Marketing Strategies ISBDC 09

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Power Point used by Edge Marketing for a series of Marketing Strategies workshops conducted for the Indiana Small Business Dev. Center (ISBDC). 2009 Disaster relief program for businesses in Flood areas of Indiana.

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Marketing Strategies ISBDC 09

  1. 2. the average American is exposed to over marketing messages per day SOURCE: Jim Shenk, “Data Smog” 3,000
  2. 3. State today the of marketing
  3. 4. <ul><li>How do consumers get most of their information about products and services? </li></ul><ul><li>Advertisements </li></ul><ul><li>Web Sites </li></ul><ul><li>Word of Mouth </li></ul>
  4. 5. 67% of the U.S. economy is affected by SOURCE: McKinsey & Co. Word of Mouth
  5. 6. Marketing Assessment Workbook
  6. 7. this is why Your Brand is important
  7. 8. what are people saying about: You? Your Company? Your Products? Your Services?
  8. 9. What makes you stand out ? What makes you untouchable ?
  9. 10. what comes to mind when you see…
  10. 11. what comes to mind when you see…
  11. 12. what comes to mind when you see…
  12. 13. <ul><li>your brand is what </li></ul><ul><li>you’re famous for </li></ul><ul><ul><ul><ul><li>Word or Phrase </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Category </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Emotion </li></ul></ul></ul></ul>
  13. 14. <ul><li>Strong brands share four characteristics: </li></ul><ul><ul><ul><ul><ul><li>Own a position in the mind </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Create trust </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Are focused </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Based on Beliefs or Emotions </li></ul></ul></ul></ul></ul>
  14. 15. Own a Position
  15. 16. Create Trust
  16. 17. Focused
  17. 18. based on Beliefs or Emotions
  18. 19. <ul><li>homework assignment: </li></ul><ul><ul><ul><ul><ul><li>Find out what your customers think of your brand </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Find out what your partners, staff and vendors think of your brand </li></ul></ul></ul></ul></ul>
  19. 20. <ul><ul><ul><ul><ul><li>fact: </li></ul></ul></ul></ul></ul><ul><ul><li>Customers won’t be loyal to something that employees don’t believe in. </li></ul></ul><ul><ul><li>Everyone must think and act like a brand. </li></ul></ul>
  20. 21. <ul><li>your brand is a strategic issue before </li></ul><ul><li>it is a marketing issue </li></ul><ul><ul><li>Senior management must lead </li></ul></ul><ul><ul><li>Don’t delegated responsibility </li></ul></ul><ul><ul><ul><ul><ul><li>fact: </li></ul></ul></ul></ul></ul>
  21. 22. once you understand the importance of your brand it is now time to integrate it market it and get results
  22. 23. Pepsi makes advertising history in 1940 with the first advertising jingle ever broadcast nationwide. &quot;Pepsi-Cola hits the spot/Twelve full ounces that's a lot/Twice as much for a nickel, too/Pepsi-Cola is the drink for you.&quot; &quot;Nickel, Nickel&quot; will eventually become a hit record and will be translated into 55 languages.
  23. 25. Kuwait City is pretty far from Des Plaines, Illinois, but that didn't stop 15,000 customers from lining up on opening day in 1994. The line at the drive thru was seven miles long. Proving once again that &quot;Good Times, Great Taste&quot; is understandable in any language.
  24. 26. <ul><ul><ul><ul><ul><li>Return On Investment </li></ul></ul></ul></ul></ul>R - realize what is working and what is not O - observe successful marketing programs and companies that are getting results I - implement strategies with measurable results
  25. 27. <ul><li>Mavs owner Mark Cuban receives numerous fan e-mails each day, and to recognize fans for giving him their thoughts and questions, the club has created an &quot;e-mail of the day&quot; so everyone can read the questions and responses. </li></ul><ul><li>To send an e-mail, click Mark Cuban E-mail </li></ul><ul><li>If you prefer that we contact you by phone, please include your </li></ul><ul><ul><li>telephone number. </li></ul></ul>know your customer SOURCE: http://www.nba.com/mavericks/
  26. 28. my company is small …. i can’t afford to spend much on marketing …
  27. 29. guess what! Krispy Kreme started as a small business
  28. 30. so did McDonalds and Pepsi Caleb Bradham, a North Carolina pharmacist, created &quot;Brad's Drink,&quot; a carbonated soft drink to serve his drugstore's fountain customers. Ray Kroc opened the Des Plaines restaurant in 1955. First day's revenues-$366.12!
