Marketing for entrepreneurs part 1

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Part 1 of my lecture series for micro entrepreneurs. This is a very simplified and straightforward discussion for non-marketers.

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Marketing for entrepreneurs part 1

  1. 1. Marketing EssentialsF O R E N T R E P R E N E U R S
  2. 2. Aboutme MIKE PANGILINAN Managing Director, IMSI Consulting Training Resource, The Executive Edge Consulting Group, Inc. Former Head of Pharmaceutical Marketing, Bayer Healthcare Certified Social Marketing Associate, e-Marketing Association, Inc. Core competencies: Strategic Planning, Marketing Communications, Product Management, Sales Management, and Entrepreneurship Lecturer: Marketing, SME Forum http://www. mikepangilinan.com ph.linkedin.com/in/mikepangilinan https://www.facebook.com/TheInboundMarketer
  3. 3. Today’s ScheduleMorning  Overview  Understanding Customers  Marketing MixAfternoon  Promotional Mix  Marketing Plan  New Trends & Winning StrategiesMARKETING SKILLS FOR ENTREPRENEURS 6/29/12 3
  4. 4. Failingto planis likeplanningto fail~ unknown 4
  5. 5. Overview 5
  6. 6. The Philippine Business Landscape  There are 780,437 MSME, 9 registered enterprises 9.60% based on the DTI 2009 Report  Large enterprises account for less than 1% of the Large, 0 business .40%  Breakdown of MSME:  Micro is 91.4%N.b. MSME (medium, small, & micro entrepreneurs)  Small is 8.2%  Medium is 0.4%MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 6
  7. 7. The biggest challenge of entrepreneurs… EVERYBODY is an ENTREPRENEUR!  Crowded market  Highly competitive  Limited resources to competeMARKETING SKILLS FOR ENTREPRENEURS 6/29/12 7
  8. 8. But, is itreallyacrowdedmarket?MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 8
  9. 9. Or,you are justunabletofind your waythrough?MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 9
  10. 10. Maybe,you justneedalittlepush!MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 10
  11. 11. What isMarketing? 11
  12. 12. Marketing is themanagementprocess responsibleforidentifying, anticipating, & satisfyingcustomerrequirementsprofitably ➔ Process ➔ Customer-centric ➔ ProfitableMARKETING SKILLS FOR ENTREPRENEURS 6/29/12 12
  13. 13. ➔ Selling?➔ Promotion?➔ Advertising?➔ Customer service?➔ Doing flyers?➔ Entertaining customers?➔ Sales calls?➔ Print ads?➔ Tele-marketing➔ Email blast?➔ Engaging small talks? uhm… sort of, a➔ Hanging banners? little➔ Putting signage? bit, some➔ Discounts marketing➔ Coupons? perhaps!MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 13
  14. 14. If I’m alreadydoing thesethings andessentiallydoingsomemarketing…what is myproblem?MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 14
  15. 15. The problemlies inNOT REALIZINGyou are doingmarketing.Most likely,you cannotREPEAT theactivityCONSISTENTLYover time.MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 15
  16. 16. ➔ Are you making a particular effort to know your customers more? ➔ Is there a particular customer you are trying to please thinking that if you do you will be earning his loyalty? ➔ Did you just realize that you are actually not doing anything to cultivate customer relationship and its about time to do it? If you answered YES… you are not far from doing MARKETING MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 16
  17. 17. As entrepreneurs, we must chase the customers until it is no longer profitable to do so!This should be our MARKETING task every single day! 17
  18. 18. Understanding CustomersCustomers are the reason why we are in business. No customers, no business! 18
  19. 19. What’s going on inside the customer’s mind?
  20. 20. price quality“madaling kausap” fast turnaround availability satisfaction etc.
  21. 21. Thecustomeris confusedwithso manyoptions! The PREY to every entrepreneur!MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
  22. 22. The customer’s mind is the battlefield!WIN THEIR TRUST, INFLUENCE THEM, BUILD THEIR CONFIDENCE! These are the key success factors.
  23. 23. Which one?UNDERSTANDING HOW BUYERS MAKE DECISIONSMARKETING SKILLS FOR ENTREPRENEURS 6/29/12
  24. 24. STEP Do I Want it 1 DESIRE NEEDMARKETING SKILLS FOR ENTREPRENEURS 6/29/12
  25. 25. STEP 2 • Past Experience • Brand Perception • Quality of Service Internal • Place to Purchase • Multiple Sources • Internet • Family & Friends • Product Reviews • Customer Reviews External • Brand Strength • Sales & Marketing Staff 25
  26. 26. STEP Is it Value for Money 3 Is the product worth the money as advertised? •“Does the DSLR camera really show that it is worth this much?” Does the product satisfy my need for what I end up paying? •“Is it worth upgrading my mobile with another one which has just got a better camera?”MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 26
  27. 27. STEP Is it for Me? 4 “Would I be comfortable to be seen with this product?” “Would I be happier when I own this product?” “What would others think of me when they see me with this product?”MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 27
  28. 28. STEP When and Where to Buy 5 Where When Decide & Buy Impulse Buy Research, Think Non-Impulse & Decide BuyMARKETING SKILLS FOR ENTREPRENEURS 6/29/12 28
  29. 29. STEP When and Where to Buy 5 Convenience Price Promotions Quality of service Return policy Brand loyalty Previous positive Cheaper repeat Club cards or negative purchase experience Exclusive Customer Bundles availability testimonials 29
  30. 30. Again, summing up the CUSTOMER BUYING PROCESS…STEP 1 STEP 2 STEP 3 STEP 4 STEP 5• Do I want • What do I • Is it value • Is it for • When and it? know for me? where to about it? money? buy?
  31. 31. Whoareyourcustomers?MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
  32. 32. Not everyTom, Dick orHarry is yourcustomer! YOU NEED TO SEGMENT AND TARGET!MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
  33. 33. Segmentation & Targeting Matrix ENTIRE POPULATIONThose interested in the product POTENTIAL MARKET Those who have money to buy AVAILABLE MARKET Those you want to target TARGET MARKET PENETRATED MARKET Those who have already purchased the product MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 33
  34. 34. Areallcustomerscreatedequal?MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 34
  35. 35. Segmentthecustomersforeffectivetargeting! 35
  36. 36. 6/29/12Benefits of Segmentation & Targeting• Just focus on the right customers• Cost-effective promotions• Increase efficiency and effectivenessMARKETING SKILLS FOR ENTREPRENEURS 36
  37. 37. 6/29/12End of part 1 lectureMARKETING SKILLS FOR ENTREPRENEURS 37

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