The Art and Science of Marketing

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The Art and Science of Marketing

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  • After you got all the information on Fioricet, another point on your agenda should be the price for it. http://www.fioricetsupply.com resolves this problem. Now you can make the decision to buy.
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The Art and Science of Marketing

  1. 1. The Art & Science of Marketing 6120 W. Bell Road Suite 100 Glendale, AZ 85308 602.374.4923 [email_address] MarketingwithaFlair.com
  2. 2. What does it take to develop an effective B2C strategy? Defining and Reaching Your Ideal Target Audience
  3. 3. <ul><li>How many of you have ever invested in advertising that yielded zero results? </li></ul><ul><ul><li>Tell us about your experience... </li></ul></ul><ul><li>It never feels good to waste money on efforts that produce no results. </li></ul>
  4. 4. Agenda <ul><li>About Marketing with a Flair </li></ul><ul><li>Today we will discuss three primary topics </li></ul><ul><ul><ul><ul><ul><li>Accurately identifying your target audience </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>The value of researching your audience </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Marketing is NOT advertising </li></ul></ul></ul></ul></ul><ul><ul><li>This is an interaction where we can all learn from each other so ask questions and share ideas. </li></ul></ul>
  5. 5. Marketing with a Flair <ul><li>Marketing with a Flair, Inc. is a results-oriented, comprehensive marketing firm specializing in strategic planning, public relations and advertising providing innovative solutions with measurable results. We are the only agency offering industry exclusivity for retainer clients. </li></ul><ul><li> Marketing with a Flair is ranked #1 in Advertising for nine or fewer employees by Ranking Arizona: The Best of Arizona Business 2008. </li></ul>
  6. 6. Alphabet Soup <ul><li>B2B </li></ul><ul><ul><li>b usiness- to - b usiness, term commonly used to describe commerce transactions between businesses </li></ul></ul><ul><li>B2G </li></ul><ul><ul><li>b usiness- to - g overnment , the exchange of services, information and/or products from one business to a government agency </li></ul></ul><ul><li>B2B </li></ul><ul><li>B2G </li></ul><ul><li>C2C </li></ul><ul><li>G2B </li></ul><ul><li>G2C </li></ul><ul><li>B2C </li></ul>
  7. 7. Alphabet Soup <ul><li>C2C </li></ul><ul><ul><li>c onsumer- to - c onsumer , the exchange of services, information and/or products with electronically-facilitated transactions such as eBay or Craigslist </li></ul></ul><ul><li>G2B </li></ul><ul><ul><li>g overnment- to - b usiness is the online non-commercial interaction between local and central government and the commercial business sector, rather than private individuals </li></ul></ul>
  8. 8. Alphabet Soup <ul><li>G2C </li></ul><ul><ul><li>g overnment- to - c itizen is the online non-commercial interaction between local and central government and private individuals, rather than the commercial business sector. Improving e-government service delivery performance </li></ul></ul><ul><li>B2C </li></ul><ul><ul><li>b usiness- to - c onsumer , the exchange of services, information and/or products from a business to a consumer </li></ul></ul>
  9. 9. Accurately Identifying Your Target Audience <ul><li>Spending time, energy and effort communicating to the wrong audience or providing the wrong message can be expensive. </li></ul><ul><ul><li>Who is your target audience ? </li></ul></ul>
  10. 10. The general public is not a target audience <ul><li>Salon </li></ul><ul><li>Plumbing </li></ul><ul><li>Dental </li></ul>
  11. 11. Accurately Identifying Your Target Audience <ul><li>While identifying your target audience remember to... </li></ul><ul><li>Think strategically in terms of how your product or service can benefit your target market </li></ul><ul><li>Don’t focus on yourself or your company </li></ul><ul><li>Write down all the benefits of a particular product of yours. </li></ul>
  12. 12. What’s in it for me? <ul><li>What can your product or service do for someone or how does it make them feel when they use it? </li></ul><ul><li>Car Dealership – they sell the lifestyle </li></ul><ul><li>Starbucks – they sell relationships </li></ul><ul><li>Hair Products – they sell “feeling good” Childcare – they sell peace of mind </li></ul>
  13. 13. What’s in it for me? <ul><li>People buy your products. So find out what needs they solve or how they make people's lives better. </li></ul>
  14. 14. Define and refine your audience through segmentation <ul><li>Market segmentation is the identification of portions of the market that are different from one another. </li></ul><ul><li>Segmentation allows you to better satisfy the needs of your target audience. </li></ul>
  15. 15. Determining Your Market Segments <ul><li>1. Identifiable </li></ul><ul><li>The differentiating attributes of the segments must be measurable so that they can be identified </li></ul><ul><li>example : wears glasses, mothers of children under 5 </li></ul><ul><li>2. Accessible </li></ul><ul><li>The segments must be reachable through communication and distribution channels </li></ul><ul><li>example : Optometrist or Ophthalmologists, malls, mailing list or Mom’s clubs, blogs, preschools, churches </li></ul>
  16. 16. Determining Your Market Segments <ul><li>3. Substantial </li></ul><ul><li>The segments should be sufficiently large to justify the resources required to target them </li></ul><ul><li>example : single parents working nights; women in their first trimester of pregnancy; those who wear size 6 wide work boots </li></ul><ul><li>4. Durable </li></ul><ul><li>The segments should be relatively stable to minimize the cost of frequent changes </li></ul><ul><li>example : with the Internet, this is not as much of an issue, however, with fads – it comes more into play </li></ul>
