4 P's of Marketing: Confessions of a Guerrilla Marketer

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Marketing, such a loosely used word in the business world and a treacherous task to undertake as a business owner. Businesses make or break on their strategies and developing a thorough marketing …

Marketing, such a loosely used word in the business world and a treacherous task to undertake as a business owner. Businesses make or break on their strategies and developing a thorough marketing strategy is essential to any businesses success, small or large. So many questions arise when developing a marketing strategy. Where do I spend my money? How do I differentiate myself from my competitors? How much should I spend on online assets? Do I need to hire a marketing director? The questions could go on forever but one must know marketing basics and how to leverage not only a well-defined marketing budget but time, energy, and creativity to stand out of the crowd when trying to communicate with their target audiences.

Contact Anthony William Tucker to discuss hosting this workshop in your community for your city government, chamber of commerce, economic development entity, main street association, or other organizations that contain members who are seeking branding and marketing insight. Email AWT, william@tuckerforoklahoma.com or call, 918-613-0411.

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  • Brand identity is developed based on the needs/desires of the most profitable customers that exist in the marketplaces the company will compete in.
  • 66 FCU recently opened a new branch in Houston, Texas in addition to their other assets with KU and COP.
  • Advent of new e-commerce solution, shoop

Transcript

  • 1. 4 P’S OF MARKETING: CONFESSIONS OF A GUERRILLA MARKETER Presented and Developed by: Anthony William Tucker New Media Specialist Innovation Center Powered by RSU RSUinnovation.com | 918-343-7533
  • 2. ABOUT ME/ABOUT YOU  Who am I: Anthony William Tucker  What is my job: New Media Specialist at the Innovation Center powered by RSU  What is my background: Guerrilla marketing strategist with experience in both public and private sectors in marketing, branding, public relations, social media, and search engine optimization.  Why am I here in Nowata County: Training correlates with Entrepreneur Ready Community Certification process Nowata County is undergoing with the guidance of the Innovation Center. The goal is to help Nowata create business climate that attracts outside dollars and keeps dollars from leaking from the community.  Why should you listen to me: I will teach you the marketing strategy basics, advanced guerrilla marketing tactics, and provide insight into how to build long-term authentic brand relationships with your most profitable customers.  What we can provide you: The Innovation Center can provide you with our team of business development specialists who can provide your business’ decision makers with YODA like guidance to help you develop your business. The Innovation Center is not a full-service marketing agency, we are a resource to help businesses and organizations gain insight and wisdom on how to better their business and their bottom line.  How can you contact me: By email, atucker@rsu.edu or by phone, 918-338-8039. You can also find me on Facebook, Facebook.com/TuckerForOklahoma or on my blog, TuckerForOklahoma.Blogspot.com.
  • 3. WHAT WE ARE GOING TO COVER  Branding vs. Marketing  How to develop a brand’s position based on market research  Understanding that a brand is a promise  Truity Credit Union example  Marketing Basics  Knowing what marketing is and what it isn’t  Knowing how to conduct market research  Understand who your company is, who your customers are, and who are your competitors  Advanced Marketing Strategy Insight  Knowing and understanding that each touch point with your audience is marketing  Budgeting your promotional strategy  Understanding what value your audience seeks from your product  Guerrilla Marketing vs. Traditional Marketing  Knowing how to leverage time, energy, and creativity versus large marketing budgets  Know how to build brand awareness and brand loyalty through guerrilla marketing initiatives  Confessions of a guerrilla marketer in the private and public sector  Programs and platforms available to help aid guerrilla marketers
  • 4. CONFESSIONAL Branding…Marketing…Advertising Tell me your thoughts when you hear each of those words.
