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The Business of Art: Developing
a Marketing Strategy
- Maximize Social Media

Bhupesh Shah, B.Sc., MBA | ethnicomm inc.
October 27h, 2011
Agenda – Develop a Marketing Strategy



                   Identifying     The Importance
  Marketing
                     market                of
  Strategy
                    segments        Differentiation


 The Impact of
  pricing and    Maximizing your        Avoiding
 promotion on         ROI                pitfalls
 your business




                                     © 2011 ethnicomm inc.
Agenda – Maximize Social Media



  Your brand       Bring clients in          Open up




                                 Maximize
         Expose yourself
                                everything




                                         © 2011 ethnicomm inc.
Why
                                                  are you
                                                     in
                                                 business?




Image source: http://www.successwallpapers.com      © 2011 ethnicomm inc.
What
                                                    is
                                                   your
                                                 purpose?




Image source: http://www.successwallpapers.com     © 2011 ethnicomm inc.
Why is
developing a
MARKETING
 STRATEGY
so important?
          © 2011 ethnicomm inc.
What's the use of running
      if you are not
      on the right
      road?
      German proverb




Source: http://www.flickr.com/photos/laurelfan/
50%
                                                                                 of business
                                                                                 failures are
                                                                                 “due to

        poor management
        or weak marketing
        capabilities”
Source: http://www.statcan.gc.ca/bsolc/olc-cel/olc-cel?catno=61-525-X&lang=eng           © 2011 ethnicomm inc.
Marketing vs. Sales
                             Marketing
      lets potential buyers know about your
         products/services …that you exist!
              It creates a sales opportunity.




          Sales
          converts the potential customer
          to an a c t u a l c u s t o m e r.


                                     © 2011 ethnicomm inc.
Developing a Marketing Strategy




                                  © 2011 ethnicomm inc.
Developing a Marketing Strategy


      What you will sell




                                  © 2011 ethnicomm inc.
Developing a Marketing Strategy


      What you will sell

      What you will charge




                                  © 2011 ethnicomm inc.
Developing a Marketing Strategy


      What you will sell

      What you will charge
      How you will sell


                                  © 2011 ethnicomm inc.
Developing a Marketing Strategy


      What you will sell

      What you will charge
      How you will sell
      To whom you will
      sell                        © 2011 ethnicomm inc.
What is your
      product/service?
      Is it innovative? Does it
      reduce costs? Save time?
      Make life easier?
      Why will customers want
      to buy your product/
      service?
      What is your competitive
      advantage or unique
      selling proposition
      (USP)?
Source: http://www.flickr.com/photos/yummy1986/
Image source: http://www.flickr.com/photos/yummy1986/   © 2011 ethnicomm inc.
Having the lowest price is not
always the best strategy.
How do you want to be
viewed in the
marketplace?
Consistency with
your brand and positioning
is important.



                                 © 2011 ethnicomm inc.
location, location, location
                                                       but
                                                  if nobody knows
who you are or where you are…



Source: http://www.flickr.com/photos/bensonkua/                 © 2011 ethnicomm inc.
© 2011 ethnicomm inc.
Who is your target? Everyone?
 What is competing for your
potential customer’s money?
 What are the needs of your
   potential customer?


                      © 2011 ethnicomm inc.
Finding your
niche



Can you satisfy a
currently unsatisfied demand?
Can you do it better?
                                © 2011 ethnicomm inc.
How do
    I do
    this
Image source: http://www.flickr.com/photos/dreamsjung/   © 2011 ethnicomm inc.
Identifying market segments – demographic




Gender                   Age
                                  © 2011 ethnicomm inc.
Identifying market segments - geographic




Image source: http://www.york.ca/    © 2011 ethnicomm inc.
Identifying market segments - psychographic
     (personality, attitudes, values, and lifestyles)
                          Top Guns: Ambition, power, control
              Porsche

                          Elitists: Old money, car is just a car
                          Proud Patrons: Car is reward for hard work
                          Bon Vivants: Car is for excitement, adventure
                          Fantasists : Car is form of escape




Source: http://www.scribd.com/doc/13138719/Porsche-Psychological-Segmentation; Image Source: http://www.madgene.com   © 2011 ethnicomm inc.
Identifying market segments - behaviour

user of competitor’s
products/services
users
non-users
ex-users
first-time users
regular users

                                  © 2011 ethnicomm inc.
Identifying market segments – benefits sought


               the problem a
               product solves
               the benefit it offers
               the issue it
               addresses

                                  © 2011 ethnicomm inc.
Differentiating

 Show your clients
 that you can do
 what no other
 artist can do.




