Arkansas State University Small Business and Technology Development Center
ALL of the contact that anyone in your company has with anyone outside your company Marketing is NOT Advertising Marketing IS Motivation
Complicated A Miracle Worker A Stage for Humor
Helping Customers Achieve THEIR Goals A Process Not An Event Process of Building Lasting Relationships Repetition Focus on impact of the message rather than volume. Obsessed with benefits. Understand positioning and niches markets.
1. Segmenting Your Market2. Know Your other Story Tellers3. Develop Target Groups4. Information Channels5. Target Needs/Wants6. Craft a Compelling Message7. Analyze Results8. Time Management Business Advantage: Marketing Your Business
Be Customer Oriented NOT Self Focused People Care About Themselves (not you) Focus on Giving Not Taking
Customers Make Most Purchase Decisions in their Unconscious Mind Repetition is Critical Right-Brained vs. Left-Brained
Features – Characteristics that physically describe your product or service. Benefits – Describes how the product or service will help the customer solve his/her problem.*REMEMBER—It’s the benefits that will sell the product, not the feature Business Advantage: Marketing Your Business
TO SAVE TO REDUCE ◦ Money ◦ Expenses ◦ Time ◦ Taxes ◦ Effort ◦ Liabilities ◦ Resurces ◦ Trouble TO INCREASE TO IMPROVE ◦ Income ◦ Productivity ◦ Investment ◦ Confidence ◦ Future ◦ Appearance ◦ Personal relationships ◦ Peace of mindUnderstand the REAL MOTIVATION!
Branded “Look” Be Consistent Your Location On the Phone On the Web
Don’t Start by Focusing on the Sale Create Soft Steps to Purchase Begin by Focusing on Consent to Hear from You ◦ Offer Free Information ◦ Most Will Say “No” ◦ Cherish Those Who Say “Yes” Helps Build Relationships
Your Most Valuable Asset Hold a Contest Ask for Referrals Don’t Abuse It
What is a Call to Action? ◦ Subscribe ◦ Buy Now ◦ Go to Our Web Site Make it Obvious
Understand WHY Customers Should Do Business with You Develop Your Follow Up Process ◦ Start with Your Current Customers Build a Customer Database You Can Use Look for Ways to Create Added Value Evaluate Your Attention to Detail ◦ Identify Problems and Opportunities for Improvement ◦ Fix Them Use and Refine Your Elevator Pitch Build Consent from New Prospects Identify Ways to Make Technology Work for You
What product or service will you offer? List the features that are different or better than your competitor’s. What are the benefits of this product?Your benefits should be better than your competition, if not, how will you compel consumers to switch. Business Advantage: Marketing Your Business
Who wants/needs what you are offering? Factors to consider—age, sex, income, race, musical taste, etc. Market is never “everyone.” Test your product/service using focus groups, on-line surveys, etc. Turn the results into a one- or two- sentence benefits statement.
Geographics – ◦ Location, size of area, density, Demographics ◦ Age, gender, income, education, etc. Psychographics ◦ Lifestyle, rate of use, repetition of need, benefits Behaviors ◦ Need for fulfillment, level of knowledge, information sources, attitude,
BOTTOM LINE: KNOW YOUR CUSTOMERS WHO ARE THEY? WHERE ARE THEY? WHAT DO THEY NEED? HOW DO THEY MAKE BUYING DECISIONS? WHERE DO THEY BUY? HOW DO YOU REACH THEM WITH YOUR MESSAGE?
Who is your competition? (List) ◦ Direct Competition ◦ Indirect Competition How do Customers Choose? ◦ Price or billing rates ◦ Reputation or image ◦ Visibility? Are brand names important
Describe each of your main competitors by ◦ Size ◦ Market Share ◦ Comparative product quality ◦ Their apparent target market ◦ Availability of capital and resources ◦ Their marketing strategy
Strengths and Weaknesses Compared to Yours Consider: ◦ Service ◦ Pricing ◦ Reputation ◦ Management ◦ Financial position ◦ Brand Awareness ◦ Technology ◦ Other that is important in your industry WHAT SEEMS TO BE THEIR STRATEGY?