  • 5. BRANDING VERSUS MARKETING  Branding  Branding is the promise made to employees, stakeholders, customers, and potential customers of the experience they can expect when purchasing a product/service from your company.  Branding is more than the visual representation, a logo, it is how you communicate the value about your offering to the various marketplaces that you compete in.  A brand’s position is developed through properly positioning one’s product or service in the marketplace through market research that provides competitor intelligence for that segment of the market.  Branding is directly related to the five senses of human beings. It is what creates customer loyalty, bigger profit margins, and growth in a business.  A brand’s value messaging and position must be developed before one can market their business successfully. Without having a branding strategy would be like sending an Army to battle without their commander.  A brand’s position will change as the market’s needs/desires change or when the company shifts their focus.
  • 6. DEVELOPING YOUR BRAND’S POSITION  Market Research  Market research is the key insights that help provide businesses with the information that connects them with consumers and enables them the ability to analyze problems and trends within their current sales model.  Find out who is most profitable customer, where the customer lives, how does the customer buy the product, and why do they buy the product/service.  Analyze what part of the market are you targeting your product to. Base this on the price and assumed quality of the product. Market penetration versus market skimming.  Internal Research  Analyze sales data to find out who is buying from you, what is their frequency of purchases, where they live, and how do they buy it from you (Online, in-store, dealer, etc.).  Pareto’s Law  80% of your sales revenue will come from the top 20% of your customers
  • 7. DEVELOPING YOUR BRAND’S POSITION  External Research  Know the SIC Codes for the markets that you will be competing in. Then you must know what geographic area are you going to be targeting your products/services to.  Market research programs are available at no cost via public libraries and educational institutions. Below are the programs that are highly recommended for understanding your market.  Reference USA  Hoover’s  Ibis World  Google Trends allows you the ability to see the what and how many people are searching for within a specific industry.  Analyze who your direct competitor’s are within the segment of the market you are competing in, be very specific. Understand what their position is within the market and how they are communicating this to their most profitable customers.  What are they trying to tell the public, are they bigger, stronger, faster, etc.
  • 8. LOCAL BRANDING EXAMPLE 66 Federal Credit Union Truity Credit Union
  • 9. BRANDING WRAP-UP  Branding is not the same as marketing but a brand’s promise and position must be decided before crafting a comprehensive marketing strategy for your business.  Brand’s are developed by analyzing the market.  Brand’s are more than just a slick logo. They must be authentic.  A brand’s promise sets the tone for what employees and customers expect from the company.  Branding requires a strategy that focuses on making it easy for current customers and potential customers the ability to receive, store, and retrieve messages from a brand or company.
  • 10. FOOD FOR THOUGHT…. STRATEGIES BEFORE TACTICS WILL WIN THE RACE IN THE LONG RUN IN YOUR MARKET!
  • 11. MARKETING…WHAT IT IS/WHAT IT ISN’T  What it is  Formal: Marketing is the management activity of communicating value offerings to your target audience.  Informal: Marketing is basically every time you or someone from you company has the opportunity to communicate with your current or potential customers.  Big Picture: Marketing encompasses developing your company’s product/service offering, price of the product/service, place where you sell/offer the product/service to the marketplace, and is how you promote your product to the marketplace.  Authenticity: Marketing must be authentic for a business to survive long-term in a market setting.  What it isn’t  Marketing is not the same as advertising.  Marketing is not just for big companies with big budgets.  Marketing is not sales and sales is not marketing.  Marketing is not a scam.  Marketing is not word of mouth!
  • 12. GUERRILLA MARKETING PERSPECTIVE  Guerrilla marketing is the thought process of leveraging cost efficient marketing strategies and aligning tactics that are unique and achieve specific objectives set forth by the company. This perspective allows for companies with smaller budgets to compete with bigger brands who have larger marketing budgets.  Guerrilla marketing enables businesses to build brand loyalists/advocates and top of mind awareness in a market through leveraging numerous methods/platforms including social media.  Guerrilla marketing was the maverick point of view and now it is the mainstream point of view for developing marketing strategies/plans.  Guerrilla marketing is result driven! Small financial investments that yield large returns, leads, and builds brand awareness.