                     © 2011 ethnicomm inc.
Exercise: How do you differentiate
yourself from others?




                                © 2011 ethnicomm inc.
Product Features




Source: Philip Kotler, Marketing Management 13 th edition   © 2011 ethnicomm inc.
Product Quality – performance and conformance




Source: Philip Kotler, Marketing Management 13 th edition   © 2011 ethnicomm inc.
Product Style ~ Design




Source: Philip Kotler, Marketing Management 13 th edition   © 2011 ethnicomm inc.
Services – before and after sales
                                  Ordering ease ~ Delivery ~ Installation
                                  Training ~ Advice
                                  Misc. services




Source: Philip Kotler, Marketing Management 13 th edition          © 2011 ethnicomm inc.
Personnel that interact with the client




Source: Philip Kotler, Marketing Management 13 th edition   © 2011 ethnicomm inc.
Distribution Channel




Source: Philip Kotler, Marketing Management 13 th edition   © 2011 ethnicomm inc.
Image - do you stir the hearts as well as the
   minds of your clients?




Source: Philip Kotler, Marketing Management 13 th edition   © 2011 ethnicomm inc.
Do NOT… plan to compete
        on price
            alone




                    © 2011 ethnicomm inc.
Group Exercise:
 How do      you
               shop?




          © 2011 ethnicomm inc.
Ways of Positioning
          Attribute: The
        message highlights                                   Product category:
                                                                                   Quality/Price: Claim
        one or two of the                                   Claim as the best in
                                                                                   best value for price.
         attributes of the                                  a product category.
              product.


          Benefit: The
                                                            Competitor: Claim
        message highlights
                                                            that the product is
        one or two of the
                                                               better than a
         benefits to the
                                                                competitor.
           customer.


          Use/application:
                                                              User: Claim the
         Claim the product
                                                            product as best for
          as best for some
                                                             a group of users.
            application.

Source: Philip Kotler, Marketing Management 13 th edition                           © 2011 ethnicomm inc.
Maximizing your ROI

 SWOT
 Focus on what you’re good at
 80:20 rule
 Execution
 Measurement
 Tweaking

                        © 2011 ethnicomm inc.
SWOT Analysis to prioritize and focus your
   efforts
 Internal

                                            Weaknesses of your
                 Strengths of your
                                         company, products/services
            company, products/services
                                               that put you in a
            that give you an advantage
                                           disadvantage relative to
             over others in the industry
                                            others in the industry
 External




                    Market
             Opportunities for your          Threats to your company
               products/services




External to the organization – macroenvironment; customer; competition; trends...

                                                             © 2011 ethnicomm inc.
Avoiding Pitfalls – segmentation and targeting


Too b r o a d | Too narrow
Incompatible with
company
objectives
Targeting the
wrong group



             © 2011 ethnicomm inc.
Avoiding Pitfalls – assuming things

You know what your
customer needs better
than your customer
knows what
they need!
You’re better than
your competitor(s)

                                      © 2011 ethnicomm inc.
Avoiding Pitfalls – poor positioning

     Underpositioning: Market only has a vague idea
     of the product.
                                          Overpositioning: Only a narrow group
                                          of customers identify with the product.
                                                            Confused positioning: claiming
                                                            too many benefits or changing
                                                            the claim too often.
                                                                 Doubtful positioning:
                                                                 product’s features, price, or
                                                                 manufacturer inconsistent.

Source: Philip Kotler, Marketing Management 13 th edition                        © 2011 ethnicomm inc.
“marketing
   inertia”
    inability to
     adapt to
       market
      changes
        Thomas Bonoma (Harvard)




         © 2011 ethnicomm inc.
Maximize Social Media




                        © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




                             © 2011 ethnicomm inc.
Social Media for creatives




Source: http://mariakelemen.blogspot.com/2011/06/late-summer-in-richmond-hill.html   © 2011 ethnicomm inc.
Trust-based Relationships


           Advertising/
           Promotions
              Publicity
                (PR)
                WOM

