Early and growth customers
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Early and growth customers
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Early and growth customers
- 1. Early and Growth Customer
- 2. Todays objectives • Gaining an understanding of what marketing is • Gaining the ability to address some simple points in marketing your business • How to identify and choose the right customers for your business and its products or services • Creating a persona for your ideal customers to understand them more effectively • An understanding of the differences between features, benefits and advantages • How to effectively and efficiently communicate benefits to your customers • An understanding of the differences and difficulties in marketing a service • How to plan your marketing communication.
- 3. What is marketing? “Marketing is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives. It relies heavily on designing the organisational offering in terms of the target market needs and uses the effective pricing, communication and distribution to inform, motivate and service the market”
- 4. What is marketing? Who What Why When Your customers Your product / service Is there a pain? Purchase occasion?
- 5. What is marketing? How How will your product be used? How will you let people know? How will people buy it?
- 7. Customer factory blueprint – early stages • Questions to ask: − How will you identify your first users? − How will you reach your first users? − What is the first value experience – this doesn’t need to be your first sale or a finished product!!!! − How can you make money from these early users • Coming later: − How can you drive repeat usage? − How can you drive your referral engine?
- 8. Finding your early customers Page 8
- 9. Characteristics of Early Adopters • Open and willing to try the new product and excited to be involved with a new innovation. • Willing to pay a higher price than adjacent competitors, to be the first to access this new technology • Open to trying the new product with limited or no marketed company presence • Willing to tolerate some failures and willing to spend some time to work around minor problems and configuration issues. • Will be willing to break with trends and not accept the market norm. Page 9
- 10. Who……. • Has the most pain? • Has the shortest sales cycle? • Has the budget? • Has the authority? • Write a few bullet points about them
- 11. Where will you find them? Inside referral Outside referral Event contact Social media Cold call
- 12. How will you approach them? • Phone • Email • Networking • Event • Social media • You decide……… • But try as many as you can
- 13. What do we approach them with? Problem Answer Credibility Evidence Next steps
- 14. Next steps Determine your best targets Choose your approach Refine your pitch
- 16. Remember this?
- 17. Identifying customers on the other side
- 18. Choosing customers Consumer Segmentation Behavioural Psychographic Profile Benefits Sought Purchase Occasion Purchase Behaviour Usage Perceptions And Beliefs Lifestyle Personality Demo graphic Socio economic Geo graphic
- 19. Choosing business customers Organisational Segmentation Microsegmentation Macrosegmentation Choice Criteria Decision Making Unit structure Decision Making process Purchasing Organisation Company Innovation Company size Industry Geo graphic
- 20. Personas Sample Persona: Executive Ed Demographic information ● London, UK ● 35 years old ● Marketing executive at a professional service company ● BSc in Business and Economics . Quote E.g. “We’re reaching the limits of what we can achieve in certain areas, and I need a serious consultancy to step in and help us take things to the next level. Something’s not right, and we need external help to come and fix it.” Psychographic information ● Likes to run marathons ● Volunteers for a charity ● Likes to watch the latest series on Netflix ● Early adopter of new technology ● Likes to do thorough research before high value purchases Marketing messaging ● Keywords - marketing agency, award winning digital agency, results focused marketing agency, marketing agency London ● Channels - social media (LinkedIn), Google search ● Call to action - “Download now”, “Improve your tactics”, “Get more results from your marketing”, “Increase conversion rates” Goals ● Become a marketing manager in the nest 2-3 years ● Wants to show his worth through innovative projects and initiatives ● Wants to get more leads in
- 21. Personas Persona 1: Name Demographic information ● location ● age ● education . Quote E.g. “We’re reaching the limits of what we can achieve in certain areas, and I need a serious consultancy to step in and help us take things to the next level. Something’s not right, and we need external help to come and fix it.” Psychographic information ● hobbies and interests ● likes and dislikes ● lifestyle ● attitude ● fears ● values ● spending habits Marketing messaging ● keywords ● channel ● language ● call to action Goals ● what are their primary and secondary goals? ● what are their challenges? ● what are their objections? ● what can we do to help achieve their goals? ● what can we do to overcome their challenges?
