Building Your Marketing Plan

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This is the slideshow of a presentation given to the Greater Nashua Chamber of Commerce on May 17, 2011. The topic was Creating a Marketing Plan. Loren Foxx from wedu (http://www.wedu.com) was the presenter.

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  • 2:30
  • ChuckWill It Blend? Video Importance of viral videos, marketing, positioning- this was their marketing plan
  • ChuckIncreased name recognition for BlendTec and Tom DicksonPositioned product as a niche/specialty itemBuilt the brand as a household name – they considered their target market, younger YouTube market with disposable income
  • ChuckAsking your customers – why they buy? Who are they? Where do they come from (demographics)Competitors – weaknesses and threats, so you can learn about your opportunitiesTo position your company – is there something that should be more of a core business, i.e. with newspapers – how did their business evolve, and where did they miss their opportunity?Gives you a chance to take in a 30,000 foot view and see the forest for the trees – so caught up in the day to day work that you don’t see it. It’s hard to work on your business when you’re caught up in the business.
  • LorenNothing earthshattering hereLike if you wanted to get 20 days of skiing in – that is the example.For a small business, revenue – sell 100 widgets by June 30, what did you sell last year?(
  • Loren Tangible and intangible goals, i.e. brand awareness vs. salesPersonal development, closing % of sales
  • LorenPricing – Swatch vs. Rolex, Toyota vs. Lexus, Acura vs. HondaPackaging – plain wrap vs. a nice box, Polo, etc.Free prize inside – Chevy Cruze super bowl adTarget audience – who was their target with a luxury car, bows on the Lexus, gold hood ornaments, etc.Unique value proposition – “elevator pitch”
  • LorenPricing – Swatch vs. Rolex, Toyota vs. Lexus, Acura vs. HondaPackaging – plain wrap vs. a nice box, Polo, etc.Free prize inside – Chevy Cruze super bowl adTarget audience – who was their target with a luxury car, bows on the Lexus, gold hood ornaments, etc.Unique value proposition – “elevator pitch”
  • Chuck
  • Chuck
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  • Loren
  • LorenFocus groups are a costly way to do thisGoogle – message boards, Yelp, Trip Advisor, Facebook, Twitter, etc... It’s 2011 and everyone has a voice. If you ignore it you can miss big things. Look at some of the big companies – listen and be proactiveSomeone else – an internAsk employees – sales force feels competition and has empirical evidenceTrade orgs – tradeshows and eventsMarket research – customers, competitors, neighbors, alliances in area, etc.Surveys – cheap to do with Zoomerang, Survey Monkey, zipcodes, etc.
  • ChuckPlumbing company in Nashua example – if you are a plumber there, will you market in Manchester? If so, what will it take?Example of on-time plumber. All plumbers in Manchester run late. Market in Manchester as the on-time plumber.Target market tells you the media you will use – where are your potential customers hiding?
  • LorenGeographyMediaFrequencyTimeWhere are people digesting information?Where can you get the most bang for your buck?Duration of the campaign?
  • Cost of each, depends on the market too.Think of production costs as well
  • Chuck –Web – where people go first (used to be Yellow Pages), does it make sense to have a new site?; SEM, Google, Bing, Yahoo, Facebook, Linkedin; Email marketing – building a list vs buying a list; Viral Videos; Facebook apps; iPhone appsNeed to make the time to do this as it’s crucial to the business – this is always the hardest part
  • LorenIn store – Point of purchase, build the sale (BOGO, buy 2 get 1 free)Experiential or event marketing – displays in store, brand ambassadors, eventsFrequent shopper – CVS “extra care bucks”, Catalinas, etc.Discount program – LocoLocal, Couptopia, Groupon
  • ChuckHow you want to be perceived will be part of the message – one hour plumbers, radio spot, web – all of the messages will tie back to the same concept of on-time, quick serviceWhat will make them buy and come back? Is it the service, the necessity... What makes them loyal?What will make the phone ring?
  • LorenReturn on investment – benchmarking last year compared to this yearOverall company profitabilitySales per repSales per transactionIf you’re pushing products (coupons, etc.) sales of those
  • ChuckEyeball test – how many people are in the store?
  • Loren
  • Building Your Marketing Plan

