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Small Business Marketing 101

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http://www.saharconsulting.com
What is #Marketing, Marketing Mix, and why care about it?
How to select customers to serve? What is #Branding & Positioning strategies? SWOT Analysis
What is your Vision/ Mission? Who is your audience? What is your Value Proposition - #USP? Elevator Pitch?

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Small Business Marketing 101

  1. 1. Marketing 101 Sahar Andrade, MB.BCh Sahar Consulting. LLC Vendor Advisory Committee (VAC) of South Central Los Angeles Regional Center (SCLARC)
  2. 2. Agenda • What is Marketing? • Why care about marketing? • The marketing process • Selecting customers to serve • Branding strategy • Positioning strategy • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch
  3. 3. What is Marketing? • It is all about identifying, anticipating and satisfying customer needs. It is about changing the wants to needs. Mainly communicating with the wants • Is managing profitable customer relationships, or, the process by which companies create value for customers and build strong customer relationships in order to capture value from customer in return. • A strategy is a plan devised to achieve objectives. Pricing Strategy Promotional Strategy Product Strategy Distribution Strategy
  4. 4. Why care about marketing? • Difference between sales, PR and marketing • Increasing sales • Increasing market share • Increasing product/ services visibility & awareness • Engaging with the proper target segment to gain a unique selling point
  5. 5. 1. It is not about you and what you think they like or want 2. It’s about what products/ services MEAN....Not just what they ARE 3. Build it and they will come- doesn’t work anymore 4. What happens in Vegas doesn’t stay in Vegas 5. Perceptions are realities for your customers. It’s not about what you know….it’s about what they think Rules of the road
  6. 6. 6 The Marketing Process • In the first four steps to understand customers, to create customer value, and to build strong customer relationships. In the final step to capture value from customers in turn. Understand the Marketplace and customer needs and wants Design a Customer-driven Marketing strategy Construct an integrated marketing program that delivers superior value Build profitable Relationships and create customer delight Creat value for customers and build customer relationships Capture value from customers to create profits and customer equity Capture value from customers in return A simple model of marketing process
  7. 7. 7 Selecting Customers to Serve • Marketing management: the art and science of choosing target markets and building profitable relationships with them. • Marketers must decide first who it will serve, by dividing the market into segments of customers(market segmentation) and selecting which segments it will go after(target marketing). • Simply put, marketing management is customer management and demand management.
  8. 8. • Developing the brand – Naming – Logo – URL – Colors – Slogans • Put some thought into it, you’re stuck with this for a long time- Discuss later Branding Strategy
  9. 9. • Target Your Customers Success of a business products or services is built on one of Two strategies: (Pain or pleasure) 1- Solution to an existing problem 2- Filling a gap – What are their problems – Create a solution – Describe how your product solves their problem – Describe the benefits to customer – What is in it for them (WIIIFT) Positioning Strategy
  10. 10. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First
  11. 11. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First
  12. 12. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First Marketing mix ( 4 Ps) is the set of controllable tactical marketing tools—that the business considers to produce the response it wants in the target market 1. Product 2. Price 3. Place 4. Promotion New Markets shift: from the 4Ps to the 4Cs. Shift from outbound to inbound marketing 1. Customer solution 2. Customer cost 3. Convenience 4. Communication
  13. 13. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First 1- Vision: About what the business wants to become, should be inspiring, a short statement that communicates WHY the business exists, what it does, for whom and what long range success looks like. Gives shape and direction to the business’s future. 2- Mission: What / how your business is achieving the WHY? More specific. It describes your business, what it does, where it is going, and how is it different from other businesses
  14. 14. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First You need to capture customers' hearts & minds.  Emotional Engagement/ Loyalty- Story telling  Think of your favorite brands. How it makes you feel?  Consistent across the board- Fonts, colors, logo  Seek to evoke an emotional connection to your brand before ever thinking of making a sale.  Don’t get caught up in the trap of wanting to be everything to everyone -- or you will end up being nothing to nobody
  15. 15. What is Branding A brand is how people around us perceive us, what we transmit as a message to others, without even talking. A Promise, has to be clear, authentic Personal branding, is “Self packaging” It’s identifying the unique qualities, marketable skills, and building a reputation that captures the attention of others (clients, managers, prospects or future partners ).
