Essential
Marketing Concepts
Marketing’s Role

y
ci t
pa
ca

er
om
st
cu

ue

et

en

dg

re v

bu

s

Marketing

Management
Operations

Finance
Marketing is NOT...

...advertising or sales alone
Marketing is:
Value
Proposition
“USP”
Go-to-Market
thru exit

Growth
Strategies

Customer problem/
solution; value as
cust...
Strategy...
Inefficiency:

More time
More money
Lost opportunity

A

B
...and Creativity
Marketing Plan
The 4 P’s & 2 C’s
Product

Price

Customers

Competition
Promotion

Place

Distribution
Your Business in
Marketing Terms
Niche: What need do you fill?

Bi z
P lan
Objectives
Market (customers, competition,
life...
*:
USP

M&M’s

Need?

Premium chocolate,
healthy snacks

Competencies

Unique capabilities

History, technology,
shelf, fi...
SWOT & Marketing
Leverage

Thwart

Strengths

Weaknesses

Opportunities

Threats
Product/Industry Lifecycle
Intro

Growth

Build product
awareness and
develop a market for
the product.

Maturity

Decline...
When the product is right, you don’t
have to be a great marketer
ter
mo
pro
Lee Iacocca
Features Exercise
What are some key features
of your product or service?
Value Add
Services

Guarantees/
Warrantees

Customer
Support

Physical
Product
Service
Agreements

Extras

Attachments
Customers:
Target Profile
Consumers (B2C)

Geography

Demographics

Psychographics

Behaviors

Neighborhood
Local
State
Regional
National
Internatio...
Businesses (B2B)

Geography

Bizographics

Psychographics

Behaviors

Industry (NCIS)
Title/Role
Decisionmaking
Revenue
Re...
Consumer Motivation
SelfActualization

What benefits does your
product or service deliver
to satisfy these needs?

Esteem

...
Prioritize
Segment by clusters
(i.e., Yuppies)
Lowest hanging fruit
Zen marketing
Take Aim:
Who is Your Target?
Lowest Hanging Fruit

Evaluate Costs & Benefits

Measurable

Size & purchasing power

Access...
Benefits Exercise
Saves time
Saves money
Offers convenience
Enables peace of mind
Provides better profit
opportunities
Hel...
Price
Other Influences:

What the market will bear

Supply and demand
Customer motivation

Differentiation
& Added Value

...
Value is in the Customer’s Mind
Not Yours

Now or
Later?
Worth it?

Can I afford
it?

Cheaper?

Substitute?

Brand?
Your Price
Reference points
Business model (i.e., volume) & strategy
What drives your ability to charge more or less?
Pack...
Distribution
Supplier

Manufacturer

Distributor

Wholesaler

Retail

Opportunities:
•
•
•
•
•
•

Research Resource
Click ...
Competition
Direct

Substitutes

Differentiation

Similar products
or ser vices

What prospects might do or
purchase inste...
Desire?

Eat?

Candy?

Brand?

Socializing
Exercising
Eating

Chips
Candy
Soft drink

Chocolate
Licorice
Gummy
Bears

Dill...
Research
Make Better Decisions with Data
Essential Data
Consumer insights

Forecast: Price x Units

Where customers go
for information

Number of
competitors/impac...
Types of Information
Quantitative

Qualitative

Average price
Units sold
Number of competitors
Number of buyers
Market sha...
Info Sources

• Internal: Credit card receipts, transaction

records, foot and Web traffic, inbound calls,
etc.

• Determi...
Useful Tools
Customers
Geography

Demographics

freemaptools.com
freeDemographics.
com
Google Maps

Psychographics

My Bes...
Ideas
If you can’t find exact data, look at companies and
industries closest to yours.
“Steal” -- Don’t reinvent the wheel...
Promotional Mix
Getting the Word Out

Personal Selling

Advertising

Public Relations

Sales Promotion

Paid

“Free”

Coup...
The Plan
Goals

Strategies

Tactics

Increase revenue
Increase number of customers
Capture market share
Improve brand imag...
Resources
Use all for the greatest impact and results

Smarts
Time
Contacts
Relationships
Partners
Money: top down vs. bot...
Average SMB marketing spend: $475/month  
21% spend more than $1,000/month
Source: Search Engine Land, “Health & Medical S...
Promotional
Strategy

The
Close

”
P i tch
he “

T

A

Action

First Contact

Email(s)/Postcard(s)

Website visit(s)

A

T...
Messaging
Nail your position in your customers’ mind
Talk about your business in ways that your
prospect understands and c...
Simplify the Message

Competencies
Differentiation

USP

Need

Point of the Arrow

Benefits
WIIFM
Use the Right Media
New Media
Process of Elimination

Traditional
Media

list
no

PR

X

b
Mo

Email

ge
Wid

n

ia
oc
S

...
How to Choose?
Will it reach my target audience?
Is it a good fit with my plans? Is the timing right?
Is it the best way t...
Smart timing will help a small budget go farther and have more impact

Q1

Q2

Q3

Q4

Internal milestones, operations, re...
Thanks for Viewing
Learn more at blockbeta.com

© copyright Block Media LLC 2007 - 2014
Trademarks and images are all owne...
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Marketing Concepts Every Business Needs to Know

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There's more to marketing than advertising, sales or social media. These are tools of communication. Where marketing really starts is with creating a product and/or service people want to buy. It just makes promoting it a whole lot easier.