  • 13. GUERRILLA MARKETING VERSUS TRADITIONAL MARKETING  Guerrilla Marketing  Leverages traditional marketing platforms to promote brands but they don’t rely on them for the majority of their leads. They look for unique promotional opportunities that will bring substantial returns for the amount of money, time, and energy put forth into the campaign.  Guerrilla marketing experts stay on the leading edge of technology and find ways to leverage new social media and mobile applications to promote their businesses. They are spreading their value message where their most profitable customers are and not to the masses via traditional methods. Sniper versus shotgun example.  Guerrilla marketing is not always incentive based it does require a direct response.  Traditional Marketing  Traditional marketing relies on leveraging main stream promotional avenues that are costly to reach target audiences with value offerings.  These traditional avenues can be used for guerrilla marketing tactics but must be done more strategically than traditional marketing’s traditional focus which relies on the methods for the majority of their leads.  Traditional marketing principles remain tried and true for all businesses to model their marketing strategy development but they must put the guerrilla marketing perspective on their respective plans.
  • 14. GUERRILLA MARKETING EXAMPLES  Batman leverages Twitter to reveal new villain for movie through requiring specific number of Tweets with official hashtag to gain access to information.  #TheFireRises-http://mathieson.typepad.com/genwow/2011/05/elaborate-batman- the-dark-knight-rises-social-media-campaign-catches-fire.html  Main street boutique leverages pink bicycle to catch the attention of Route 66 travelers and online visitors.  Hillary’s Boutique-Pink Bike- https://www.facebook.com/photo.php?fbid=509917465694515&set=a.3035165963 34604.80574.303515139668083&type=3&theater  Building brand relationships with the product while also gaining customer insight about why they use the product.  GAF Roofing-Facebook Campaign- https://apps.facebook.com/sharewhatyoutreasure/
  • 15. KEEP THE GUERRILLA MARKETING PERSPECTIVE FRESH AS WE MOVE INTO THE MARKETING TRIED AND TRUE PRINCIPLES
  • 16. 4 P’S OF MARKETING  Product or Service  Price  Place (Where you sell your products/services)  Promotion  KEEP IN MIND:  Throughout developing your 4 P’s of marketing for your company you will need to keep in mind who are the markets you will be targeting the product to, who is the most profitable customers, and how are you going to position this product/service to those consumers versus the current competitors in that market also competing for those dollars. Also known as STP, segment, target, and position.
  • 17. PRODUCT/SERVICE  What exactly is the product/service?  Why this product/service over others?  This will be solved when developing the brand identity for the product/service.  How is this product/service solving a problem for the ideal customers?  Is this product/service a commodity or a premium product?  Think about what the ideal customer thinks about when purchasing the product do they care about price or innovation/quality?  Is the product going to be known for quality, innovation, or price?  Does the product create a real or cognitive switching cost that will cause current customers to repurchase from company instead of purchasing from competitors?  Apple example.
  • 18. PRICE  Depends on product/service positioning and competitors in that market  Remember the higher price the higher the perceived quality. Price sets the tone for the quality of the product.  Building a brand’s awareness and loyalty will allow for the company to raise prices and increased profit margins because of the perceived value from a customer’s point of view.  Price is not a sustainable competitive advantage unless your in a commodity based market.  Walmart cost leadership strategy example.  Pricing strategies  Market Penetration  Flood market with your product/service. Make your money off of volume and not off of per product profits.  Competition Based  Pricing strategy based at matching or beating the price of competitors in the marketplace.  Market Skimming  Skim the top of the market by selling lower volumes of product but collect higher profit margins of each product/service offered to the market.  Know your profit margins!!!!  Profit margins will differ on where you sell your product, PLACE.  Making a sale doesn’t necessarily constitute making a profit.
  • 19. PLACE  Place is where you sell your products. You should always choose to sell your products/services to the most profitable customers. Note that where you sell your products also conveys a sense of expected quality from the target audience.  Target versus Walmart stocking your product.  Places available to sell your products/services:  B2C-Business to Consumer  Online Store (E-Commerce)  Lower overhead than storefront.  Can be integrated with storefront sales.  Advent of new e-commerce solution, http://www.Shopify.com, allows e-commerce to become sustainable and scalable revenue stream for a business.  Brick and Mortar Store  Higher overhead to have storefront.  Create exclusive location on where product is available.