  16. 16. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First  Demographics  Psycho-demographics: Like generations  Personnas (Values, beliefs, Personalities)  How do they choose among market offerings? Expectations are formed about the value and satisfaction that various market offerings will deliver.  Customer value and customer satisfaction are key building blocks for developing and managing relationships.
  17. 17. Understanding the Marketplace& Customer Needs •States of deprivation •Physical—food, clothing, warmth, safety •Social—belonging and affection •Individual—knowledge and self-expression Needs • Form that human needs take as they are shaped by culture and individual personalityWants • Human wants backed by buying power Demands Customer Needs, Wants, and Demands
  18. 18. 18 Definitions  Market Offering: a certain combination of products, services, information, or experiences offered to satisfy a need or want.  Market myopia: the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.  Market segmentation is the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes  Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts  Target marketing is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
  19. 19. What is the unfulfilled desire that your product fills? How are you better than your competition? What is memorable about you?
  20. 20. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First Value Proposition or USP (Unique Selling Proposition): To stand out you need to be outstanding. If you do not know or unable to articulate your best qualities, skills, or services no one else will. Think about:  What is your edge, what stands out about you?  What is unique about you, what is it that you do that no one else does? What differentiates you?  What value you offer?  What solution you bring? Gap you fill?  What pain or concern you are minimizing or pleasure intensifying?
  21. 21. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First More to Think about:  What do I love to do every day?  If I could only do one thing every day, what would it be?  What are my greatest strengths/weaknesses?  What do I do better than anyone else?  What separates me from the competition?  What is the one thing that pushes you forward in your business, drives you on a daily basis, and gets you up and out of bed?
  22. 22. 22 • A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs, or make them feel better. • Value propositions differentiate one brand from another, by answering the customer’s question, “why should I buy your brand rather than a competitor’s ?”
  23. 23. • SWOT Analysis • Know your marketing Mix • Vision/ Mission • Branding • Who is your audience? • Value Proposition - USP • Elevator Pitch First Things First Elevator Pitch: They call it the elevator Pitch as it is as short as 30 seconds to 1 minute. It has to be crafted artfully. So after knowing your USP, you form your elevator pitch that should tell a short story to attract your customers so they would know why to buy your product or use your services rather than using another business Your branding statement should be attractive, have a momentum, tell a story and have a Call to Action.
  24. 24. Mission statement (e.g. to become the biggest seller in the market) Strategic objectives (e.g. to increase sales by 10% in 12 months) Business objectives (e.g. to launch the new product/ service successfully in the next 6 months) Tactical objectives (e.g. to set targets for sales staff) Day-to-day aims (e.g. to manage customer accounts and deal with problems)
  25. 25. 25 Understanding maprketplace and customer needs and wants Design a customer-driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationship and create customer delight Research customers and marketplace Manage marketing information and customer data Select customers: market segmentation and targeting Decide on a value proposition: differentiation and positioning Product and service design -build strong brands Pricing -create real value Distribution -manage demand and supply chains Promotion -communicate the value propostition Customer relationship management -build strong relationships with chosen customers Partner relationship management -build strong relationships with marketing partners Capture value from customer to create profits and customer equity Creat satisfied loyal customers Capture customer lifetime value Increase share of market and share of customer Create value for customer and build customer relationships Capture value from customer in return An expanded model of the marketing process
  26. 26. Blue Print Schedule Item Schedule Positioning Strategy Date Branding Strategy Date Pricing Strategy date Advertising Strategy date Distribution strategy date Launch strategy date Marketing strategy date (Offline) Marketing strategy date (Online) Initial PR Begin marketing/ advertising
  27. 27. • All the pictures used in the workbook are copyrighted and are used SOLELY for the purpose of education and learning ONLY not for commercial use • This presentation is the intellectual property of, and is proprietary to the presenter and it is not to be disclosed, in whole or in part, without the express written authorization of the presenter. It shall not be duplicated or used, in whole or in part, for any purpose other than to be educational material The presentation can’t be used in part of whole in the same program/ similar or different programs DISCLOSURE
  28. 28. Contact Information Sahar Andrade, MB.BCh Diversity/Inclusion, Culture Competence &Leadership Consultant/ Speaker Certified social media strategist & speaker Sahar Consulting, LLC www.saharconsulting.com info@saharconsulting.com www.linkedin.com/in/saharandrade Contact us for your next training session or speaking event

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