SlideShare a Scribd company logo
www.jacksonville.score.org
Achieve Your Business Dream
Jacksonville.score.org
AYBD’s Private Facebook Group
SCOREJAX - Achieve Your Business Dream Community
• This Facebook group is designed to allow people who attend the
Achieve Your Business Dream workshops to network with each other
and communicate with the SCORE presenters with questions and
suggestions.
• Since this is a private group, you will need permission to be allowed to
join the group. To obtain permission, follow these instructions.
1. Sign in to your existing Facebook account. If you don’t have an account, you
will need to establish one.
2. Go to the search box at the top of the Facebook page.
3. Type “SCOREJAX - Achieve Your Business Dream Community” and hit enter.
4. At box will appear asking if you would like to be approved to enter the group.
Fill in what is requested.
5. It should take 24 hours or less to be approved. You will be notified when you
are approved.
6. Once approved you should be able to post, reply, etc like any Facebook site.
Jacksonville.score.org 3
Expectations for Week 2
This week you will learn …
Week 1 – Business Foundations
• Should You be an Entrepreneur?
• Your Business Vision & Self Assessment
• Business Plan Overview
• Developing a Support Network
• Creating a Legal Entity
• Mission, Vision & Value Statements
Week 2 – Product & Marketing
• The Four P’s of Marketing
• Generating Product Concepts
• Selecting a Pricing Method
• Product Distribution Channels
• Product Promotion & Social Media
Week 3 – Accounting & Finances
• Accounting Basics
• Understanding Financial Statements
• Determining Financing Needs
• Industry, Competitor & Market Analysis
• Selecting a Name for Your Business
Week 4 – Funding & Business Plans
• Sources of Funding
• Writing Your Business Plan
• Financial Projections
Jacksonville.score.org
Homework Assignment #1
• What do you want your business to be five years from now?
________________________________________________________
________________________________________________________
• What profit expectations should I have five years from now?
Year 1 Year 5
Occupation Income $??? $???
Net Profit Margin ???% ???%
Average sales per location $??? $???
Number of Locations ? ?
Net Owner’s Profit $??? $???
Total Expected Income $??? $???
Submit homework to craig.linsky@scorevolunteer.org for feedback.
Jacksonville.score.org
Homework Assignment #2
1. What is the Mission Statement for your business?
• Describe what the business is, what it does and what it’s priorities are.
• Let customers and the public know what the organization stands for.
• Explain what makes the business different from its competitors.
• Tell owners and employees why the business exists.
2. What is the Vision Statement for your business?
• Describe what your business (or the world) should be if successful long term.
• Be inspirational and aspirational to customers,owners and employees.
3. What is the Value Statement for your business?
• Describe what the business believes in and how it will act towards all the parties with
which it interacts.
• What will your business always do or never do?
• Create a moral compass that guides you and your employees in decision-making
and actions.
Jacksonville.score.org
Marketing
for
Entrepreneurs
Jacksonville.score.org
Definitions of Marketing
Simplest
“Marketing is the process by which a firm profitably translates customer
needs into revenue.” -- Mark Burgess, Managing Partner, Blue Focus Marketing
Most Comprehensive
“The science and art of exploring, creating, and delivering value to satisfy the
needs of a target market at a profit. Marketing identifies unfulfilled needs
and desires. It defines, measures and quantifies the size of the identified
market and the profit potential. It pinpoints which segments the company is
capable of serving best and it designs and promotes the appropriate products
and services.” – Dr. Phillip Kotler
The One We Will Use
“The management process through which goods and services move
from concept to the customer. It includes the coordination of four
elements called the four P’s of marketing.” – BusinessDictionary.com
Jacksonville.score.org
The Four P’s of Marketing
Marketing Mix – The marketing mix is the combination of
elements within the four P’s that you offer in the
marketplace.
Products
• Features and benefits
• Product quality and durability
• Service level (during and after the sale)
• Ease of use and comprehension
• Bundling of multiple products
Place
• Physical locations
• Hours of operation
• Convenience/accessibility
• Remote operations
• Online presence
Price
• Price versus value
• Cost plus vs. value vs. competitive pricing
• Stated prices versus discounting
• Package , bundle or volume pricing
• Payment terms/financing
Promotion
• Brand image and positioning
• Advertising
• Discounting/couponing/sampling
• Online vs. mobile
• Use of aggregators and affinity groups
Jacksonville.score.org
The Four Ps of Marketing:
1. Product
2. Price
3. Promotion
4. Place
Jacksonville.score.org
Generating Product Ideas
Successful new product ideas come from finding an
unmet need in the market and developing a product or
service that satisfies that need - at a profit.