- 24. Product Core Product − What core benefit does your product offer? − Customer who purchase a camera are buying more than just the camera, they are purchasing memories Actual Product − All cameras capture memories. How do you get customers to buy yours? − Branding, adding features and benefits which offer a differential advantage over your competitors Augmented Product − What additional non-tangible benefits can you offer? − After sales service, guarantees, delivery (creating peace of mind)
- 25. Benefit building Just a box on wheels, no image or brand gadgets Sound system Big engine Big boot Tangible benefits (Easy to copy) Intangible benefits (difficult to copy) Well known Cool status Perceived reliability
- 26. Features Advantages Benefits Buy groceries online Saves going out to supermarket • Makes supermarket shopping possible • Don’t face the ordeal of shopping with toddlers • Keep your limited leisure time for yourselves Twenty four hours a day seven days a week Can shop outside of normal hours • Shop when feel like it • Concentrate when kids are asleep • Sort out at weekend with no pressure Remembers your previous list Can make amendments rather that starting from a blank sheet • Tend to need the same things • Head start to make the job quicker • Save lists for different occasions Total price clear before getting to till Useful for budgeting • Save money –limited income • Possible to delete a few treats • Know exactly what’s going on the credit card Selling the benefits
- 27. Answer the little man You said Little man asked You replied You elaborated We use digital signal processing in our hearing aids So what? Our product increases the clarity of sounds For example if you are at a party you’ll be able to hear what people are saying to you We provide 128 bit encryption in a device in a mobile phone So what? Its harder to break into our system For example if you are in a hotel room and want to have a secure conversation A big name celebrity is on our board So what? What we are doing is interesting enough to attract top talent For example she has already opened doors for us in the industry
- 31. Page Hanger Tea
- 32. Page 32 Moustache Paint brushes
- 35. Service • Intangibility −Cannot be tasted, touched or smelled before they are bought −Customer may find it difficult to evaluate before they purchase −Display testimonials, case studies, referrals, brand consistency • Inseparability −Simultaneous consumption and production −How service providers conduct themselves may effect future business −The people are the company
- 36. Service • Variability −Service quality may vary depending on staff delivery −Service faults (i.e. staff poor performance) cannot be quality checked and corrected between production and consumption • Perish ability −Services cannot be stored for future use like a product, i.e. if a hotel room is empty for a night its lost revenue. If a product is not sold it can be stored and sold tomorrow −Service providers have the problem of being able to cater for peak demand and staff appropriately
- 37. Price • Price your product or service at the level which your customers expect to pay for the quality you are delivering −Does not mean high price means high quality −Nor high quality will justify a high price • Pricing directly affects sales revenue −Relate sales revenue to costs – cost of sale, production, raw materials, transport and promotion • Product – Price Mix −Good after sales service or a brand well-supported with advertising may attract a higher price.
- 38. Promotion When Purchase occasion? Promotion
- 39. Promotion 5 stages to promotional marketing 1) Determine the objectives − What do you want to achieve? − What are your SMART goals 2) Define the audience 3) Select the media 4) Design the message 5) Feedback
- 40. How? - promotion Publicity Direct Marketing Personal selling Advertising Sales Promotion Internet/websit e Online marketing Face to face (Trade shows)
- 41. Examples - good
- 47. Examples - bad
- 49. The journey Customer has never heard of me Customer has heard of me Customer starts to listen Customer makes decision Customer buys
- 50. 3 P’s of getting visitors Pull Blogging Podcasts Guides / Whitepapers Infographics Webinars Presentations Seo Social Media LOPA Push Purchase Ads Promo swap Affiliates Direct Sales Product Network invitations • Email • Phone • Social Social sharing API integrators Backlinks Incentives
- 51. • What are you going to do to attract your customers?
- 52. Objectives / ideal results Thinking about the journey can you create some MEASURABLE objectives for any if your marketing activity?
- 53. Pirates and goals Acquisition •Unique visitors, number of pages, number of clicks •Time on site, visitors by source Activation •Unique visitors – sign up, sign up conversion •New account creation, opt in conversion Retention •Email click through, multiple log ins, length of use •Returns to complete profile, returns to share Referral •Shares via email, social media •Invites, referral conversion Revenue •Paid conversion, Leads by source, leads to sale conversion •Sales, revenue
- 54. Messages • Which marketing messages can you remember? • Consider why the may have been memorable? −What words were used? −What was your perception of the business? −Did they use a catchy slogan, music or imagery?
- 55. Page
- 56. The four elements of marketing Marketing Analysis Planning Action Control
- 57. The four elements of marketing Analysis Building up a clear picture helps you focus your attention and marketing budget in the right way. Outside • What outside factors could affect the business? • Who are your customers now, and who could become customers? • Who else could serve your customers, now and in the future? • What are your competitors up to? Inside • How can you best meet the needs of customers? • How much are you selling to each customer? • Does your advertising and promotion pay for itself? • Do you customers understand / appreciate your strengths?
