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Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
Marketing and Your Competitive Space
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Marketing and Your Competitive Space

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In this presentation we review how to: …

In this presentation we review how to:
Conduct a Market Situation Analysis
Conduct a SWOT analysis
Describe the critical factors to business success in the marketplace
Outline your financial objectives and projection
Create your marketing objectives and strategy
List your steps for implementation

Published in: Marketing
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  • 1. Marketing and Your Competitive Space How to conduct market research and create a marketing plan for success. HRVBOC Business Plan Bootcamp Presented by: Marguerite Inscoe of ReLaunchU
  • 2. After this module you will be able to… • Conduct a Market Situation Analysis • Conduct a SWOT analysis • Describe the critical factors to business success in the marketplace • Outline your financial objectives and projection • Create your marketing objectives and strategy • List your steps for implementation
  • 3. Who you are going after, what they think, what they need.
  • 4. Who is the target? What is the size? • Buyers • End Users • Demographics ▫ Geographic ▫ Ethnicity ▫ Age ▫ Income ▫ Education ▫ Gender ▫ Household status Segmentation
  • 5. Growth and Trends • Target market expanding or condensing? • How are complementary products performing? • Adoption rate of similar products in the past? • Life cycle common in the industry? • Seasonal? • Sensitive to economic conditions? • Demand for variety? • Level of expected service and support?
  • 6. Research Resources Library: • Standard & Poor's Industry Surveys • US Industry & Trade Outlook Internet (free or for purchase): • Trade Associations – Find appropriate associations in: Encyclopedia of Associations or a general Internet search • Hoover's Online (www.hoovers.com) – Companies and Industries Section • MarketReseach.com (www.marketresearch.com) – Retailer of private market research reports • Yahoo Industry Center - http://biz.yahoo.com • ZapData – Dun & Bradstreet offers free statistical industry data • www.zapdata.com. Free registration is required. • BizStats – www.bizstats.com • SBDCnet – www.sbdcnet.org
  • 7. What are the needs? • Psychographics ▫ Lifestyle ▫ Tastes ▫ Buying Habits ▫ Preferences • Is there an unmet need (entry point)
  • 8. Research Resources Library : • Lifestyle Market Analyst, SRDC – used for collecting psychographic data • Demographics USA County or Zip Code editions, VNU Publishing Internet (free or for purchase): • Bureau of the Census web site: www.quickfacts.census.gov • ESRI – Has free demographic data available by zip code on their website, http://www.esri.com/data/esri_data/demographic.html • EASI (www.easidemographics.com) will give estimated demographic statistics within a user-specified radii for any address • For psychographic information and analysis of zip code areas, use Claritas’ website: http://www.claritas.com/MyBestSegments/Default.jsp Conduct Your Own Survey! – Survey Monkey.com
  • 9. Strength, Weaknesses, Opportunities, and Threats
  • 10. Overview of Industry • Know the history • Factors that effect growth • Government regulations • Leading businesses in the industry • Leading businesses in your region
  • 11. Maintain an open mind…
  • 12. Market Profitability • Buying Power • Supplier Power • Barriers to entry • Threat of substitute products • Rivalry among firms in the industry http://www.netmba.com/marketing/market/analysis/
  • 13. Competitors • Market share • Length of time in market • Location • Packaging and Pricing • Branding • Marketing tactics • Distribution channels • Visit their website • Try their products • Visit their locations • Local office of Economic Development
  • 14. Industry Cost Structure bettyfeng.wordpress.com
  • 15. Distribution Channels • Existing Channels • Trends and Emerging Channels • Channel Power Structure
  • 16. These have to be a home run!
  • 17. Key Factors • Access to essential unique resources • Ability to achieve economies of scale • Access to distribution channels • Technological progress • Understand the market • Factors can change over time and are related to the life cycle of a product http://www.netmba.com/marketing/market/analysis/
  • 18. Connect it to your business and make it measurable.
  • 19. After analysis you should know… • Who you are targeting • What you are selling and the prices • How you plan to produce and distribute • Now lets look at financial objectives in relationship to marketing…
  • 20. How much business do you want? • Research should help you assess ▫ Speed for capturing marketing share ▫ Max potential for size • What is your minimum revenue to be profitable? • How easily can production be scaled? • How many units of product or services to be sold each month? • How does this project into the next 6 months, year, and three years?
  • 21. Converting Sales from Marketing • Relational Sales ▫ Percent of qualified leads that convert into sales ▫ Lifetime value of a customer ▫ Up-selling • Transactional Sales ▫ Traffic ▫ Product Placement ▫ Promotion ▫ Average ticket Get a conservative metric on conversion.
  • 22. You can build it but it doesn’t mean they will come. Turn your market knowledge into action.
  • 23. Marketing Reach and Frequency • Exposure of business to target market ▫ Impressions/Clicks ▫ Shares/Ratings ▫ Phone calls/Conversations • Purposes ▫ Top-of-Mind ▫ Brand Strength ▫ Demonstrating Value
  • 24. Target Market and Personas • A PERSONA comes from combining target market demographics and psychographics into one semi-fictional description of a person ▫ Basis for branding ▫ Streamlines internal and external communications ▫ Clarifies best marketing channels
  • 25. Marketing Channels • Broadcast • Tradeshows • Billboards • Social Media • Magazines • Catalogs • Website • Email • Postal Mail • Apps • Affiliates • Partner Sales • Video marketing • Concession • Kiosk • Telesales • Online Store • Mobile ads • Newspaper • Directories • Infomercial • Networking • Events • Referrals
  • 26. Which Channels Are Right for You? • What provides most exposure to target market? • What will allow you to build a relationship with them? • Outbound Marketing (push) • Inbound Marketing (permissive) • Ownership of Marketing VS. Renting Marketing
  • 27. Marketing Objectives/Budget • What are your monthly sales goals? • What is the cost of “reach” in selected marketing channels? • Based on likely conversion, what is the cost of acquiring a customer? • Small business marketing budgets range from 10-20% of gross revenue • All marketing activities have fixed and variable costs
  • 28. Steps to Market Research and Marketing 1. Who is your market and what do they need? 2. What is happening within the industry and is the future promising? 3. What are your competitors doing and the opportunity they aren’t pursuing? 4. Is it profitable? 5. Can you deliver on the 5 key success factors? 6. What is are your growth goals 7. How much will you need to budget for marketing?
  • 29. Marketing and Your Competitive Space How to conduct market research and create a marketing plan for success. HRVBOC Business Plan Bootcamp Presented by: Marguerite Inscoe of ReLaunchU

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