Developing a marketing strategy - maximize social media

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Slides from a seminar for Artists wishing to know more about developing a marketing strategy or maximizing social media. Part of "The Business of Art" 2011 workshop series presented by the Richmond Hill Small Business Enterprise Centre (RHSBEC).

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Developing a marketing strategy - maximize social media

  1. 1. The Business of Art: Developinga Marketing Strategy- Maximize Social MediaBhupesh Shah, B.Sc., MBA | ethnicomm inc.October 27h, 2011
  2. 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. 3. Agenda – Maximize Social Media Your brand Bring clients in Open up Maximize Expose yourself everything © 2011 ethnicomm inc.
  4. 4. Why are you in business?Image source: http://www.successwallpapers.com © 2011 ethnicomm inc.
  5. 5. What is your purpose?Image source: http://www.successwallpapers.com © 2011 ethnicomm inc.
  6. 6. Why isdeveloping aMARKETING STRATEGYso important? © 2011 ethnicomm inc.
  7. 7. Whats the use of running if you are not on the right road? German proverbSource: http://www.flickr.com/photos/laurelfan/
  8. 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. 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. 10. Developing a Marketing Strategy © 2011 ethnicomm inc.
  11. 11. Developing a Marketing Strategy What you will sell © 2011 ethnicomm inc.
  12. 12. Developing a Marketing Strategy What you will sell What you will charge © 2011 ethnicomm inc.
  13. 13. Developing a Marketing Strategy What you will sell What you will charge How you will sell © 2011 ethnicomm inc.
  14. 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. 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. 16. Having the lowest price is notalways the best strategy.How do you want to beviewed in themarketplace?Consistency withyour brand and positioningis important. © 2011 ethnicomm inc.
  17. 17. location, location, location but if nobody knowswho you are or where you are…Source: http://www.flickr.com/photos/bensonkua/ © 2011 ethnicomm inc.
  18. 18. © 2011 ethnicomm inc.
  19. 19. Who is your target? Everyone? What is competing for yourpotential customer’s money? What are the needs of your potential customer? © 2011 ethnicomm inc.
  20. 20. Finding yournicheCan you satisfy acurrently unsatisfied demand?Can you do it better? © 2011 ethnicomm inc.
  21. 21. How do I do thisImage source: http://www.flickr.com/photos/dreamsjung/ © 2011 ethnicomm inc.
  22. 22. Identifying market segments – demographicGender Age © 2011 ethnicomm inc.
  23. 23. Identifying market segments - geographicImage source: http://www.york.ca/ © 2011 ethnicomm inc.
  24. 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 escapeSource: http://www.scribd.com/doc/13138719/Porsche-Psychological-Segmentation; Image Source: http://www.madgene.com © 2011 ethnicomm inc.
  25. 25. Identifying market segments - behaviouruser of competitor’sproducts/servicesusersnon-usersex-usersfirst-time usersregular users © 2011 ethnicomm inc.
  26. 26. Identifying market segments – benefits sought the problem a product solves the benefit it offers the issue it addresses © 2011 ethnicomm inc.
  27. 27. Differentiating Show your clients that you can do what no other artist can do. © 2011 ethnicomm inc.
  28. 28. Exercise: How do you differentiateyourself from others? © 2011 ethnicomm inc.
  29. 29. Product FeaturesSource: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  30. 30. Product Quality – performance and conformanceSource: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  31. 31. Product Style ~ DesignSource: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  32. 32. Services – before and after sales Ordering ease ~ Delivery ~ Installation Training ~ Advice Misc. servicesSource: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  33. 33. Personnel that interact with the clientSource: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  34. 34. Distribution ChannelSource: Philip Kotler, Marketing Management 13 th edition © 2011 ethnicomm inc.
  35. 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. 36. Do NOT… plan to compete on price alone © 2011 ethnicomm inc.
  37. 37. Group Exercise: How do you shop? © 2011 ethnicomm inc.
  38. 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. 39. Maximizing your ROI SWOT Focus on what you’re good at 80:20 rule Execution Measurement Tweaking © 2011 ethnicomm inc.
  40. 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/servicesExternal to the organization – macroenvironment; customer; competition; trends... © 2011 ethnicomm inc.
  41. 41. Avoiding Pitfalls – segmentation and targetingToo b r o a d | Too narrowIncompatible withcompanyobjectivesTargeting thewrong group © 2011 ethnicomm inc.
  42. 42. Avoiding Pitfalls – assuming thingsYou know what yourcustomer needs betterthan your customerknows whatthey need!You’re better thanyour competitor(s) © 2011 ethnicomm inc.
  43. 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. 44. “marketing inertia” inability to adapt to market changes Thomas Bonoma (Harvard) © 2011 ethnicomm inc.
  45. 45. Maximize Social Media © 2011 ethnicomm inc.
  46. 46. Social Media for creatives © 2011 ethnicomm inc.
  47. 47. Social Media for creatives © 2011 ethnicomm inc.
  48. 48. Social Media for creatives © 2011 ethnicomm inc.
  49. 49. Social Media for creatives © 2011 ethnicomm inc.
  50. 50. Social Media for creatives © 2011 ethnicomm inc.
  51. 51. Social Media for creatives © 2011 ethnicomm inc.
  52. 52. Social Media for creatives © 2011 ethnicomm inc.
  53. 53. Social Media for creatives © 2011 ethnicomm inc.
  54. 54. Social Media for creativesSource: http://mariakelemen.blogspot.com/2011/06/late-summer-in-richmond-hill.html © 2011 ethnicomm inc.
  55. 55. Trust-based Relationships Advertising/ Promotions Publicity (PR) WOM © 2011 ethnicomm inc.
  56. 56. Build your online‘personal’ brandgivesharehelpengage © 2011 ethnicomm inc.
  57. 57. Bring clients inconnect/networkwithin andoutside of yourindustrymake yourwebsite thecentral point butreach outmake yourcreative worksaccessible byeveryone © 2011 ethnicomm inc.
  58. 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 skillsSource: http://www.flickr.com/photos/heddaselder/ © 2011 ethnicomm inc.
  59. 59. Maximize everythingSocial media is just a toolUse offline and online presence to build yourbusiness © 2011 ethnicomm inc.
  60. 60. Twitter: @ethnicommFacebook: ethnicommLinkedIn: bgshahinfo@ethnicomm.com416.720.1205 | 888.927.8881

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