  29. 31. A look at what’s available from the SBDC
  30. 32. Develop Prospect and Competitor Lists How do you find your competitors or develop a B2B prospect list? Do you thumb through the yellow pages? Search the Internet? ISBDC has access to the two leading company information database resources: Dun & Bradstreet Million Dollar Total and ReferenceUSA. ISBDC Business Advisors can help you develop an Excel or PDF list with contact names, addresses, phone numbers, and company information matching the criteria you select.   Industry and B2B Market Research
  31. 33. <ul><li>The ISBDC has access to many nationally recognized market research databases. ISBDC Business Advisors can help you use these tools to locate accurate and relevant industry information. </li></ul><ul><li>Find the information you need to know about your industry; including market trends, best practices, current conditions, industry leaders, and future industry-specific technology. </li></ul><ul><li>Find out how your business income statement and balance sheet compare to businesses of the same size in the same industry using industry financial ratios. Research is compiled from local and national publications.   </li></ul>Researching Your Industry
  32. 34. Researching local market demographics can give your business insight on consumer buying behavior. ESRI Business Analyst Online provides users the ability to access the same demographic profiles large corporations use when making marketing and relocation decisions. Market Research with ESRI
  33. 35. <ul><li>Would you like to find new customers? </li></ul><ul><li>Do you need help evaluating competitors? </li></ul><ul><li>Are you searching for untapped markets? </li></ul><ul><li>Do you need help analyzing your trade areas? </li></ul><ul><li>Are you searching for a new store location? </li></ul><ul><li>Choose from more than 40 preformatted reports. Define your study area from geographies such as block group, census tract, or ZIP code. </li></ul><ul><li>Reports give you detailed information by household or other user-defined categories that you can visualize as charts or in a dynamic thematic map. </li></ul><ul><li>These reports are a must have for anyone developing a business plan. </li></ul>Market Research with ESRI
  34. 36. Additional information can be found at: http://isbdc.org
  35. 37. marketing should be focused on building a relationship with your customers and future ones
  36. 38. 0 10 20 30 40 50 60 70 80 90 1 2 4 5 9 mindshare % 3 6 7 8 WRONG WAY time in months
  37. 39. 0 10 20 30 40 50 60 70 80 90 0.5 1 2 2.5 4.5 mindshare % 1.5 3 3.5 4 13 to 14 weeks RIGHT WAY time in months
  38. 40. 0 10 20 30 40 50 60 70 80 90 1 2 4 5 9 mindshare % 3 6 7 8 MAXIMIZE time in months
  39. 43. a loyal customer is: 5 times more profitable than a new one SOURCE: Fred Reicheld, “The Loyalty Effect”
  40. 46. <ul><li>relationship marketing has 4 key components:     </li></ul><ul><li>It has to be personalized . </li></ul><ul><li>Personalization can come in the form of a highly targeted direct mail piece, a phone call or email. </li></ul>
  41. 47. <ul><li>    </li></ul><ul><li>It has to be targeted . </li></ul><ul><li>Wal-Mart invests money in maintaining relationships with existing customers. By targeting this group Wal-Mart establishes long-term relationships with their most loyal shoppers.  </li></ul>
  42. 48. <ul><li>It has to be meaningful . </li></ul><ul><li>Your marketing message has to connect in an emotional way to establish a lasting relationship. </li></ul>
  43. 50. <ul><li>4. It should be interactive . </li></ul><ul><ul><li>Walmart.com does a great job of asking for the relationship online by providing special offers to those who supply their email address. It is important to make relationship marketing interactive so you can hear feedback, determine what is working and what is not. </li></ul></ul>
  44. 51. but i don’t sell to consumers … i sell to businesses … what should i be doing???
