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  • Look at the product you are selling or building… What makes it unique. These are your FEATURES. Now look at each FEATURE and ask the “how and why”. These are your BENEFITS. If you can figure out a benefit for a feature, don’t expect your customer the reason why they should use that feature. Features are important but telling people why that feature will benefit them creates loyalty and customer acceptance. Benefit statements usually are something very tangible.. For example, the benefit of canned food goods is a greatly lengthened time to “spoilage” for food. In fact the concept of food spoiling is almost eliminated with “canned foods”… It is often the in steps of telling people about features and benefits that truth gets lost. If you want a successful marketing campaign for your product, get the features and benefits right.
  • You’ve gathered in your facts and from those product or service facts you’ve developed benefits.. You can see that your product results in something good for the potential customer, whether it’s saving time, saving money, improves performance, improves quality, etc., it’s now time to tell people that it’s available for sale. That is where the promotional mix comes into play…
  • Advertising is the process of “telling people” something about your product or service. When you develop advertising you need to review your features and benefits and ask yourself… “Which of these features and benefits can people MOST relate too?” Advertising a very obscure feature and telling people about it’s benefits may result in wasted opportunity and money. If you are selling canned food goods and the feature you pick out is “steel cans” and tell people the benefit of “steel cans” is durability and that you can build big stacks from them.. Most people will go.. SO WHAT? Pick out the feature and benefit the people can most relate too. People can relate to the fact that canned food is good because I can store it until it’s needed without worrying if it will be spoiled or not.. Ok so this is a simple example, but it illustrates the point… Advertising is communicating to people about a problem (food spoiling) and solving it (canned food).. Keep in mind that people will only take away what you can communicate in approximately 6 seconds. Be quick with your advertising message and focus in on a KEY benefit.
  • Developing a public relations strategy can be incredibly helpful.. Think of Public Relations efforts as what your relationship is with the media, the public out there. When you look at a public relations strategy, you need to account for things like product annoucements. Developing a good press release when you develop a new product is important because a press article about your product ads “legitimacy” to your product offering. In a press article you get several “column inches” that a writer uses to help communicate your product offering, product positioning, product benefits… as they see it from a 3 rd party point of view.. Where public relations is also very helpful is in handling a public crisis. Back to our “food” example. In the US we had a “mad cow” disease scare. Even though the cow was identified and the meat from that cow traced and food markets alerted. A food market in a region that did NOT have the issue voluntarily removed ground beef from the shelves and destroyed to show it’s customers that it was NOT going to be a part of the problem… That’s public relations… When a public crisis occurs, developing your “message” and contacting the media immediately helps diffuse the crisis..
  • Other promotional tactics.. Promotional mix is all about getting the word out.. Some people think that big expensive newspaper, television or glossy magazine advertising is the most effective way to get the word out to others about your product or service Well for someone who is established company that may be true.. For small businesses and start up businesses there are a variety of other ways to get the word out about your products or services. Email. Surfing the internet will yield list providers who for a relatively small fee will broadcast an email message that you create to a huge number of people.. On a cost per thousand messages sent basis, this may be very inexpensive.. But keep in mind that it is also becoming so prevalent that the effectiveness is dropping rapidly. Direct Mail. This is seeing a resurgence in popularity. Think of it as writing a letter, briefly telling about your product or service, and asking the person to contact you. The cost, is the cost of a stamp.. Lists typically are readily available.. So that’s not an issue.. It’s something that more and more people are paying attention too… Flyers.. Probably the CHEAPEST way to get the word out. This is literally printing up your message on a piece of paper and standing on a street corner and handing it to people as they walk buy. Yes, many end up in the garbage, but many will be taken home and taken seriously…
  • To summarize.. Marketing is about telling others ENTHUSIASTICALLY about your product or service. Facts and Truth go hand in hand here.. Don’t compromise on the Truth or you will have problems.. Finally don’t be discouraged about poor results the first time you promote. The American Marketing Association has researched this fairly extensively and found that a person must hear a message 3 times before they will act on it.. So however you choose to tell people… keep telling them, and telling them and telling them….
  • To sum up.. Marketing is about communication. You need to learn your product or service and be able to clearly articulate to someone why they should consider purchasing it. Then you need to figure out how to reach your most likely customers. Marketing is necessary. Without marketing, it’s impossible to create sales. Marketing is the fuel that you pour onto sales to get it going. Marketing generates interest, interest generates trial, trial results in sales. Marketing is costly… Consider creative ways to pay for the costs of getting your product promoted.