- 58. The four elements of marketing Planning Once you have analysed enough information, decide what you will do in both the long and short term Decisions include: • Who will you sell to? • What will you sell them and how much • Your image / brand • What will you do to win and keep customers? • How will you stand out from the crowd? • How will you keep ahead of your competition? • How will you communicate? • How will you measure your success? Plan • Who will do what in each month, so it all happens? • What advertising and promotion will you do and when? • How will your products and services reach your customers?
- 59. Planning Objectives Stage Strategies Materials Goals E.g. To gain credibility and leads Awareness Networking Blogging Business Cards 100 visits on website 1 customer enquiry
- 60. The four elements of marketing Actions This is the best bit!! You’ll probably need a mix of different actions • Actions that raise awareness of your business, such as networking and PR • Actions that generate interest, such as advertising or creating a website • Actions that make people want to buy such as selling and direct marketing • Actions that keep your customers happy, like follow-up calls and promotional gifts.
- 61. The four elements of marketing Control This often neglected part of marketing is measuring everything and using the results to make adjustments to your plan Questions • Are you selling the right products and services to the right customers? • Are their needs still the same? • What are your competitors up to, and is it still working? • Are your sales and profits on track? • How will are you communicating with your customers? The results of your measurements should complete the circle as they feed back into your analysis and help you put together an even better plan next time.
- 62. Summary - top tips 1. Positivity – entrepreneurship isn’t war. Customers don’t care if you want to destroy the competition. They want to know what benefits that derive from your company and its products or services 2. Customer centric – Marketing is about what you do for your customers – not about what you want to become. Announcing that you are the “leader” is focused on you NOT the customer 3. Self explanatory – Good ideas should be easy to explain – saving money, increasing revenue, greater peace of mind 4. Specific – Target an intended customer – try not to do all things to all people 5. Relevant – ensure your core skills, your core products and services remain relevant to your customers needs 6. Differentiated – Your marketing should not sound like your competitors – although you can learn a lot from what they say
Editor's Notes
- Simple definition of marketing by Kotler. Go through each individual point to explain that marketing is a lot more than the typical perception of promotional marketing Analysis, planning and implementation and control – goes looks at the 4 (or 5) steps of marketing. Analysis - Understand what you want to get out of it and carry out some market research Planning – plan what you are going to do – what messages will you send out to whom and when Implementation – just do it Control – the feedback bit – what worked, what didn’t. What can we improve on next time? Desired exchanges – creating value – if the customer has greater expectations of your product or service than you have delivered the value will not have been created and there will not be a desired exchange Target markets – who will you target? What does your ideal customer look like Organisational objectives – this is not necessarily making sales it could be generating further awareness Target market needs – this goes to addressing pains and gains – people do not buy products or services they buy solutions to problems Pricing – ensuring that the price matches the quality and creates a valid desired exchange Communication – the typical bit of marketing people understand – promotional marketing – telling people about your product or service Inform, motivate and service the market – this focuses on the 4 stages which we will talk about later – Awareness, Interest, Desire, Action (AIDA)
- Marketing put simply Who are your customers – do you know who they are What is your product / service – think about features, benefits and advantages Why will people buy – the pains or gains they require – save money, better quality, generate more money etc Purchase occasion – for example Christmas
- Put simply relating marketing to the 5 w’s How will the product be used – will it be one use and throw away in which case you are hoping for lots of repeat purchases or will it be keep for 3 – 5 years in which case you need high margins and less customers perhaps How will you communicate with people – how will people find out about your products or services How will people buy it – retailer, direct via your website, face to face, trade show etc.
- Choosing the best customers to target in a B2C scenario Geographics- where are your customers? Local, regional, National, international What is their social economic class – is it relevant? What are their demographics – age, income level, number of children, ethnicity, education level etc Personality and lifestyle – what do they do, where do they hang out? What causes do they follow? What are their lifestyle habits – if we can know all of these then we can put our messages in front of them Benefits sought – different customers want different benefits from the same products. Children want toys that are fun – parents want those toys to have an educational purpose – same toy different benefits Purchase occasion – when will they buy? Purchase behaviour – will it be a quick decision? Will it be a long decision making process? Generally the lower the price the quicker the decision making process. The higher the price the longer the decision making process and the more benefits and differences you will need to demonstrate in your marketing Usage – how will the product be used – are you likely to get lots of repeat purchases Perceptions and beliefs – how can you use influencers to create specific perceptions and beiefs about your products. Sports companies use famous sports people, perfume companies use famous actors / models. Are there any you could use?