  45. 52. Positioning is more important in B2B marketing.
  46. 53. Market your guarantee ! 20% of the buying decision is made on your guarantee.
  47. 54. business relationship marketing can be achieved by following these tactics…    
  48. 55. <ul><li>Develop a relationship by mixing knowledge with fun. </li></ul><ul><ul><li>Plan events for clients and prospects that educate while offering entertainment and social interaction. </li></ul></ul><ul><li>Send out a monthly eNewsletter or eZine with useful content that connects to your clients and prospects. </li></ul><ul><ul><li>This tactic will show them that you care about their business and value their time by providing them information they can use. Stay away from a sales focus... Provide industry and product news with some entertainment value. </li></ul></ul>
  49. 56. <ul><li>Initiate an appreciation program . </li></ul><ul><ul><li>Send customers thank you cards or gifts after making a purchase. You can also send a thank you gift to show appreciation for their business on the account anniversary date. </li></ul></ul><ul><li>Look for ways to help your clients and prospects beyond your own capabilities. </li></ul><ul><ul><li>Refer them to other quality vendors, share an article related to their business or put them in touch with someone who can help. This will go a long way in building a relationship. </li></ul></ul><ul><li>Make phone calls . </li></ul><ul><ul><li>Email is easy but picking up the phone and thanking someone for using your company can go a long way. Don't forget the value of real conversations and face-to-face meetings.  </li></ul></ul>
  50. 57. <ul><li>tips and tools : </li></ul><ul><li>talk with customers in person often </li></ul><ul><li>have customers interviewed by a third party </li></ul><ul><li>scour the web </li></ul><ul><li>form a customer advisory board </li></ul><ul><li>use marketing experts </li></ul><ul><li>treat your database as your most valuable asset </li></ul><ul><li>track and measure </li></ul>
  51. 58. <ul><li>tips and tools : </li></ul><ul><li>have a plan for when you communications go down </li></ul>  What impact will it have on your company if you can’t receive a call or a fax for 2 Hours, 8 Hours, 2 Days or 2 Weeks?   It’s not a matter of IF, only a matter of WHEN an outage of some type will occur. Up until now, traditional telecom solutions have had serious limitations or are prohibitively expensive.   Don’t let a disaster, or any other telecom outage/disruption, cause your business to lose revenues. Our system can be activated quickly.  
  52. 59. What types of marketing work? They all do, but they all will not work for you!
  53. 60. What is working for you? <ul><li>What marketing activities are you doing on a monthly basis to generate sales? </li></ul><ul><li>How are you tracking the results? </li></ul><ul><li>What are you not doing you wish you could? </li></ul><ul><li>What are the barriers holding you back? </li></ul>
  54. 61. Where did your last big sale come from? Channel Back
  55. 63. Internet Marketing <ul><ul><ul><li>How to get a website for under $100 </li></ul></ul></ul><ul><ul><ul><li>How to use the internet to grow your business for free </li></ul></ul></ul><ul><ul><ul><li>Should I pay to advertise online? </li></ul></ul></ul>
  56. 64. Internet Marketing <ul><ul><ul><li>www.mariontool.com </li></ul></ul></ul><ul><ul><ul><li>www.excaliburcatering.net </li></ul></ul></ul><ul><ul><ul><li>www.vigofair.com </li></ul></ul></ul><ul><ul><ul><li>www.goedgemarketing.com </li></ul></ul></ul><ul><ul><ul><li>All sites built for under $100 </li></ul></ul></ul>
  57. 65. Internet Marketing
  58. 66. Internet Marketing
  59. 67. Internet Marketing
  60. 68. Internet Marketing
  61. 69. Recommended Resources Email: ExactTarget.com ConstantContact.com Web Site: 52bucks.com GoDaddy.com Yahoo.com Networking: GoRainmakers.com News and Tips: GoEdgeMarketing.com
  62. 70. Thank You! Doug Edge [email_address] Hannah Farmer [email_address] Phone: 765.617.0224    

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