-- What we mean by business and revenue model
-- Customer segmentation and how to build customer profiles
-- Market research techniques and low-cost resources for finding key data and opportunities
-- The value of product/service “packaging” for both you and your customer
-- Key marketing concepts like, positioning, messaging, branding and so much more

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Marketing Concepts Every Business Needs to Know

  1. 1. Essential Marketing Concepts
  2. 2. Marketing’s Role y ci t pa ca er om st cu ue et en dg re v bu s Marketing Management Operations Finance
  3. 3. Marketing is NOT... ...advertising or sales alone
  4. 4. Marketing is: Value Proposition “USP” Go-to-Market thru exit Growth Strategies Customer problem/ solution; value as customer sees it Market Segments Lowest Hanging fruit Business Model Sustainability; barriers to entry Competitive Strategy Value Chain Finding your niche; net work opportunities Revenue Model Follow the money/Volume/ Margin
  5. 5. Strategy... Inefficiency: More time More money Lost opportunity A B
  6. 6. ...and Creativity
  7. 7. Marketing Plan The 4 P’s & 2 C’s Product Price Customers Competition Promotion Place Distribution
  8. 8. Your Business in Marketing Terms Niche: What need do you fill? Bi z P lan Objectives Market (customers, competition, lifecycle, trends) SWOT Analysis Competencies: What are the 1-2-3 great things you offer or do really well? Differentiation: What makes you unique? Positioning: How your customer thinks about your product, service and/or business Brand: Your promise based on core competencies Visual Identity: The presentation of your brand
  9. 9. *: USP M&M’s Need? Premium chocolate, healthy snacks Competencies Unique capabilities History, technology, shelf, financial Differentiation Uniqueness Shape, flavor Positioning In your customers mind? Melts in your mouth, not in your hand Branding Promise Established, consistent Niche *Unique Selling Proposition
  10. 10. SWOT & Marketing Leverage Thwart Strengths Weaknesses Opportunities Threats
  11. 11. Product/Industry Lifecycle Intro Growth Build product awareness and develop a market for the product. Maturity Decline Competition heats up. Build brand preference and increase market share. Differentiation becomes critical. • Rejuvenate product with new features and finding new uses. Strong sales growth diminishes; competition steps up. Defend market share while maximizing profit. Maintain Possibly Reduce • Harvest: reduce costs and continue sell to loyal niche segments. • Discontinue: liquidate inventory Add features Harvest: or sell to another niche firm. Liquidate or sell
  12. 12. When the product is right, you don’t have to be a great marketer ter mo pro Lee Iacocca
  13. 13. Features Exercise What are some key features of your product or service?
  14. 14. Value Add Services Guarantees/ Warrantees Customer Support Physical Product Service Agreements Extras Attachments
  15. 15. Customers: Target Profile
  16. 16. Consumers (B2C) Geography Demographics Psychographics Behaviors Neighborhood Local State Regional National International Age Income Education Family Size Home Owner Ethnicity Values Lifestyle Personality Use Occasion Price Sensitivity Status (1st time?) Loyalty Readiness
  17. 17. Businesses (B2B) Geography Bizographics Psychographics Behaviors Industry (NCIS) Title/Role Decisionmaking Revenue Responsibilities Seasonality Seats Company/Personal Inventory Employees Sm/Lg Biz
  18. 18. Consumer Motivation SelfActualization What benefits does your product or service deliver to satisfy these needs? Esteem Social Safety Physiological Maslow’s Hierarchy of Needs
  19. 19. Prioritize Segment by clusters (i.e., Yuppies) Lowest hanging fruit Zen marketing
  20. 20. Take Aim: Who is Your Target? Lowest Hanging Fruit Evaluate Costs & Benefits Measurable Size & purchasing power Accessible Effectively/efficiently reached & served Substantial Large and/or profitable Actionable Effective/efficient marketing programs
  21. 21. Benefits Exercise Saves time Saves money Offers convenience Enables peace of mind Provides better profit opportunities Helps them focus on their business Preserves/enhances a particular lifestyle Benefits Features
  22. 22. Price Other Influences: What the market will bear Supply and demand Customer motivation Differentiation & Added Value $ Costs Industry trends Competition Look for “reference points” as a starting point to determining your price; in other words, prices of similar products or services in your industry.
  23. 23. Value is in the Customer’s Mind Not Yours Now or Later? Worth it? Can I afford it? Cheaper? Substitute? Brand?
  24. 24. Your Price Reference points Business model (i.e., volume) & strategy What drives your ability to charge more or less? Packaging Promotional pricing allowances
  25. 25. Distribution Supplier Manufacturer Distributor Wholesaler Retail Opportunities: • • • • • • Research Resource Click and Mortar Communication Negotiation Partnering Promotion Consumer