  • 20. PLACE…CONTINUED  Places available to sell your products/services:  B2B-Business to Business  Option 1: Sell only to other businesses and not to consumers, B2C  Option 2: Selling product through dealer/distributor network  Still can sell product online for full retail price from manufacturer but cannot compete with dealer network on price it will discourage them from stocking product.  Farm Equipment Example  Option 3: Selling product/service through bid procurement  Bid Networks via B2B Focus:  Oklahoma Bid Network: http://www.oklahomabids.com/  B2G-Business to Government  Bid Procurement Networks-https://www.fbo.gov/  Workshop taught by REI WBC about how to obtain government contracts, http://www.reiwbc.org.
  • 21. PLACE…CONTINUED  Places available to sell your products/services:  B2NAG-Business to Native American Government  Bid procurement process  Cherokee Nation Bid Procurement- http://www.cherokeebids.org/CurrentProcurements.aspx
  • 22. PROMOTION What it is What it isn’t  Promotion is the process of conveying value offerings to targeted audiences through various mediums.  Promotion is dictated by the brand’s promise to the market!  Promotion is only successful when objectives are set forth before enacting tactics.  Objectives, Strategies, and Tactics example.  Promotion decisions are decided by understanding when, where, and how the target audience likes to consume marketing messages.  Social media  Mobile applications  Billboards  Etc.  Promotion is not advertising.  Promotion is not driven by incentives.  Promotion decisions are not decided by advertising sales reps.  Promotion is not just one advertisement, it is a clear concise message through various mediums.
  • 23. PROMOTION: WHERE TO START  Market Research  Understand as much as possible about your most profitable customers. Then craft marketing messages of value to be distributed through the most effective mediums.  Analyze past sales to find trends within your company’s sales..  Pareto’s Law-80/20  Once you understand who the most profitable customers are then you can then begin to leverage market research platforms to find more consumers like them. Leverage Tapestry Segmentation to learn more about your specific customer’s lifestyle and preferences  ESRI Tapestry Segmentation- http://www.esri.com/data/esri_data/tapestry  Realize that each customer requires some type of cost to acquire, money, time, energy etc. You have to work harder to earn a new customer so try to increase the frequency of repurchases from current customers.
  • 24. PROMOTION: WHERE TO START  Set a budget  Promotion budget should be 3-5% of total sales for the company.  There is no perfect science to developing a promotional budget. You will have to tweak the budget each month to find the optimal amount of monies to allot each month that brings the most return for your business.  Analyze every dollar that is spent for promotional ventures within an Microsoft Excel sheet so you know exactly what your total costs for promotion each month is.  Pick the most profitable platforms to promote your business  Promotion is about sales driven objectives and not applause. Too many businesses try to get applauded for their marketing campaigns and don’t focus nearly enough on the reasons they are even spending money to attract current and former customers to buy more of what they are offering the marketplace.  Be consistent with where you promote your business.  Reach and frequency are the two most important factors when purchasing media.  Examples of Promotion:  Direct Mail Campaigns  Search Engine Marketing  Social Media Marketing  Event Marketing  Advertising  Purchase of time and space within some form of communication with public.  TV, Radio, Newspaper, Billboard, Yard Signs, etc.
  • 25. PROMOTION: WHERE TO START  Develop clear and concise direct response messaging  Develop clear value messaging for each of your promotional pieces with a clear call to action.  Go online for quote, come to the store to buy the product, call for a quote, go to Tractor Supply Company to buy product, etc. Be clear on what they need to do with this message about your product/service.  Know that each market segment has a different trigger that triggers their desire to buy the product.  Know that consistency with your messaging and consistency within where the consumer spends their time is essential to success. No short term solutions are available for instant success. There is no magic button to success in marketing!