- The first step in uncovering these needs is to observe potential
customers undertaking everyday tasks.
• Observe the people around you. What issues are they having?
• Assess employee observations of customer needs and problems.
• Track competitors’ offerings and new product introductions.
• Obtain industry group research.
• Obtain syndicated research studies from third party vendors.
• Perform primary qualitative research, such as …
– In-depth customer interviews
– In-depth observation of customers using products or accomplishing a task.
– Customer panels
– Focus groups
Jacksonville.score.org
Always Ask WHY!
New product ideas can come from asking “why?” about
existing products.
Why does it have
chocolate cake?
Why is the frosting
chocolate?
Why does the center
have a crème filling?
Why is the crème
filling vanilla?
Why does it have a
squiggle on top?
Why is only the top
frosted?
Why are they circular?
Why do they come
two to a package?
Why is it wider at the
top than the bottom?
Jacksonville.score.org
Functions, Tasks & Pain Points
with a credit card.
When observing target customers, what should you be
looking for?
• Function: What is the customer trying to accomplish?
• Tasks: What steps does the customer take to complete the function?
• Pain Points: What happens while executing those tasks that frustrates
the customer and could be improved? Can any tasks be eliminated or
performed easier, more conveniently or less expensively?
– The pain points can lead to insights about your product or service.
– The insights lead to product improvements and new products.
Jacksonville.score.org
Purchasing Groceries with a Credit Card
with a credit card.
Function: Buy groceries with a credit card.
Tasks
Present discount coupons to
cashier.
Slide credit card in card
reader.
Choose credit or debit button
on reader.
Write signature on card
reader.
Collect receipt from cashier.
Pain Points
Must clip coupons from newspaper.
Must present coupons to cashier.
Cashier must verify amounts and expiration
dates.
Magnetic stripe gets worn and does not read
correctly.
When swiped upside down, does not read
stripe.
Why does it not know which kind of card it is?
Why do I have to sign?
Need to return credit card to wallet or purse.
Need to save receipt somewhere I won’t lose it.
Solutions
Once you understand the customers’ pain points, you can develop new products
and/or services to address them.
Register at Publix online site,
coupons are automatically
credited to you at checkout.
Stripe being replaced by chips
that only insert one way and
don’t wear out.
No solution yet because of gift
cards require credit button.
Waive signature for amounts
under a store-set limit.
Stores will now send you an
electronic receipt via e-mail.
Jacksonville.score.org
Why You Need to Review Your Processes
with a credit card.
Function: Get an oil change at the dealership.
Tasks
Receive 15% discount coupon in mail.
Call toll-free number given on mailer direct to
service department.
Appointment was scheduled with Henry.
Arrived at dealership and asked for Henry.
Told work was completed and given bill.
Get inspection checklist showing car status.
Told car was waiting outside.
Service labeled as “Quick Lube” over shop
door.
Pain Points
None.
My call went to switchboard, then waited 2 minutes for
transfer to service department.
None.
Led to Henry’s office but he did not show up after 10
minutes. Directed to another rep who did not show for 5
more minutes.
15% discount not on bill. Rep took invoice and
reappeared 3 minutes later with revised bill.
Hoses checked as “red” status, but no explanation of
which hoses or replacement cost.
Car not outside. After checking, car was still in shop. Had
to get mechanic to drive car out of shop.
Entire time to complete “Quick Lube” was one hour, 50
minutes, even though I had an appointment.
Jacksonville.score.org
Define Product Concepts
You need to turn the product ideas into product concepts.
• A Product Concept is an overview of what the final product will be.
• Include the following sections about the product, its market and potential
customers benefits. This should be from the customer’s point of view.
1. Product Name – What willyou call it?
2. Headline– A one sentencedescriptionof the product as it might be usedin
advertising. Or think of this as a mission statement for the product.
3. Product Description– A full descriptionof whatthe productwillbe andwhatit will
do. This canrun several paragraphs.
4. Target Market – Define the target marketfor this product. How large is it?
5. FunctionalCustomer Benefits – What willthis product do for the customer?Will it
save time, money or effort for the customer?
