Marketing on a Shoestring Budget Prepared by: Nicola Lacey
Marketing your Business Marketing is not just about advertising or design – it’s at the heart of making sure your business has the best chance of success. Great marketing should help you get and keep profitable customers.
Marketing your Business The most successful businesses are those that put the consumer at the heart of everything they do - so the key is to identify, attract and satisfy consumers. The aim of marketing is to help you ensure that your business has (4 P’s): The right product or service At the right price In the right place and at the right time With the right promotion to your target market
Innovation In today’s economy, the marketplace is crowded and the pace of change ever quicker. In this context, it is increasingly difficult for companies to capture and maintain a competitive advantage. Consider the consumer context: when choosing food and beverages, shoppers are presented with an overwhelming number of options. Most consumer decisions are made within seconds, out of habit rather than a rational appraisal of all the possibilities. How do you therefore cut through the clutter sufficiently to make people reappraise their choice, and consider your products? Or indeed, if you are the market leader, how do you create sufficient distance between you and the competition in order to hold onto your competitive edge?
Innovation “Innovation provides a competitive advantage so businesses or economies that stand still and do what they have always done will lose out to those prepared to take the risk.” Sir Terry Leahy, CEO Tesco The ability to keep your brand or product different and relevant in consumers’ minds is vital to gaining and maintaining a competitive advantage. Innovation is the tool to unlock this advantage. Innovation means continually improving and invigorating your offer to customers. It is a way of thinking that applies to all areas of your business, including products, service delivery, packaging, manufacturing and marketing.
Innovation Innovation can be small in scale, for example making improvements to a product recipe, or it could mean launching an entirely new product, range or brand. "Companies that ride the currents succeed; those that swim against them usually struggle. Identifying the currents and developing strategies to navigate them is vital". McKinsey & Company
How to develop effective communication 1. Identify your target audience 2. Outline communication objectives 3. Create the message 4. Select channels of communication 5. Collect the feedback
PR “Public relations practice is the planned and sustained effort to establish and maintain good-will and understanding between an organisation and its publics”. Institute of Public Relations, UK. In summary: PR involves creative means of building reputation and credibility. PR means effective, timely and targeted communication. PR relies on the principle that good business sets out to earn and keep the goodwill and support of its key stakeholders. PR means careful analysis of feedback and information and the ability to adapt to changing circumstances.
PR Successful enterprises depend on a range of key relationships. Well-managed public relations can turn all these vital relationships into assets for the organisation. Key relationships include: Consumers Investors Legislators The media Employees Neighbours
Flyers Cheap and Effective If clear message can be very worthy
Merchandise Depending on the situation but it might be relevant Think of your business – is there a specific scenario where they may need your phone number/details? If so should you be there?
Guerrilla Marketing Guerrilla marketing is aimed at taking us by surprise and intrude on our lives when we least expect it
Events Either organise an event to create custom for your business Or use an event to maximise profits
Social Networks Can be really useful to any business if used appropriately. Need to be committed. Need to be interacting with audience.
Blogging E-WOM is massive Weddingsonline.ie Noticeboards.ie Tripadvisor.ie Be aware which user-generated websites your customer is interacting with
YouTube - Website Use of Video can be very effective Picture paints a thousand words
Mobile Marketing Text Messages Mobile Applications By end of 2011 there were 6 billion mobile subscriptions – 87% of population (Source: ITU) - Mobile Subscription has reached saturation point in developing countries Use of mobile phoneBy 2014, 76.9 (Europe) -2011billion download’s • 28% – browserin US and will be • 28% – appworth US$35 • 83% - textbillion
Other Loyalty Schemes Business Development Database of Potential Customers Database of Current Customers Sales – ―Beat on the Street‖ Referral Schemes CRM Gifting Thank you message
Measuring It No point in spending money on marketing if you do not know it is working Measure it! Ask people how they heard about you! Try and track spend. Outdoor Press
Measures that Drive PerformanceNet Promoter Score Balance Score CardBy asking one simple question — The balanced scorecard is aHow likely is it that you would strategic planning andrecommend [your company] to a management system that is usedfriend or colleague? — you can extensively in business andtrack these groups and get a clear industry, government, and non-measure of your company’s profit organizations worldwide toperformance through your align business activities to thecustomers’ eyes. vision and strategy of the organisation, improve internal and external communications, and monitor organisation performance against strategic goals.
Key Take Away’s You should make a pact that you do at least one thing per week for your business that is driving it in some way Keep it simple – it does not have to cost a fortune to be innovative Reinvent yourself - Einstein once said the definition of insanity was ―to keep doing the same things and expect to get different results‖