  26. 26. Competition Direct Substitutes Differentiation Similar products or ser vices What prospects might do or purchase instead Why you? Seattle Wedding Photographers •No pictures at all •Have a family member act as photographer •Ask guests to take pictures Likely or Unlikely? Why? •Awareness •Specialty •Portfolio/Website •Credibility: Experience, Education, Awards, Press •Referral (live/social) •Packages & Price •Added Value Ser vices More exclusive = fewer competitors
  27. 27. Desire? Eat? Candy? Brand? Socializing Exercising Eating Chips Candy Soft drink Chocolate Licorice Gummy Bears Dilletante Hershey Theo Godiva Toblerone Competition is in the Eye of the Customer
  28. 28. Research Make Better Decisions with Data
  29. 29. Essential Data Consumer insights Forecast: Price x Units Where customers go for information Number of competitors/impact Market sizing Sales trends Size of market overall Market share (guesstimate) Price reference points Untapped market opportunities
  30. 30. Types of Information Quantitative Qualitative Average price Units sold Number of competitors Number of buyers Market share Political/Economic climate Social trends Industry standards Consumer behavior Typical Distribution
  31. 31. Info Sources • Internal: Credit card receipts, transaction records, foot and Web traffic, inbound calls, etc. • Determine current margins, best selling products, highest margin products • Ask: Colleagues, management, salespeople, channel partners, customers, prospects • Trade organizations offer data • Industry and trade magazines: FindArticles.com • Consumer magazine media kits • Purchase information when needed and practical • Information you need, but can't buy: obser vation, sur veys, focus groups
  32. 32. Useful Tools Customers Geography Demographics freemaptools.com freeDemographics. com Google Maps Psychographics My Best Segments: claritas.com/ MyBestSegments/ Default.jsp Behaviors Social sites Media kits PEW/Internet Competition Google Places Yelp & other social sites Competitor websites
  33. 33. Ideas If you can’t find exact data, look at companies and industries closest to yours. “Steal” -- Don’t reinvent the wheel. Don’t get lost in the sauce. Define the information you need before you start. You’ll never have complete information. At some point, you’ll have to make assumptions. Test them and continually update.
  34. 34. Promotional Mix Getting the Word Out Personal Selling Advertising Public Relations Sales Promotion Paid “Free” Coupons Sampling Discounts
  35. 35. The Plan Goals Strategies Tactics Increase revenue Increase number of customers Capture market share Improve brand image Actions Measurement Re s o u rc e Budg s et Sc h e du le
  36. 36. Resources Use all for the greatest impact and results Smarts Time Contacts Relationships Partners Money: top down vs. bottom up budgeting Assets
  37. 37. Average SMB marketing spend: $475/month   21% spend more than $1,000/month Source: Search Engine Land, “Health & Medical SMBs Spend More on Marketing Than Other Industries,” Jan 15, 2014, Myles Anderson
  38. 38. Promotional Strategy The Close ” P i tch he “ T A Action First Contact Email(s)/Postcard(s) Website visit(s) A The “Need” Sign up I Interest: WIIFM Build Awareness, Get Attention: PR/Advertising D Desire: why you?: “Proof”
  39. 39. Messaging Nail your position in your customers’ mind Talk about your business in ways that your prospect understands and cares about Help them understand why you’re better and what’s in it for them Educate them about what you do so they value it
  40. 40. Simplify the Message Competencies Differentiation USP Need Point of the Arrow Benefits WIIFM
  41. 41. Use the Right Media New Media Process of Elimination Traditional Media list no PR X b Mo Email ge Wid n ia oc S l X n Wi ki Po d Environment Dig it al S i Review Sites Soc ial Ne two rks Links getAdvertising bud o ime ot s Blog Collateral Personal Selling ts X Search Your Business Web 2.0 RSS Direct Web ile gna ge cas ts s Boo kma rkin g
  42. 42. How to Choose? Will it reach my target audience? Is it a good fit with my plans? Is the timing right? Is it the best way to allocate my resources? Is there a cheaper alternative? Can I negotiate? Consider production costs. What are the expected short- and long-term results?
  43. 43. Smart timing will help a small budget go farther and have more impact Q1 Q2 Q3 Q4 Internal milestones, operations, resources... External seasonality, trade shows, business cycles, editorial calendars, holidays, school calendars... Marketing campaigns, PR, media, sales, events... Actions work backwards, deadlines Marketing Calendar
  44. 44. Thanks for Viewing Learn more at blockbeta.com © copyright Block Media LLC 2007 - 2014 Trademarks and images are all owned by their respective owners.

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