Marketing - in a Monkey nutshell Unltd, 8 May 2007

Unltd, 8 May 2007

Rob Greenland [email_address] .co.uk www.socialbusinessconsulting.co. uk www.thesocialbusiness.co.uk 07905 800 710

Why monkey business? Some really good marketing in the music business Arctic Monkeys - use of myspace.com (by a customer) and free downloads Four Day Hombre - asked fans to invest in a record label All about building relationships - without much money

Some really good marketing in the music business

Arctic Monkeys - use of myspace.com (by a customer) and free downloads

Four Day Hombre - asked fans to invest in a record label

All about building relationships - without much money

The five stages for developing a plan Identify your market Research your market Segment your market Develop a marketing mix for each segment you will target Work out how you’ll develop a relationship with each group of customers

Identify your market

Research your market

Segment your market

Develop a marketing mix for each segment you will target

Work out how you’ll develop a relationship with each group of customers

What is marketing? Every contact you make with customers, suppliers and staff The whole business seen from the customer’s point of view Building relationships with customers

Every contact you make with customers, suppliers and staff

The whole business seen from the customer’s point of view

Building relationships with customers

Why is marketing important? Because a lot of organisations aren’t very good at marketing You’re in competitive markets Part of the cultural shift towards building your business around customers - not funders. Because you are not your customer!

Because a lot of organisations aren’t very good at marketing

You’re in competitive markets

Part of the cultural shift towards building your business around customers - not funders.

Because you are not your customer!

What is a market? A set of all existing and potential buyers of a product or service or The total value of products or services which satisfy the same customer need

A set of all existing and potential buyers of a product or service

or

The total value of products or services which satisfy the same customer need

How do you decide what market you’re in? Ask what the customer needs

Ask what the customer needs

Market research Become a Zulu in your chosen market

Become a Zulu in your chosen market

How to organise your market research Big picture - size of the market, trends, etc Customers - who are they? What you can you find out about them? Competitors and partners Then analyse your research- and make some decisions based on what you’ve found out.

Big picture - size of the market, trends, etc

Customers - who are they? What you can you find out about them?

Competitors and partners

Then analyse your research- and make some decisions based on what you’ve found out.

Market segmentation Division of a market into different groups of customers who have broadly similar characteristics Why is it important to do this?

Division of a market into different groups of customers who have broadly similar characteristics

Why is it important to do this?

Because customers aren’t all the same! Different customers have different needs If you understand that, you can tailor your services to meet their needs No prizes for guessing what happens when you do treat everyone the same

Different customers have different needs

If you understand that, you can tailor your services to meet their needs

No prizes for guessing what happens when you do treat everyone the same

A two-minute market segmentation

Now, you start to tailor your service Develop a marketing mix for each group - a unique combination of: Product Price Promotion Place

Develop a marketing mix for each group - a unique combination of:

Product

Price

Promotion

Place

An effective marketing mix

To recap Be clear about what market you’re in Research your chosen market Segment your market Develop your marketing mix - product, price, promotion and place Only then, think about spending money on “marketing”

Be clear about what market you’re in

Research your chosen market

Segment your market

Develop your marketing mix - product, price, promotion and place

Only then, think about spending money on “marketing”

Things that can work well for social entrepreneurs PR - particularly stories in your local media Partnerships - with other organisations which are established in your chosen market Word of mouth - your own mouth and your customers’ mouths! Great service - surprise people! Story-telling - you have a good story.

PR - particularly stories in your local media

Partnerships - with other organisations which are established in your chosen market

Word of mouth - your own mouth and your customers’ mouths!

Great service - surprise people!

Story-telling - you have a good story.

And finally… Listen to your customers

Listen to your customers