6. EmotionalCustomer Benefits – Will it make the customer feel safer, more
personallyfulfilled, more satisfied, have a higher self-worth,increasehis status among
his peers, etc? (Even the most functional products have an emotional component.)
7. Competitive Advantage – Also called uniquevalue proposition. Whatis one thing
that makes your product different from your competitors’?
Jacksonville.score.org
Define The Target Market
If you sell to consumers … If you sell to businesses …
• Consider demographics …
– Gender
– Age
– Income
– Education
– Geographic location
– Marital status
– Interests
– Behaviors
• Consider firmographics …
– Industry (NAIC code)
– Company sales size
– Number of employees
– Industry profitability
– Industry growth rate
– Geographic location
– Industry concentration
– Pricing power
Get counts from Census Bureau, SBA, IRS, Industry trade groups
Jacksonville.score.org
Define The Target Market
For each new product concept, the characteristics of the target market should be
defined.
• Some examples of target market definitions are …
- Small businesseswithin the $10-150MM salesrange.
- Males between 18 and 35 years old in Floridawith a collegedegree.
- Thetarget marketmust have at least50,000potentialcustomers.
- Thetarget marketmust be growingat least2% annually.
- At least 20% of target market must be willing to considerusingour product.
- We must be able to identifyand target the decisionmakers.
• Can you define your target market?
___________________________________________________
___________________________________________________
Jacksonville.score.org
Product Features
Product features are the characteristics of the product, such as size, color, materials used, weight and durability.
• Serviceshavefeaturesalso,suchas easeof useandreliability.
• Features are not just in-built elements.
– Guarantees or warranties
– Level of customer support
– Return/refund policy
• Features are not the same as benefits.
– Users should derive a benefit from the
feature.
– If the users does not derive a benefit from
a feature, there is no point to the feature.
Jacksonville.score.org
Functional vs. Emotional Benefits
Functional Benefits
• Saves money
• Saves time
• Eliminates or facilitates unpleasant
tasks
• Reduces physical exertion
• Improves health
• Saves energy
Emotional Benefits
• Being admired
• Image of power and wealth
• Feeling safe and secure
• Feeling more attractive
• Trustworthy
• Self-esteem
• Sense of belonging
Functional benefits are measurable while Emotional
benefits are not.
Jacksonville.score.org
Features, Benefits, Needs Satisfied, Value
Product
Feature/
Function
Product
Benefit
Need
Satisfied
Value
Credit
Card
Microchip
Fraud
Protection
Peace of
Mind
Very
Important
• Product or Service Defined
– Characteristic of the product that
describes it appearance or purpose
• Product Feature (or Function)
– Characteristic of the product that
describes it appearance or purpose
• Benefit to the Customer
– Client gain from the feature
– Can be functional or emotional
• Customer Need it Satisfies
– Unmet need that will be met
– Pain point that will be resolved
• Value to Customer
– The value customers attach to
satisfying the unmet need
Jacksonville.score.org
Service is Part of the Product
Include customer service in your marketing plan.
• Create a total customer experience that provides excellent service.
• Excellent service can differentiateyou from large competitors.
• Can you make your customer service a “WOW!” factor?
Set service standards (in writing) and stick to them.
• Understand customers’ service expectations and how to exceed them.
• Respond to inquiries within ??? minutes, etc.; Deliver within ??? days, etc.
Nurture existing clients to ensure good references.
• Referrals can be a major source of new customers.
• Ask your current clients to provide reviews for you on review sites.
Monitor your reputation online and respond to negative
reviews.
• Customers who have had a bad experience will be vocal to friends and online.
• Respond to online reviews in a professional manor whenever you can.
• Apologize and try to “make it up” to them with incentives.
Jacksonville.score.org
Service After the Sale
Set up a calendar file to alert you to call the client a set time
after the sale.
• This can be done with 3x5 cards and date dividers.
• You can also automate this with Google Calendar or similar software.
• When your client base gets big enough, use a CRM system, such as
Constant Contact.
There are many reasons to make this call or send a letter.
• To thank the customer again for their business.
• To ask if the product was set up correctly and/or is working as expected.
• An additional sales opportunity.
This can be a “WOW!” factor, a competitive advantage.
When was the last time anyone made a call like this to you?
Jacksonville.score.org
Service is Important!