                            © 2011 ethnicomm inc.
Build your online
‘personal’ brand
give
share
help
engage




                    © 2011 ethnicomm inc.
Bring clients in

connect/network
within and
outside of your
industry
make your
website the
central point but
reach out
make your
creative works
accessible by
everyone
                    © 2011 ethnicomm inc.
Expose yourself
     Tell people about yourself and your work
     Open yourself up to comments/criticism
     Show your portfolio
     Post/share your work
     Demonstrate your
     creative skills




Source: http://www.flickr.com/photos/heddaselder/   © 2011 ethnicomm inc.
Maximize everything

Social media is just a   tool
Use offline and online presence to build your
business




                                   © 2011 ethnicomm inc.
Twitter: @ethnicomm
Facebook: ethnicomm
LinkedIn: bgshah
info@ethnicomm.com
416.720.1205 | 888.927.8881

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Developing a marketing strategy - maximize social media

  • 1. The Business of Art: Developing a Marketing Strategy - Maximize Social Media Bhupesh Shah, B.Sc., MBA | ethnicomm inc. October 27h, 2011
  • 2. Agenda – Develop a Marketing Strategy Identifying The Importance Marketing market of Strategy segments Differentiation The Impact of pricing and Maximizing your Avoiding promotion on ROI pitfalls your business © 2011 ethnicomm inc.
  • 3. Agenda – Maximize Social Media Your brand Bring clients in Open up Maximize Expose yourself everything © 2011 ethnicomm inc.
  • 4. Why are you in business? Image source: http://www.successwallpapers.com © 2011 ethnicomm inc.
  • 5. What is your purpose? Image source: http://www.successwallpapers.com © 2011 ethnicomm inc.
  • 6. Why is developing a MARKETING STRATEGY so important? © 2011 ethnicomm inc.
  • 7. What's the use of running if you are not on the right road? German proverb Source: http://www.flickr.com/photos/laurelfan/
  • 8. 50% of business failures are “due to poor management or weak marketing capabilities” Source: http://www.statcan.gc.ca/bsolc/olc-cel/olc-cel?catno=61-525-X&lang=eng © 2011 ethnicomm inc.
  • 9. Marketing vs. Sales Marketing lets potential buyers know about your products/services …that you exist! It creates a sales opportunity. Sales converts the potential customer to an a c t u a l c u s t o m e r. © 2011 ethnicomm inc.
  • 10. Developing a Marketing Strategy © 2011 ethnicomm inc.
  • 11. Developing a Marketing Strategy What you will sell © 2011 ethnicomm inc.
  • 12. Developing a Marketing Strategy What you will sell What you will charge © 2011 ethnicomm inc.
  • 13. Developing a Marketing Strategy What you will sell What you will charge How you will sell © 2011 ethnicomm inc.
  • 14. Developing a Marketing Strategy What you will sell What you will charge How you will sell To whom you will sell © 2011 ethnicomm inc.
  • 15. What is your product/service? Is it innovative? Does it reduce costs? Save time? Make life easier? Why will customers want to buy your product/ service? What is your competitive advantage or unique selling proposition (USP)? Source: http://www.flickr.com/photos/yummy1986/ Image source: http://www.flickr.com/photos/yummy1986/ © 2011 ethnicomm inc.
  • 16. Having the lowest price is not always the best strategy. How do you want to be viewed in the marketplace? Consistency with your brand and positioning is important. © 2011 ethnicomm inc.
  • 17. location, location, location but if nobody knows who you are or where you are… Source: http://www.flickr.com/photos/bensonkua/ © 2011 ethnicomm inc.
  • 19. Who is your target? Everyone? What is competing for your potential customer’s money? What are the needs of your potential customer? © 2011 ethnicomm inc.
  • 20. Finding your niche Can you satisfy a currently unsatisfied demand? Can you do it better? © 2011 ethnicomm inc.
  • 21. How do I do this Image source: http://www.flickr.com/photos/dreamsjung/ © 2011 ethnicomm inc.
  • 22. Identifying market segments – demographic Gender Age © 2011 ethnicomm inc.
  • 23. Identifying market segments - geographic Image source: http://www.york.ca/ © 2011 ethnicomm inc.
  • 24. Identifying market segments - psychographic (personality, attitudes, values, and lifestyles) Top Guns: Ambition, power, control Porsche Elitists: Old money, car is just a car Proud Patrons: Car is reward for hard work Bon Vivants: Car is for excitement, adventure Fantasists : Car is form of escape Source: http://www.scribd.com/doc/13138719/Porsche-Psychological-Segmentation; Image Source: http://www.madgene.com © 2011 ethnicomm inc.
  • 25. Identifying market segments - behaviour user of competitor’s products/services users non-users ex-users first-time users regular users © 2011 ethnicomm inc.
