Chap010bus230

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  • There is a saying in marketing “Unseen and Untold is Unsold.” A startup company is largely unknown. Therefore, if customers are seeking your type of products, they may not know you exist. Or, if your product is entirely new, they may not understand they even need it yet. Thus, you must get the word out. Marketing in the introduction phase is a heavy expense but well worth the investment if done right.
  • The unique selling point of a product can be seen many ways. For: why is your target customer unique? What makes him stand out? Who: what is special about the need for this product? The company is… Why is your company better? Or unique? Why should customers come to you? That: What is the key benefit of your product? That brain injured people can now use computers? Sell it! Unlike: Show how you differ. It may be features (you have a picture phone and they don’t) or service (same day shipping) Available: Place- Where can customers get it and why is that so convenient for them? As we become busier, convenience becomes a main concern.
  • Once you have collected the information you have to determine which market cares most about your message, who is most likely to respond favorably. Then you have a variety of methods to use which help convey the message as are shown on the next slide.
  • Once you have collected the information you have to determine which market cares most about your message, who is most likely to respond favorably. Then you have a variety of methods to use which help convey the message as are shown on the next slide.
  • Once you have collected the information you have to determine which market cares most about your message, who is most likely to respond favorably. Then you have a variety of methods to use which help convey the message as are shown on the next slide.
  • Once you have collected the information you have to determine which market cares most about your message, who is most likely to respond favorably. Then you have a variety of methods to use which help convey the message as are shown on the next slide.
  • Once you have collected the information you have to determine which market cares most about your message, who is most likely to respond favorably. Then you have a variety of methods to use which help convey the message as are shown on the next slide.
  • Relating to Customers Message must be personal and informative to directly connect with your audience Your ability to deliver powerful and succinct messages is one of the most essential components of your business 4 Tips to improve your message: Sharpen your message through ruthless editing Make all communication two-way Use stories or mental pictures to communicate Increase understanding through repetition
  • Once you have collected the information you have to determine which market cares most about your message, who is most likely to respond favorably. Then you have a variety of methods to use which help convey the message as are shown on the next slide.
  • Advertising includes both print and broadcast media. TV, Radio, Newspaper, etc… Brochures are nice handouts for customers to provide them with more detailed information. Web sites provide a place to showcase the company and the product. Websites help build legitimacy and provide detailed information and pictures Business cards are a must for anyone starting out. They should include address, contact information, and possibly business type. Stationery also helps build legitimacy and is important for any business correspondence. Flyers can be used as a cheap way to announce events or new products in your local area. Whatever combination of methods you choose, always use a logo, consistent print, and a consistent message. This is the best way to improve customer’s retention of your company name and message.
  • Publicity or PR is free advertising. Since it is free, it is not as controllable. However, you can improve your control by creating press kits which provide complete information to members of the press. This helps the media by doing research for them, it saves them time. And they have only the information you want them to have. Publicity is also more believable because you don’t pay for it. Consumers will believe a news article about a product more than an ad with the same claim.
  • Getting new customers is expensive- so keep the ones you have. However, two very useful tools for small business are the internet and word-of-mouth. Customers search for products and vendors by the hundreds of thousands on the internet every day. The trick is make sure they find you. You can pay to be a preferred website for certain key words on each of the search engines on the net. The trick is to make sure you pick the right keywords. Referrals and word-of-mouth are also an excellent way of building your client base. You can encourage customers to send in their friends by offering them a future discount so an amount of free product or service. You can also ask prospects who turned you down, why, then use that information to change your product so that it is more desirable to that group.
  • Getting new customers is expensive- so keep the ones you have. However, two very useful tools for small business are the internet and word-of-mouth. Customers search for products and vendors by the hundreds of thousands on the internet every day. The trick is make sure they find you. You can pay to be a preferred website for certain key words on each of the search engines on the net. The trick is to make sure you pick the right keywords. Referrals and word-of-mouth are also an excellent way of building your client base. You can encourage customers to send in their friends by offering them a future discount so an amount of free product or service. You can also ask prospects who turned you down, why, then use that information to change your product so that it is more desirable to that group.
  • Getting new customers is expensive- so keep the ones you have. However, two very useful tools for small business are the internet and word-of-mouth. Customers search for products and vendors by the hundreds of thousands on the internet every day. The trick is make sure they find you. You can pay to be a preferred website for certain key words on each of the search engines on the net. The trick is to make sure you pick the right keywords. Referrals and word-of-mouth are also an excellent way of building your client base. You can encourage customers to send in their friends by offering them a future discount so an amount of free product or service. You can also ask prospects who turned you down, why, then use that information to change your product so that it is more desirable to that group.