  17. 17. Segment Characteristics <ul><ul><li>Geographic </li></ul></ul><ul><ul><li>Demographic </li></ul></ul><ul><ul><li>Psychographic </li></ul></ul><ul><ul><li>Behavioralistic </li></ul></ul>
  18. 18. Segment Characteristics Geographic <ul><ul><ul><li>Continent </li></ul></ul></ul><ul><ul><ul><li>Country </li></ul></ul></ul><ul><ul><ul><li>State </li></ul></ul></ul><ul><ul><ul><li>Neighborhood (i.e. Peoria, South or North Peoria) </li></ul></ul></ul><ul><ul><ul><li>Community (i.e. Vistancia, Sonoran Mountain Ranch) </li></ul></ul></ul>
  19. 19. Segment Characteristics Demographic <ul><li>Age </li></ul><ul><li>Gender </li></ul><ul><li>Family size </li></ul><ul><li>Family lifecycle </li></ul><ul><li>Income </li></ul><ul><li>Generation (i.e. baby boomers, Generation X, etc.) </li></ul><ul><li>Occupation </li></ul><ul><li>Education </li></ul><ul><li>Ethnicity </li></ul><ul><li>Nationality </li></ul><ul><li>Religion </li></ul><ul><li>Social class </li></ul>
  20. 20. Segment Characteristics Psychographic <ul><li>Activities </li></ul><ul><ul><li>horse back riding, bowlers, people who adventurous </li></ul></ul><ul><li>Interests </li></ul><ul><ul><li>philanthropic </li></ul></ul><ul><li>Opinions </li></ul><ul><ul><li>Democrat, Republican </li></ul></ul><ul><li>Attitudes </li></ul><ul><ul><li>pro-life, pro-choice, need for status </li></ul></ul><ul><li>Values </li></ul><ul><ul><li>spiritual, attends church </li></ul></ul>
  21. 21. Segment Characteristics Behavioralistic <ul><li>Benefits sought </li></ul><ul><li>Usage rate </li></ul><ul><li>Brand loyalty </li></ul><ul><li>User status: potential, first-time, regular, etc. </li></ul><ul><li>Readiness to buy </li></ul><ul><li>Occasions: holidays and events that stimulate purchases (i.e. weddings, graduation, birthday) </li></ul>
  22. 22. The value of researching your audience – PRICELESS <ul><li>Mapping the ‘typical’ </li></ul><ul><li>decision-making process </li></ul><ul><li>for your product or service </li></ul><ul><li>What do you think would be the most important aspect to the decision-making process for an automotive repair facility? </li></ul>
  23. 23. Qualitative vs. Quantitative <ul><li>Qualitative research is better for exploring, understanding, and uncovering, while quantitative research is better for confirming and clarifying. </li></ul>
  24. 24. Qualitative vs. Quantitative <ul><li>Qual itative or Qual ity – which can often be described as focus groups – deals with descriptions. This data can be observed, but not measured. </li></ul><ul><li>Quant itative or Quant ity – which is often in the form of surveys – addresses the numbers and data, which can be measured. </li></ul>
  25. 25. Why the proper research isn’t expense. <ul><li>The overall objective of market research is to gain a better understanding of the motivations, decision process and ‘trigger points’ among key customer segments regarding their use of your product or service. </li></ul>
  26. 26. Free or low-cost research methods <ul><li>www.surveymonkey.com </li></ul><ul><li>www.questionpro.com </li></ul><ul><li>www.zoomerang.com </li></ul><ul><li>www.freeonlinesurveys.com </li></ul><ul><li>www.bzoink.com </li></ul><ul><ul><li>for MySpace, Facebook, Livejournal, xanga </li></ul></ul><ul><li>www.polldaddy.com </li></ul>
  27. 27. What first comes to mind when I say marketing? <ul><li>Most small business owners think of only advertising but it’s so much more. </li></ul><ul><li>Marketing Is Not Advertising </li></ul>
  28. 28. M&Ms – aka Marketing Mix <ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Placement or distribution </li></ul><ul><li>Promotion (includes advertising) </li></ul>
  29. 29. M&Ms – aka Marketing Mix Product <ul><li>What makes your product or service different or better than your competitors? </li></ul><ul><li>What is your Unique Selling Proposition (USP)? </li></ul><ul><li>Do your advertising vehicles sound the same as everyone else’s? </li></ul><ul><li>Does your ad copy message reflect your USP? </li></ul><ul><li>Are you selling your product or service on its benefits? </li></ul>
  30. 30. M&Ms – aka Marketing Mix Price <ul><li>What is your pricing strategy? </li></ul><ul><li>Sell on value and skim by being the highest priced for your product and service? </li></ul><ul><li>Or are you the lowest priced and going for volume? </li></ul>
  31. 31. M&Ms – aka Marketing Mix Placement or distribution <ul><ul><ul><li>What options exist for educating your audience that your product or service is available? </li></ul></ul></ul><ul><ul><ul><li>How do you get your product or service to your audience? </li></ul></ul></ul><ul><ul><ul><li>Who else targets your same audience? </li></ul></ul></ul><ul><ul><ul><li>Preschool partnering with Creative Memory consultants </li></ul></ul></ul><ul><li>Urgent care facility working with local pharmacies </li></ul>
  32. 32. M&Ms – aka Marketing Mix Promotion - Advertising <ul><li>Paid </li></ul><ul><li>You have control </li></ul><ul><li>You are in charge </li></ul><ul><li>Unpaid (Publicity) </li></ul><ul><li>No control over key messages </li></ul><ul><li>No guarantee of coverage </li></ul><ul><li>Increased credibility because it is part of the news </li></ul>
  33. 33. Did we accomplish today’s goals? <ul><li>Do you feel more confident in: </li></ul><ul><li>Accurately identifying your target audience </li></ul><ul><li>Understanding the value, need and resources for researching your audience </li></ul><ul><li>Marketing to your audience is different than advertising </li></ul>

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