Transcript

  • 1. Marketing © Expressive Business Strategies 2008- All Rights Reserved
  • 2. Select a name for your business –
    • A business name should be:
      • Short
      • Memorable
      • Descriptive
    © Expressive Business Strategies 2008- All Rights Reserved
  • 3. Name your business
    • The Key is:
      • Memorable
    • Memorable is a function of:
      • Advertising
      • Public Relations
      • Events
    © Expressive Business Strategies 2008- All Rights Reserved
  • 4. Describe your customers
    • Who are they
    • What are they like
    • What do they need
    • What do they want
    • Why do they want your product
    • Where do they live
    © Expressive Business Strategies 2008- All Rights Reserved
  • 5. Target Audience
    • Target Audience = People most likely to purchase your product.
    • Understanding needs, wants, desires, relative to your product, help you properly emphasize the most appealing aspects of your product. This is called product positioning.
    • The more you understand their physical location, the more you can specifically direct your message
    © Expressive Business Strategies 2008- All Rights Reserved
  • 6. Who are your competitors
    • List all the competitors you can think of
    • How long have they been around
    • What do they do well?
    • How could they do better?
    © Expressive Business Strategies 2008- All Rights Reserved
  • 7. Competition
    • Competition is not a bad thing
      • You benefit from their marketing strategy
      • The more competition the more awareness for the category
      • There is the concept of “too much” competition which can lead to severe price erosion
    • Key is “Differentiation”
      • How is your product better than the competition? It’s here that you want to spend your marketing resource…educating the customer as to why your offering is better.
    © Expressive Business Strategies 2008- All Rights Reserved
  • 8. What will be the price of your product/service
    • What is the normal price?
    • Do you want to compete on price?
    • Do you want to offer a “premium” service/product that costs more?
    • How do you justify a premium price?
    © Expressive Business Strategies 2008- All Rights Reserved
  • 9. Pricing
    • Begin with research,
      • What is the competition charging?
      • What is their model?
        • Look for hidden fees, upcharges etc.
      • “ Focus Group”
    • Differentiation
      • Is that differentiation worth a premium?
    • No Differentiation
      • Compete on price
    © Expressive Business Strategies 2008- All Rights Reserved
  • 10. How will you market/launch your business
    • What ways can you reach your customers?
    • How will you generate customer interest?
    • Will you have promotional pricing?
    • What is the best way to advertise?
    • Do you need special advertising
    © Expressive Business Strategies 2008- All Rights Reserved
  • 11. Marketing – F&B
    • Features and benefits.
      • Feature – Describes something about a product or service.
      • Benefit – Describes what happens if you use a feature.
    © Expressive Business Strategies 2008- All Rights Reserved
  • 12. Marketing – The Promotional Mix
    • Promotional Mix includes:
      • Advertising
      • Public Relations
      • Other promotional opportunities
        • Email
        • Direct mail
        • Brochures or flyers
    © Expressive Business Strategies 2008- All Rights Reserved
  • 13. Marketing - Advertising
    • Advertising
      • It’s all about communicating…
        • Your Product Features
        • Your Product Benefits
        • Your Product Availability (When)
        • Your Product Availability (Where)
        • Your price (maybe..)
    © Expressive Business Strategies 2008- All Rights Reserved
  • 14. Marketing – Public Relations
    • Public Relations
      • Announcing new products
      • Handling public problems
    © Expressive Business Strategies 2008- All Rights Reserved
  • 15. Marketing – other promotional activities.
    • Email
    • Direct Mail
    • Brochures or flyers…
    • … .all very inexpensive ways of reaching people. Very important for a new business!
    © Expressive Business Strategies 2008- All Rights Reserved
  • 16. Marketing – Summary
    • Know your facts
    • Determine the one key fact ( Feature )
    • Determine the “why?” of that key fact ( Benefit )
    • Tell people about it… again and again and again and again…..
    © Expressive Business Strategies 2008- All Rights Reserved
  • 17. Marketing - Summary
    • Marketing is all about communication
      • Choose your message (Features and Benefits)
      • Choose your medium (Print advertising, email etc.)
    • Marketing is necessary.
    • Marketing is costly.
    © Expressive Business Strategies 2008- All Rights Reserved