  • Personal selling is important for small business owners and you must remember you are selling yourself as well as the product. Personal selling is one-on-one and allows you to answer any questions or concerns the customer might have. Thus, you can better convince them of their need for the product. You can also gain information during the transaction about customer needs, uses, usage rates, alternative they are considering, etc… This information can then be used to refocus and refine your message.
  • Step 1: Prospecting. In this stage you are looking to find potential customers and evaluate the best methods to reach them. Step 2: Prepare your plan of attack. Have you brochures and flyers ready. Practice your pitch. 3: Present the information to the potential client Make sure the presentation is short enough to hold their attention At the same time you must convey your passion and stimulate interest. This is the only chance you get to make a first impression The Close: A major fault of presentations is that no one asks for the sale. Ask “How many would you like” or “Now lets write up your order” rather than presenting the information and walking away. Follow-up: When the order is sent, make sure it arrives in good condition and on time. Make sure the product performed as it should. This helps build a customer relationship which will lead to increased repeat sales.
  • Step 1: Prospecting. In this stage you are looking to find potential customers and evaluate the best methods to reach them. Step 2: Prepare your plan of attack. Have you brochures and flyers ready. Practice your pitch. 3: Present the information to the potential client Make sure the presentation is short enough to hold their attention At the same time you must convey your passion and stimulate interest. This is the only chance you get to make a first impression The Close: A major fault of presentations is that no one asks for the sale. Ask “How many would you like” or “Now lets write up your order” rather than presenting the information and walking away. Follow-up: When the order is sent, make sure it arrives in good condition and on time. Make sure the product performed as it should. This helps build a customer relationship which will lead to increased repeat sales.
  • Step 1: Prospecting. In this stage you are looking to find potential customers and evaluate the best methods to reach them. Step 2: Prepare your plan of attack. Have you brochures and flyers ready. Practice your pitch. 3: Present the information to the potential client Make sure the presentation is short enough to hold their attention At the same time you must convey your passion and stimulate interest. This is the only chance you get to make a first impression The Close: A major fault of presentations is that no one asks for the sale. Ask “How many would you like” or “Now lets write up your order” rather than presenting the information and walking away. Follow-up: When the order is sent, make sure it arrives in good condition and on time. Make sure the product performed as it should. This helps build a customer relationship which will lead to increased repeat sales.
  • Step 1: Prospecting. In this stage you are looking to find potential customers and evaluate the best methods to reach them. Step 2: Prepare your plan of attack. Have you brochures and flyers ready. Practice your pitch. 3: Present the information to the potential client Make sure the presentation is short enough to hold their attention At the same time you must convey your passion and stimulate interest. This is the only chance you get to make a first impression The Close: A major fault of presentations is that no one asks for the sale. Ask “How many would you like” or “Now lets write up your order” rather than presenting the information and walking away. Follow-up: When the order is sent, make sure it arrives in good condition and on time. Make sure the product performed as it should. This helps build a customer relationship which will lead to increased repeat sales.
  • PR and press helps build legitimacy and keeps your name out in the public eye. It helps build awareness and a quality image.
  • PR and press helps build legitimacy and keeps your name out in the public eye. It helps build awareness and a quality image.
  • Chap010bus230

    1. 1. 10 Small Business Promotion: Capturing the Eyes of Your Market McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
    2. 2. <ul><li>Need for Promotion </li></ul><ul><li>Does your target market know you exist? </li></ul><ul><ul><li>Advertise and actively promote your business before you can expect inquiries </li></ul></ul><ul><li>Basics </li></ul><ul><li>Value proposition : small business owners’ unique selling points that will be used to differentiate their products / services </li></ul>Chapter 10 10-
