Master mktg talk_rotary_12_march2013


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Master your business marketing to achieve sales success.

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Master mktg talk_rotary_12_march2013

  1. 1. Presented by:Ethan ChazinPresidentThe Chazin GroupHow to Master YourMarketingThe Chazin Group
  2. 2. Know Your Customers
  3. 3. Align Your Marketing,Sales & BusinessStrategies forSuccess.
  4. 4. • Effective marketing is aligned with your overallbusiness strategy.• Your business strategy MUST guide yourapproach to marketing.• Your marketing strategy needs to be alignedwith your business strategy on 4 dimensions:– Goal Alignment– Resource Alignment– Activity Alignment– Implementation AlignmentAligning Strategies
  5. 5. • Are your strategic and financial goals consistentwith your marketing goals?• Your goals can become misaligned due to:– Rapidly changing business goals (marketplacecircumstances.)–Poor communicationbetween your Departments.– Lack of checkpoints to ensure both sets of your goalsare in sync.Goal Alignment
  6. 6. Aligning GoalsYour Business Goals Your Marketing GoalsIncrease market shareBy 15% this year.Increase sales to existingclients by 20%.Acquire 2 competitors withcombined 10-15% marketshare.Acquire 400 new clients.Discontinue 30% of yourexisting product portfolio.Launch minor league baseballadvertising campaign.Form 3 strategic partnerships. Integrate outdoor adcampaign in Central/No. NJ
  7. 7. Aligning GoalsMARKETING’s YEAR-LONG “THEME”CATEGORY STRATEGIESTarget MarketPositioning StatementOffering to customersPrice StrategyDistributionSales StrategyService StrategyPromotion StrategyMarketing ResearchAny other component of yourmarketing plan
  8. 8. • Are the resources in your business and yourallocated marketing resources consistent?• Business allocates resources throughout theorganization annually with $ for marketing as a% of annual sales (typically 1-2%.)• Marketing spreads the money around as best itcan to help you achieve your business goals.Resource Alignment
  9. 9. 5Ps & 2Is:Individualization& Interactivity
  10. 10. • MASS CUSTOMIZATION means you have theability to send out customized communicationswith MANY of your customers simultaneously.• Your customers decide how much interactionthey have with you through:– Social media– User forums/online user communities– Chat & Messaging– Email– Website contactsIndividualization
  11. 11. • The extent/amount of 2-WAY communicationbetween your customers and you.• The Internet gives your customers thepower to engage with you in a way neverpreviously permitted.• Shift from broadcast 1-WAY dialog (TV & radio)to an interactive marketing dynamic whichfosters debate, exchanges, and……CONVERSATION!Interactivity’s New Paradigm
  12. 12. 3 Kinds of Product Exist:What Are Yours?
  13. 13. What is a “PRODUCT”
  14. 14. • Core Product Benefit: most basic valueoffered by your products.• Basic/Actual: minimum product offeringneeded to deliver your core benefit.• Augmented: Features that go beyondyour customer’s basic expectations.What is a “PRODUCT”
  15. 15. 5 Customer Needs.What Are They?
  16. 16. • Stated inexpensive car• Real car with LOW operating cost• Unstated good service• Delight include a cool nav system• Secret your friends see you as a cool & savvyconsumerFIVE Kinds of Needs
  17. 17. What Does Your SWOTLook like?
  18. 18. Pareto Lives
  19. 19. Long Live The Pareto Principle• Vilfredo Pareto: Italian Economist, Sociologist• Mathematical Formula Created In 1906 toExplain Uneven Income Distribution InSwitzerland• Today Known as “80/20 Rule”– 1940s: Dr. Joseph Juran proved “In nearly allcases, a few (20 percent) are vital and many(80 percent) are trivial.– Universality: Can be Applied Equally to Any Endeavor(Business, Academia, AND Career Center Goals!)– 20% of Your Clients Create 80% Business– 20% of Your Clients Place 80% of Orders– 20% of Your Clients Purchase 80% ofYour Stuff!!!
  20. 20. What is a“relationship” whenyou are talking aboutorganizations &customers?
  21. 21. A bond/connectionbetween the customerand the organization.
  22. 22. 3 Types of Client:MercenaryLoyalistRaving Fan
  23. 23. 4 Stages of theCustomerRelationship Model
  24. 24. Moving Through the Relationship
  25. 25. • Awareness: Do they know if you even exist?• Exploration/Expansion through:– Attraction– Relationship Norms: patterns of behavior– Trust: can be established many ways– Power: Your organization’s ability to influencepotential customers.– Satisfaction: Required before they even commit toengaging you in the Buyer/Seller processRelationship Stages
  26. 26. • Commitment: Keep them SATISFIED or theydissolve “END” their relationship with you:– How much does each party contribute to therelationship– How much each party invest in the relationship– The consistency in the exchange• Dissolution: Goodbye– Better options come along for customers– You neglect your customers esp. online– A major failure i.e. poor service– Customers outgrow your offeringsRelationship Stages
  27. 27. You need different skills atdifferent stages of thesales process.
  28. 28. The Sales ProcessProspect Marketing SkillsSale Solution Selling SkillsRepeat CustomerService SkillsApostleRelationship SkillsKnow Your Customers
  29. 29. • Customer relationships increase yourprofitability 3 ways:– It costs less to service existing clients than togenerate new ones.– Existing clients are willing to pay a higher price foryour products and services.– Strong buyer-seller relationships increases thelikelihood that customers will share their personalinformation which can help you customize offeringsand sell more effectively to them.The Value in Relationships
