a consistent perception across multiple PROMOTION channels? • Are you targeting customers through the correct channels? • Are you top of mind when your target customer is in the market for your product? PLACE • Can target customers easily find you? • Is it convenient for customers to do business with you? Company Confidential Vistaprint © 2011 2/13/2012 11
  • 12.  How do I find them? print advertising refer a friend tradeshows direct mail email marketing ecommerce Company Confidential Vistaprint © 2011 2/13/2012 12
  • 13. Channel Marketing Pros ConsWord of Mouth Effective (people trust friends and Hard to Control family FREE!Direct Mail Higher likelihood of being viewed Can be expensive (cost of printing and Easy to personalize postage) and time consuming $$$ Can use to reach existing and new High cost per contact customersEmail Easy to personalize Easy for customers/prospects to ignore Cost effective for reaching existing Expensive for reaching prospects (list $ customers purchase cost) Helps drive traffic to your websiteWebsite Can drive new business by making you Need to update regularly to improve easier to find online search results and keep info current $ The easiest, most inexpensive way to Can be intimidating if you not post up-to-date info aren’t “web savvy”Online Search Can reach highly-qualified prospects Can be tricky to do yourself (managing by being targeted (by location or by key words, optimizing SEO) FREE! - $$ keywords paid search can be expensive Organic search is free!Social Media Easy to post relevant content Time consuming Can be effective in reaching large numbers Hard to quantify the value FREE!Print, TV & Radio Ads Makes it easy to reach a large audience Media is expensive to buy Raises awareness and helps build your May require hiring an ad agency $$$$ brand Company Confidential Vistaprint © 2011 2/13/2012 13
  • 14. Company Confidential Vistaprint © 2011 2/13/2012 14
  • 15. Smart Marketing Tip #3“Once you understand the channels,make them work in support of eachother.” 2/13/2012 15
  • 16. Integrated MarketingChannel marketing is stronger when you combine the channels to work together: Add social media links to your website, email template and direct mail pieces Develop an email campaign that pushes recipients to refer friends Company Confidential Vistaprint © 2011 2/13/2012 16
  • 17. Smart Marketing Tip #4The more relevant your message isto the recipient, the stronger yourresponse rate will be. 2/13/2012 17
  • 18. Targeted Messaging Direct mail campaign to local residents to acquire new members at the start of the new year.• Inspirational images and text create an emotional connection• Images of club to pique interest• Introduction to club features• Strong trial offer Company Confidential Vistaprint © 2011 2/13/2012 18
  • 19. Company Confidential Vistaprint © 2011 2/13/2012 19
  • 20.  What do I say to them? Acquisition Retention Winback Introduce the  Encourage repeat  Regain trust or prospect to your purchase with strong attention brand and your offer product/service Differentiate yourself  Introduce them to  Offer incentive to from the competition additional come back products/services Show the value of  Reinforce the value  Reduce attrition doing business with and build long term via with strong trial relationship and offer loyalty Company Confidential Vistaprint © 2011 2/13/2012 20
  • 21. Smart Marketing Tip #5“Marketing is about increasingprofitability, not only driving sales.” 2/13/2012 21
  • 22.  How do I know if it is working? Case Study: Direct Mail CampaignMassage therapist postcard direct mail campaign to pastcustomer’s with massage package offer.Offer: $80 each when you buy a package of 10 by Jan 31.Regularly $100 each.Total cost of package: $800Mailed: 1,000 piecesCost of List: $0Cost of Printing: $150Cost of Postage: $340.00 (bulk rate .34)Total cost of mailer: $490.00Cost of promo: $200 per sale($20 discount x 10 massages) Total cost of campaign: $2,490Response Rate: 2% = 20# of Contracts Sold: 10Revenue earned: $8,000 ($800 per package x 10 sold)Cost of promo: $2,000 ($200 x 10 packages sold)$8,000 - $2,490 / $2,490 x 100 = 221%Formula:Marketing ROI% = Total revenue – total cost/total cost x 100 Company Confidential Vistaprint © 2011 2/13/2012 22
  • 23. Case StudyEmail Acquisition CampaignWedding planner email campaign to a targeted list ofnewly engaged brides to introduce wedding planningservices. List was obtained by attending a bridal event.Wedding Planning Service Fee: $5,000Cost of Email List: $0Cost of Printing: $0Cost of Postage: $0Monthly cost of email service: $10Cost of promo: $0 – no discount on serviceCost to attend bridal event: $500Total cost of campaign: $510Emails sent: 806Open Rate: 197 = 24%Click Thru rate: 65 = 33%Sales generated: 2Revenue earned: $10,000$10,000 - $510 / $510 x 100 = 1,860%!!!!Formula:Marketing ROI% = Total revenue – total cost/total cost x100 Company Confidential Vistaprint © 2011 2/13/2012 23
  • 24. Questions? 2/13/2012 24
  • 25. Appendix 2/13/2012 25
  • 26. Resources• Free online surveys at www.zoomerang.com and www.surveymonkey.com• Free Annual Marketing Budget Template from SCORE http://www.score.org/resources/annual-marketing- budget-template• Free Online Marketing Resources, Articles, Seminars, Case Studies, Conferences… www.marketingprofs.com Company Confidential Vistaprint © 2011 2/13/2012 26
  • 27. Core Values, Mission and Vision WorksheetBusiness Name:Core Values:Mission Statement:One Year Vision:Three Year Vision:Five Year Vision: Company Confidential Vistaprint © 2011 2/13/2012 27
  • 28. Needs Assessment Worksheet Page 1Business Name:General:Gross Revenue for Last Year: Gross Expenses for Last Year:Current Avg. Monthly Revenue. Current Avg. Monthly Expenses:List the top 5 current revenue streams and your average monthly revenue form each: Profit Center Avg. Monthly Rev Avg. Monthly Exp Margin # of Active Customers Max Capacity % of Capacity1.2.3.4.5. Marketing: How many inactive customers do you currently have? (list by profit center and if you have them segmented in any way) How many unconverted prospects do you have How many unconverted prospects do you have contact information for? contact information for? How many do you have email addresses for? How many do you have mailing addresses for? Do you have a database organized with contact information for your various lists? Company Confidential Vistaprint © 2011 2/13/2012 28
  • 29. Needs Assessment Worksheet Page 2 How many external lead generation campaigns have you been running each month on average? Is your current marketing bringing in the volume of sales leads you need to reach your sales goals? If not, how many more leads do you need each month to hit your sales goals? Do you have a follow-up marketing system in place to consistently communicate with and make offers to your list? If so, how often do you communicate with your list? Do you have a system in place to capture testimonials from your best clients on a regular basis? If so, are you consistent in executing it? Do you have a system in place to capture referrals from your clients on a regular basis? If so, are you running it on schedule and getting results?Sales: List out sales information for the top 5 profit centers for your business: Profit Center Avg. Monthly Leads Avg. Monthly Closed Sales Avg. Close Rate Avg. Transaction 1. 2. 3. 4. 5. Is your sales process converting where it needs to be in order to maximize ROI on marketing campaigns and hit revenue goals? Company Confidential Vistaprint © 2011 2/13/2012 29
  • 30. Needs Assessment Worksheet Page 3Summary of your business and current strengths:Areas of the business that need improvement:Action steps identified to move the business forward that align with your vision, mission, short and long term goals: Company Confidential Vistaprint © 2011 2/13/2012 30