    3. 3. <ul><li>Value proposition : cont. </li></ul><ul><ul><li>For (target customer) </li></ul></ul><ul><ul><li>Who (statement of the need or opportunity) </li></ul></ul><ul><ul><li>The (retail business name) is a (product or service category) </li></ul></ul><ul><ul><li>That (statement of key benefit) </li></ul></ul><ul><ul><li>Unlike (primary competitive alternative) </li></ul></ul><ul><ul><li>Our business (statement of primary differentiation) </li></ul></ul><ul><ul><li>Is available (where) </li></ul></ul>Chapter 10 10-
    4. 4. <ul><li>Segmenting Your Market </li></ul><ul><li>Segmentation is the process of dividing the market into smaller portions of people who have certain common characteristics </li></ul><ul><li>Target market – the segment or segments you select on which to concentrate your marketing efforts </li></ul>Chapter 10 10-
    5. 5. <ul><li>Segmenting Your Market </li></ul><ul><li>Dividing the market can be done several ways: </li></ul><ul><ul><li>Geographically </li></ul></ul><ul><ul><li>Demographically </li></ul></ul><ul><ul><li>By the benefits sought </li></ul></ul>Chapter 10 10-
    6. 6. <ul><li>Crafting Your Message </li></ul><ul><li>How can you get the attention of your potential customer? </li></ul><ul><li>If a potential customer sees or hears your message and walks away with only one thought about your firm, your product, or your service, what do you want it to be? </li></ul>Chapter 10 10-
    7. 7. <ul><li>Crafting Your Message cont. </li></ul><ul><li>Message should combine the elements of your product or service’s value proposition with the needs of your target customer </li></ul><ul><li>Need to decide the voice or tone of you message </li></ul><ul><ul><li>i.e. humor, fear, patriotism, collegiality, etc. </li></ul></ul>Chapter 10 10-
    8. 8. <ul><li>Crafting Your Message cont. </li></ul><ul><li>Effective messages are succinct messages </li></ul><ul><li>Succinct Message – Your key point in as few and as memorable words as possible </li></ul><ul><ul><li>Ex. Mary Kay’s slogan – “Enriching women’s lives” </li></ul></ul>Chapter 10 10-
    9. 9. <ul><li>Relating to Customers </li></ul><ul><li>Message must be personal and informative to directly connect with your audience </li></ul><ul><li>Your ability to deliver powerful and succinct messages is one of the most essential components of your business </li></ul><ul><li>4 Tips to improve your message: </li></ul><ul><ul><li>Sharpen your message through ruthless editing </li></ul></ul><ul><ul><li>Make all communication two-way </li></ul></ul><ul><ul><li>Use stories or mental pictures to communicate </li></ul></ul><ul><ul><li>Increase understanding through repetition </li></ul></ul>Chapter 10 Example http://www.entrepreneur.com/sales/customerservice/article160252.html 10-
    10. 10. <ul><li>Conveying Your Message </li></ul><ul><li>Determine the audience that would care about your value proposition and message </li></ul><ul><ul><li>Work on how you may want to convey the message </li></ul></ul><ul><li>Promotional Mix – how much of each message conveyance you will use to sell your product as well as your objective in using each one </li></ul>Chapter 10 10-
    11. 11. <ul><li>How to convey the message : </li></ul><ul><ul><li>Advertisements </li></ul></ul><ul><ul><li>Brochures </li></ul></ul><ul><ul><li>Web sites </li></ul></ul><ul><ul><li>Business cards </li></ul></ul><ul><ul><li>Business stationery </li></ul></ul><ul><ul><li>Post flyers </li></ul></ul><ul><ul><li>Word of Mouth </li></ul></ul><ul><ul><li>Buzz Marketing </li></ul></ul>Chapter 10 10-
    12. 12. <ul><li>Publicity : </li></ul><ul><ul><li>Press kits : should include product or service brochures, press releases, biographies on you and key employees, photos or digital images </li></ul></ul><ul><ul><li>Write articles </li></ul></ul><ul><ul><li>Pitch the idea as a story to a newspaper or magazine </li></ul></ul>Chapter 10 10-
    13. 13. <ul><li>Advertising : method of conveying your messages to you target audience </li></ul><ul><ul><li>hard to discern feedback </li></ul></ul><ul><ul><li>Can be done in print ads in newspapers, magazines, etc. </li></ul></ul><ul><li>Sales Promotions : Form of communication that encourages the customer to act immediately </li></ul><ul><ul><li>Coupons, sales, or contests </li></ul></ul>Chapter 10 10-
    14. 14. <ul><li>Web sites : customer search on the Internet </li></ul><ul><ul><li>Useful as a cost-effective way of gaining new clients and keeping current customers </li></ul></ul><ul><ul><li>Needs unique keyword and description tags </li></ul></ul><ul><li>Referrals and word-of-mouth : </li></ul><ul><ul><li>Offer incentives for referrals that turn into business </li></ul></ul><ul><ul><li>Create a referral form and send it clients with invoice </li></ul></ul><ul><ul><li>Ask prospects who have turned you down </li></ul></ul><ul><ul><li>Tap your suppliers for leads </li></ul></ul>Chapter 10 10-