  30. 30. • Define the “expected” lifetime value of yourcustomer.• The PARETO Principle matters.• You MUST have a database of past customerpurchases.• A profitable/unprofitable client today is anunprofitable/profitable one tomorrow.• Consider how many referrals they give you.RFVP: Recency, frequency, volume & profit.Determining Customer Value
  31. 31. Know Your Customers• Goal: Identify and Study Your Top 20:– Create a Profile To Match Your Top 20– Use the RFVP Profile:• Recency Of Them Doing Business WithYou• Frequency of Them Doing Business WithYou• Volume of Business They Do With You• Profit They Contribute (conduct an ROI)
  32. 32. What’s a “Brand?”
  33. 33. Is a Brand aPROMISE?
  34. 34.  Memorable Invaluable Unique
  35. 35. Why Brands Matter
  36. 36. • Reduces the cost associated with searching forproducts internally (how much to think aboutthem) and externally (how much to look forthem)• Define product/service qualities• Present product/service characteristics• Chance to “connect” with product maker• Sign of “perceived” quality…PRESTIGE• Help consumers organize their knowledgeabout a product to clarify their decision-makingand thus adds value to firms.Brands Matter to Consumers
  37. 37. • Savvy customers• Brand proliferation• Media fragmentation– Cost– Clutter: 10-15 second spots join :30 & :60 spots– Fragmentation: Growth of independent stations &cable– Technology: VCRs, Remote controls, TiVo• Increased competition• Increased costs• Greater accountability by marketers to hitshort-term profit goalsToday’s Branding Challenges
  38. 38. • You achieve different outcomes from the“added value” attributed to a product as aresult of marketing the brand.• You can create value for the brand in manydifferent ways.• Brand equity provides a common denominatorfor interpreting marketing strategies andassessing the value of a brand.• There are many different ways in which thevalue of a brand can be exhibited or exploitedto benefit the firm.Brand Equity
  39. 39. 41The Chazin GroupSeek New Markets
  40. 40. 42• How Long Does It Take to Follow Up on aLead? Set a Company Policy• Ask All Leads: How Did You Hear About Us?• Use Campaign Specific Reference Codes• Apply Unique Tel #s For Each Campaign toTrack Results• Utilize a Lead Capture/Management SystemThe Chazin GroupProspecting
  41. 41. 43• Develop a Strategic Networking Plan ForIdentifying, Engaging and Converting Prospects• Create a BEST Customer Profile• Launch a “Give to Get” Referral StrategyThe Chazin GroupSeek New Markets
  42. 42. 44Where Are YourReferrals?The Chazin Group
  43. 43. 45• For Small Businesses New Business Comes Oneof 3 Ways: 50% from existing clients 35% are referrals from existingcustomers 15% from advertising efforts85% of your NEW business comesfrom EXISTING businessThe Chazin GroupThe Power of Referrals
  44. 44. 46Expand Your OfferingsThe Chazin Group
  45. 45. Reward, Recognize,Retain Your Top Clients
  46. 46. • Thank them.• Give gifts.• Discounts, coupons, special offers.• Honor outdated returns.• Encourage desired behavior.• Customer “Spotlights.”• Waive outstanding balances.The Chazin GroupReward Them
  47. 47. • According to Inc. it costs 5-10X more to land anew client than it does to sell to an existingone.• Existing clients spend 67% more than newones.• Of the $48 billion worth of perceived value inreward points and miles distributed byAmerican businesses annually, 33% goesunredeemed by consumers.• Companies lose money on time and effort, andcustomers get no more value from thebusinesses to which they are "loyal."The Chazin GroupClient Loyalty Programs7 Customer Loyalty Programs That Actually Add Value. Hubspot Blog, April 3, 2012
  48. 48. • Use a simple points system.• Tier it to encourage more client purchases.• Charge an upfront fee for VIP benefits.• Structure non-monetary benefits aroundcustomer values.• Partner with other companies to offer all-inclusive benefits.• Make a game out of it.• Scratch the program and offer awesomebenefits instead.The Chazin GroupMaking Loyalty Work
  49. 49. • Maintain a robust database.• Keep in touch.• Encourage complaints.• Offer loyalty programs.• Do an amazing job!The Chazin GroupClient Retention Program
  50. 50. • Create Action Plan to Develop Apostles:– Conduct needs assessment– Develop set of CUSTOMIZED solutions– Convince client to implement your recommendations– Review annually– Target of 12Gaining Apostles
  51. 51. • Three Steps to Gaining Apostles:– Write down the names of your apostles– Write down what it takes to keep them– Write a list of clients to convert to apostles:• 2X the Actual # Current Apostles• Follow Actions From Previous Step• Convert 50% Per Year Until Magic 12Gaining Apostles
  52. 52. • Learn Your Prospect/Client’s Top Pain Points• What Challenges Do They Face• Deliver Value at Every Stage of the 4-StepSales Process• Exceed Their Wildest Expectations• Empower Every Employee to do the Same• Account Penetration Strategy• Create Policy of “Standards of Care”Selling Best Practices
  53. 53. • Follow Customer Conversations Online• Align Sales, Marketing, & Product Management• Touch Them Several Ways• Focus Your Presentations in Their Problems• Become More Visible:– Attend Shows & Conferences– Write Articles– Facilitate RoundtablesSelling Best Practices