  • 26. Identifying market segments – benefits sought the problem a product solves the benefit it offers the issue it addresses © 2011 ethnicomm inc.
  • 27. Differentiating Show your clients that you can do what no other artist can do. © 2011 ethnicomm inc.
  • 28. Exercise: How do you differentiate yourself from others? © 2011 ethnicomm inc.
  • 29. Product Features Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 30. Product Quality – performance and conformance Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 31. Product Style ~ Design Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 32. Services – before and after sales Ordering ease ~ Delivery ~ Installation Training ~ Advice Misc. services Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 33. Personnel that interact with the client Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 34. Distribution Channel Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 35. Image - do you stir the hearts as well as the minds of your clients? Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 36. Do NOT… plan to compete on price alone © 2011 ethnicomm inc.
  • 37. Group Exercise: How do you shop? © 2011 ethnicomm inc.
  • 38. Ways of Positioning Attribute: The message highlights Product category: Quality/Price: Claim one or two of the Claim as the best in best value for price. attributes of the a product category. product. Benefit: The Competitor: Claim message highlights that the product is one or two of the better than a benefits to the competitor. customer. Use/application: User: Claim the Claim the product product as best for as best for some a group of users. application. Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 39. Maximizing your ROI SWOT Focus on what you’re good at 80:20 rule Execution Measurement Tweaking © 2011 ethnicomm inc.
  • 40. SWOT Analysis to prioritize and focus your efforts Internal Weaknesses of your Strengths of your company, products/services company, products/services that put you in a that give you an advantage disadvantage relative to over others in the industry others in the industry External Market Opportunities for your Threats to your company products/services External to the organization – macroenvironment; customer; competition; trends... © 2011 ethnicomm inc.
  • 41. Avoiding Pitfalls – segmentation and targeting Too b r o a d | Too narrow Incompatible with company objectives Targeting the wrong group © 2011 ethnicomm inc.
  • 42. Avoiding Pitfalls – assuming things You know what your customer needs better than your customer knows what they need! You’re better than your competitor(s) © 2011 ethnicomm inc.
  • 43. Avoiding Pitfalls – poor positioning Underpositioning: Market only has a vague idea of the product. Overpositioning: Only a narrow group of customers identify with the product. Confused positioning: claiming too many benefits or changing the claim too often. Doubtful positioning: product’s features, price, or manufacturer inconsistent. Source: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  • 44. “marketing inertia” inability to adapt to market changes Thomas Bonoma (Harvard) © 2011 ethnicomm inc.
  • 45. Maximize Social Media © 2011 ethnicomm inc.
  • 46. Social Media for creatives © 2011 ethnicomm inc.
  • 47. Social Media for creatives © 2011 ethnicomm inc.
  • 48. Social Media for creatives © 2011 ethnicomm inc.
  • 49. Social Media for creatives © 2011 ethnicomm inc.
  • 50. Social Media for creatives © 2011 ethnicomm inc.
  • 51. Social Media for creatives © 2011 ethnicomm inc.
  • 52. Social Media for creatives © 2011 ethnicomm inc.
  • 53. Social Media for creatives © 2011 ethnicomm inc.
  • 54. Social Media for creatives Source: http://mariakelemen.blogspot.com/2011/06/late-summer-in-richmond-hill.html © 2011 ethnicomm inc.
  • 55. Trust-based Relationships Advertising/ Promotions Publicity (PR) WOM © 2011 ethnicomm inc.
  • 56. Build your online ‘personal’ brand give share help engage © 2011 ethnicomm inc.
  • 57. Bring clients in connect/network within and outside of your industry make your website the central point but reach out make your creative works accessible by everyone © 2011 ethnicomm inc.
  • 58. Expose yourself Tell people about yourself and your work Open yourself up to comments/criticism Show your portfolio Post/share your work Demonstrate your creative skills Source: http://www.flickr.com/photos/heddaselder/ © 2011 ethnicomm inc.
  • 59. Maximize everything Social media is just a tool Use offline and online presence to build your business © 2011 ethnicomm inc.
  • 60. Twitter: @ethnicomm Facebook: ethnicomm LinkedIn: bgshah info@ethnicomm.com 416.720.1205 | 888.927.8881