    15. 15. <ul><li>Buzz Marketing : word-of-mouth marketing </li></ul><ul><li>Commonly passed along electronically </li></ul><ul><ul><li>Viral marketing: any electronic equivalent of word-of-mouth advertising, in which the advertiser’s message spreads quickly and widely via e-mail, Web Site, blogs, and other online tools </li></ul></ul>Chapter 10 10-
    16. 16. <ul><li>Personal Selling </li></ul><ul><li>Important technique for small business owner </li></ul><ul><li>Benefits of personal selling : </li></ul><ul><ul><li>Craft your product or service message to answer a customer’s specific questions or needs </li></ul></ul><ul><ul><li>Gain information on how to make product better </li></ul></ul><ul><ul><li>Gain personal information about potential customer </li></ul></ul><ul><ul><li>Direct your focus on the most promising potential sales </li></ul></ul>Chapter 10 10-
    17. 17. <ul><li>Process of Personal Selling </li></ul><ul><li>Prospect and evaluate </li></ul><ul><li>Prepare </li></ul><ul><li>Present </li></ul><ul><ul><li>Hold the prospect’s attention </li></ul></ul><ul><ul><li>Stimulate interest </li></ul></ul><ul><ul><li>Stir up desire </li></ul></ul><ul><li>The close : ask prospects to buy your product </li></ul><ul><li>The follow-up </li></ul>Chapter 10 10-
    18. 18. <ul><li>Succeeding after the Sale </li></ul><ul><li>Research shows it costs five times as much to get a purchase from a new customer compared to an existing one </li></ul><ul><li>Customer relationship management (CRM): The process of tracking the customer’s different contacts with the firm, and using this data to help improve sales as well as the customer’s experience </li></ul>Chapter 10 10-
    19. 19. <ul><li>Strategies of CRM </li></ul>Chapter 10 10-
    20. 20. <ul><li>Steps in CRM </li></ul><ul><li>Step 1: Gathering the data </li></ul><ul><li>Step 2: Analyzing the data </li></ul><ul><li>Step 3: Delivering CRM-driven marketing efforts to increase sales </li></ul>Chapter 10 10-
    21. 21. <ul><li>Press Relations Program </li></ul><ul><li>Activities used to establish and promote a favorable opinion by the media </li></ul><ul><li>Public relations is effective in helping to build the foundation </li></ul><ul><li>Advertising acts as a supportive maintenance program </li></ul><ul><li>Press Release: a written announcement intended to draw news media attention to a specific event </li></ul>Chapter 10 10-
    22. 22. <ul><li>Basics of Press Release </li></ul><ul><li>Attention – catchy headline </li></ul><ul><li>Interest – pique their interest </li></ul><ul><li>Desire – details of opening information </li></ul><ul><li>Action – contact information </li></ul>Chapter 10 10-
    23. 23. <ul><li>Resources for e-mailing press releases </li></ul><ul><ul><li>ABYZ News Links </li></ul></ul><ul><ul><ul><li>17,200+ newspapers </li></ul></ul></ul><ul><ul><ul><li>http://www.abyznewslinks.com </li></ul></ul></ul><ul><ul><li>Gebbie Press </li></ul></ul><ul><ul><ul><li>http://www.gebbieinc.com </li></ul></ul></ul><ul><ul><li>American Journalism Review </li></ul></ul><ul><ul><ul><li>http://www.ajr.org </li></ul></ul></ul>Chapter 10 10-
    24. 24. <ul><li>What is Newsworthy? </li></ul><ul><ul><li>Public recognition </li></ul></ul><ul><ul><li>Trendiness </li></ul></ul><ul><ul><li>Famous faces </li></ul></ul><ul><ul><li>Proximity </li></ul></ul><ul><ul><li>Currency </li></ul></ul>Chapter 10 <ul><ul><li>Public interest </li></ul></ul><ul><ul><li>Good story </li></ul></ul><ul><ul><li>Human interest </li></ul></ul><ul><ul><li>Visuals </li></ul></ul><ul><ul><li>Cultural resonance </li></ul></ul>10-
    25. 25. <ul><li>Generating publicity </li></ul><ul><ul><li>Write or provide materials : </li></ul></ul><ul><ul><ul><li>Exclusive articles, photos, or columns </li></ul></ul></ul><ul><ul><ul><li>Produce public service announcements </li></ul></ul></ul><ul><ul><ul><li>Produce your own program or short feature for the broadcast media </li></ul></ul></ul><ul><ul><ul><li>Include your products as props </li></ul></ul></ul>Chapter 10 10-
    26. 26. <ul><li>Generating publicity : cont. </li></ul><ul><ul><li>Conduct interviews : </li></ul></ul><ul><ul><ul><li>Local TV talk shows or radio call-in shows </li></ul></ul></ul><ul><ul><ul><li>Professional spokesperson </li></ul></ul></ul><ul><ul><li>Stage events : </li></ul></ul><ul><ul><ul><li>Educate the media: holding a seminar </li></ul></ul></ul><ul><ul><ul><li>Become involved in charitable events </li></ul></ul></ul><ul><ul><ul><li>Offer your products as prizes at events </li></ul></ul></ul><ul><ul><ul><li>Sponsor or financially support awards </li></ul></ul></ul>Chapter 10 10-

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