- Choosing business customers The simpler ones – Geography – where are you targeting Industry – are you targeting a particular industry sector Size – are you targeting a particular company size – number of employees, turnover, number of offices / retail shops. Are you going to target small independent retailers or large international retailers with multiple premises More difficult What is their choice criteria – is it price, experience, quality, delivery time? Why will they choose someone over someone else How do they make a decision – who makes the decision – admin, head of department, finance, director etc. Different roles will look for different benefits Company innovation – if you are targeting a company with a new innovative product or service will they accept it or are they stuck in their ways?
- A look at targeting – who would you target these cereals to typically Watch for the discussion on the first one – parents vs children 5 mins discussion
- This then follows to the customer roles – who would you target with your marketing? Customer / Payer – the person that funds the transaction Consumer/user – the person that ultimately uses the product or service Customer/buyer – the person that physically purchase the goods N.B. Someone could also be all three. Think of examples of when this could be 3 different people – for example children's clothing – there will perhaps be a main funder who will be different to the person that purchases the clothes, who is then different to the child who wears the clothes Different roles will want to hear different benefits: e.g. the payer - value for money, the customer/buyer – returns policy and the consumer/user - comfort to use the clothes example again
- Building a product – looking at the different areas of a product – the more we can add to the augmented product the greater the difference from our competitors and the greater value created for our customers.
- An example of benefit building Anyone can make a box on wheels Any car manufacturer can create a car with a big engine or lots of gadgets Not every car manufacturer can create a car with a cool status or perceived reliability
- Going back to the point that the same feature will mean different things and different benefits to different people Talk through a couple and try and get them to identify the 3 different target groups Red – elderly or mobility impaired Green – parents with young children Black – young professional couples
- Thinking about what you are saying – pass the “so what” test Again go through a couple of the examples and try and provoke them to think about what they would say and how the little man would respond. Most of the time we things about our product or service that the little man would say “so what” to. We need to think about benefits rather than features – features are in the first column – “you said” benefits are in the “you replied” and “you elaborated” sections Benefits are more powerful than features
- Simple quiz to demonstrate how logos are important in identifying products / companies Can groups or individuals name all 9? 10 mins From top left Swatch Samsonite Motorola GE AT&T HSBC BP Tassimo Beats
- Different quiz on how shapes and packaging can support your brand identification Name the products: Toblerone, Coca Cola and Marmite Quick as most people will get them straight away Important bit here though is that sometimes packaging can be more memorable than the product itself. If they are making a product how can they make it stand out with their packaging
- The following are just some fun examples of how packaging allows some generally mundane products to stand out. All are genuine products
- Focus now on the difficulties of marketing a service
- Variability is within the business – some lectures are better than others. The quality naturally varies. McDonalds try and reduce this by having a very large training manual.
- Price as an important marketing tactic
- Now onto promotion and communication to your ideal customers
- 5 stages – we have previously covered steps 1 and 2 so the focus is now on steps 3 and 4
- The following are a quick flick through some nice examples of promotional marketing
- And a more challenging couple
- The buyer journey modern vs traditional This is the process we all go through when buying something We cannot buy anything until we have a desire in it. We cannot have a desire in something until we have an interest in it and we cannot have an interest in something unless we are first aware of it. The more modern approach focuses on the need to build relationships with customers through engagement and nuturing before you try and sell.
- The different ways that people can market their ideas – pull vs push and introducing and discussing how the product can market itself sometimes – e.g. dropbox which automatically incentivises you to share with friends. Hotmail which uses backlinks on its emails to market its email accounts. Social sharing buttons on services such as spotify to market the product on social media and websites and apps such as LinkedIn which encourage you to share with people within your contacts (phone / emails) Which of the 3 types will be more successful for the businesses in the room?
- 5 – 10 mins Can they create some SMART objectives for each of the 4 stages either get leads, get attention, get sales, provide after sale service Or the AIDA / AENC model How will they measure the effectiveness of any marketing activity at each stage
- How we can create goals and targets for each stage of the process using the pirate methodology – AARRR (said in a pirate accent!)
- 5 – 10 min Discussion about key and well know marketing campaigns – what can we learn from them and how can we apply it to our ideas
- Joke about wrong wording
- Discussed in later slides
- A template plan – can they do one as homework or if time allows in the session What are their objectives At what stage – AIDA Strategy – what type of marketing will they do Materials – what will they need Goals – SMART goals to see if its worked