    1. 1. Building Your Marketing PlanLoren Foxx, wedüMay 17, 2011<br />
    2. 2.
    3. 3. What did this video accomplish?<br /><ul><li> Increased sales (600% increase in consumer market, year 1)
    4. 4. Increased name recognition
    5. 5. Positioning their product
    6. 6. Building a brand
    7. 7. Marketing without “traditional” marketing – viral campaign</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    8. 8. So, why do you need a marketing plan?<br /><ul><li> Learn more about your business
    9. 9. Learn more about your customers
    10. 10. Learn more about your competitors
    11. 11. Set budgets for the coming year
    12. 12. Set new goals
    13. 13. Position your company</li></ul>Are there any other reasons?<br />PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    14. 14. Setting Your Company’s Goals<br /><ul><li> S – Specific
    15. 15. M – Measurable
    16. 16. A – Attainable
    17. 17. R – Realistic
    18. 18. T – Timely</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    19. 19. What type of goals will you set?<br /><ul><li> Sales
    20. 20. New business
    21. 21. Brand awareness
    22. 22. Customer loyalty
    23. 23. Lead generation
    24. 24. Personal development</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    25. 25. Positioning<br />What is positioning?<br /><ul><li> Pricing – economy vs. luxury
    26. 26. Packaging
    27. 27. “Free Prize Inside”?
    28. 28. Who is your target audience?
    29. 29. What is your unique value proposition?
    30. 30. Elevator Pitch</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    31. 31. PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    32. 32. Positioning<br />So...<br />What’s your company’s positioning statement?<br />PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    33. 33. Positioning<br />A positioning statement answers the question: What do we stand for?<br /><ul><li> It’s a promise you make to your customers.
    34. 34. Your singular distinction among competitors.</li></li></ul><li>Positioning<br />How to write a positioning statement:<br />To: Your target audience<br />My company is the… ___________________________________<br />category<br />that…________________________________________________<br /> key benefit – statement of need fulfillment<br />because…____________________________________________<br /> relevant support <br />
    35. 35. Positioning<br />To: Safety Conscious Car Buyers<br />“Volvo is the… automobile manufacturer<br />that… keeps you and your family safe<br />because… all of our research, technology and planning are focused on protecting drivers and their passengers.”<br />Singular distinction: Safety<br />
    36. 36. Understanding Your Place in the Market<br /><ul><li> Strengths
    37. 37. Weaknesses
    38. 38. Opportunities
    39. 39. Threats</li></ul>How can you use this information to your advantage?<br />PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    40. 40. How can you do this analysis?<br /><ul><li> Focus Groups
    41. 41. Google
    42. 42. “Have someone else do it for you”
    43. 43. Ask employees
    44. 44. Trade organizations
    45. 45. Market research
    46. 46. Survey your customers</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    47. 47. Developing Your Strategy<br />Who’s your target market? And why is this important?<br /><ul><li> Dictates your geography
    48. 48. Dictates the media you will use</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    49. 49. Developing Your Strategy<br />How do you build a budget?<br />PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    50. 50. Which Media Will You Use?<br /><ul><li> “Traditional media”
    51. 51. Radio
    52. 52. Print
    53. 53. TV</li></ul>Your budget dictates where you’ll place your media, and what you’ll produce<br />PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    54. 54. Which Media Will You Use?<br /><ul><li> Interactive Media
    55. 55. Web
    56. 56. Online Advertising
    57. 57. Email
    58. 58. Viral Videos and Commercials
    59. 59. Facebook Apps
    60. 60. Smartphone Apps</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    61. 61. Which Media Will You Use?<br /><ul><li> “Different” Media
    62. 62. In-Store
    63. 63. Experiential / Event Marketing
    64. 64. Frequent Shopper
    65. 65. Discount Program</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    66. 66. What Will Your Message Be?<br /><ul><li> This is the hard part...
    67. 67. Tying how you want to be perceived into your messaging
    68. 68. What will make customers buy?
    69. 69. What will result in increased leads or sales?</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    70. 70. How Will You Measure Your Success?<br /><ul><li> Accounting Metrics
    71. 71. ROI
    72. 72. Profitability
    73. 73. Total Sales
    74. 74. Sales per Rep
    75. 75. Sales compared to previous period / similar period
    76. 76. Sales per Transaction
    77. 77. Sales of Specific Products</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    78. 78. How Will You Measure Your Success?<br /><ul><li> Other ways?
    79. 79. Website traffic / visits
    80. 80. Facebook fans / interactions
    81. 81. Store visits
    82. 82. Frequent shopper signups / rewards program
    83. 83. New customers?
    84. 84. ZIP Codes?
    85. 85. Eyeball test</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />
    86. 86. What’s Next?<br /><ul><li> Do Your Research
    87. 87. Set Your Goals
    88. 88. Write Your Plan
    89. 89. Learn Your Markets
    90. 90. Make it Happen
    91. 91. Celebrate Your Success</li></ul>PNC Bank<br /> Copyright 2010 wedü,inc.<br />

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