  • 26. PROMOTION: BE A GUERRILLA  Leverage guerrilla marketing promotional tactics for low cost/big return platforms that builds brand awareness with potential customers, top of mind mentality, and builds brand loyalty with current customer base (Lower acquisition costs).  Examples:  Social Media Development  Social media campaigns through third-party applications that increase individuals liking, commenting, and sharing your brand’s content.  Example of Platform: ShortStack  ISSUU  Leverage ISSUU to turn PDF brochures or product specs into interactive flipbooks.  Search Engine Marketing/Social Media Marketing  Pay-Per-Click ads through  Google AdWords  Bing  Facebook  YouTube  Email Marketing  MailChimp
  • 27. PROMOTION: BE A GUERRILLA  Examples:  Unique Business Cards, Unique Store Front, Etc. Basically stand out of the crowd and be noticed but don’t compromise brand standards.  Video Creation  People love to consume content through videos. Leverage the video sharing giant, YouTube, to upload a series of videos discussing your products/services or potentially have customer testimonials through YouTube.  Well-Tuned websites  Easy to find on search engines, buy products from website, etc. Get your audience to spend time in front of your brand on your website. Find ways to keep them engaged. Don’t overpromise and under deliver!  Lucas Metal Works example  ReviewMyLucas.com
  • 28. PROMOTION: TRACK SUCCESS  Remember promotion of your business is only successful if it achieves objectives set forth by your business before the campaign.  Track Success Through:  Simple Microsoft Excel Sheet to analyze where phone calls/quotes came from.  Lucas Metal Works example.  Analyze your company’s website performance during times of promotional campaigns that are either or both through online or offline platforms. Watch for spikes in traffic on those set dates the message was live and in front of your audience’s eyeballs.  Analyze your company’s social media performance during campaigns. This can be done through Facebook analytics.  Analyze your company’s sales versus last year’s sales and analyze month by month sales totals in comparison to the amount of dollars allotted to promoting the business and what forms of promotion you leveraged.
  • 29. NOW YOU HAVE A ROPE  Now you have the knowledge to build you brand’s identity, develop a pricing strategy for your brand, determine where and who are the most profitable avenues to sell your product to, and how to successful develop promotional strategies that are result driven.  Now you can take this knowledge and develop a comprehensive marketing strategy that is based on the ROPE acronym.  Research  What is your company selling, who are your most profitable customers, who are your competitors, and how do you plan on maintaining and/or increasing sales/market share.  Objectives  These are the tangible objectives you would like for your company to achieve through developing this marketing strategy and ensuing promotional campaigns.  Plan  This is how you plan to achieve your set objectives through your promotional strategy and strategic positioning to increase repurchases from current customers and to increase new sales with potential customers. This will include your budget for the plan.  Evaluation  When and how will you determine if this plan was a success. Create a follow-up plan for determining success or failure. Success is driven by increased profits not applause or laughter from marketing messages.
  • 30. GUERRILLA MARKETING TOOLS  ASANA Project Management  ISSUU  InspirePay.com  Google Alerts  Social Media Monitoring  MailChimp-Email Marketing  MAS 100-ERP System  Shopify-E-Commerce Websites  PREZI-Online Based Presentations  Google Drive  Google Trends  Google Email for Businesses  ESRI-Twitter Mapping  ESRI-Tapestry-Market Segments  Kiss YouTube-YouTube Video Downloader (MP4 Format)
  • 31. HOW THE INNOVATION CENTER CAN HELP  Team of specialists within the following fields:  Market Research  GIS  Marketing  Branding  Strategic Planning  Business Development  Online Marketing/New Media  Business Growth Strategy Development  International Trade Request services from Innovation Center at RSUinnovation.com
  • 32. CONTACT ME/FOLLOW-UP  Contact Information:  Who: Anthony William Tucker  How: Phone, 918-338-8039, or email, atucker@rsu.edu  Last Day: Friday, August 9th  Replacement: Brandon Irby, 918-343-7509, or brandonirby@rsu.edu  Presentation Information:  View or download presentation, watch video of presentation, download resources, and view links to Guerrilla Marketing Resources online, http://www.getmefoundonline.com/4-ps-of-marketing.html