“People don’t care how much you know until they know how
much you care.”-- President Theodore Roosevelt
Jacksonville.score.org
Homework Assignment #3
Develop a product concept for one of your products or
services.
• Your product concept should contain the following points.
• I will ask for volunteers to present what they develop next week.
1. Product Name – What willyou call it?
2. Headline– A one sentencedescriptionof the product as it might be usedin advertising.
Or think of this as a mission statement for the product.
3. Product Description– A full descriptionof whatthe productwillbe andwhatit willdo.
This canrun several paragraphs.
4. Target Market – Define the target marketfor this product. How large is it?
5. FunctionalBenefits – What willthis product do for the customer? Will it save time,
money or effort for the customer?
6. EmotionalBenefits – Will it make the customer feel safer, more personally fulfilled,
more satisfied, have a higher self-worth,increasehis status amonghis peers, etc? (Even
the most functional products have an emotional component.)
7. Competitive Advantage – Also calledunique value proposition. What is one thing that
makes your product different from your competitors’?
Jacksonville.score.org
The Four Ps of Marketing:
1. Product
2. Price
3. Promotion
4. Place
Jacksonville.score.org
Pricing Methods
The pricing method you choose is dependent on the
uniqueness of your product, the competitive situation and the
value to the customers.
• Cost Plus pricing: Set the price at your production costs, including
both variable (cost of goods sold) costs and fixed (overhead) costs at
your current volume, plus an acceptable profit margin.
• Competitive pricing: In price sensitive industries, you want to monitor
the prices charged by your competitors. If your prices get too far
above the general market, you may lose sales.
• Value Added pricing: Price your product based on the additional value
it creates for the customer. This is usually the most profitable, if
difficult, form of pricing.
• Value Based pricing: Price is based on a consumer's perceived
value of a product or service. It is customer-focused, meaning
it is based on how much the customer believes a product is
worth.
Jacksonville.score.org
When to Use Each Pricing Method
Three of the most common pricing methods are:
Cost Plus Value Added Competitive
Best Used When:
•Product is unique
•Little direct competition
•Custom design or order
•Direct comparisons difficult
•Services more than products
Best Used When:
•Product can produce large
cost or labor savings
•Price is a minor part of the
purchase decision
•Replacement parts/service
for existing product
•Product is a luxury good
Best Used When:
•Product is not differentiated
•Major competitors exist
•Small but numerous
competitors exist
•Market is well established
•Products more than services
• Which pricing method(s) should you use and why?
___________________________________________________
___________________________________________________
Jacksonville.score.org
Questions to Ask About Pricing
Can you justify premium pricing versus competitors?
• Can your product be substantiallydifferentiated fromcompetitors’products?
• Is your producta “valueadded”product?(Saveme time, saveme money, etc.)
• Is it uniquein the marketplace?
Do customers heavily price-shop your product?
• Large ticket,non-luxuryitemswillincurmore priceshopping.
• “Standardized”productsmake pricecomparisoneasier.
• Productbundles orrelationshippricingcan makecomparisonsmore difficult.
What is your cost of production?
• Areyou the lowcostproducer?
• Are alloverheadcostsincluded?
• What ROI willyou expect abovethe cost of production?
Will you use “loss leaders”?
• Introductorypricingfor limited timeto gainpenetration.
• Lowor free pricingon one product with purchaseof another.
• Offer coupons.
• Free shippingfor purchasesovera certainamount.
Jacksonville.score.org
Questions?
Jacksonville.score.org
Break
Jacksonville.score.org
The Four Ps of Marketing:
1. Product
2. Price
3. Promotion
4. Place
Jacksonville.score.org
Who is Your Target Audience?
• What are your audience’s
demographics?
• What are the problems you can
solve for them?
• Where do they spend their
time?
• What are they interested in?
How can you portray this in your
messaging?
Jacksonville.score.org
Promote with Powerful Branding
• How do you create value with
your products or services?
• Imagine your brand by looking
through your customers’ eyes
• Graphics should reinforce your
messaging
Branding is the personality of your business
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Branding & Messaging Example
Jacksonville.score.org
Promote Your Brand
• Get the best bang for your buck
• Start small and build through
experience
• Stick with what works
• Ditch what doesn’t
• Measure performance!
Best practices when promoting your brand
Jacksonville.score.org
Promotional Goals
1. Build general awareness of
your product/service
2. Generate leads
3. Drive leads into the sales
funnel
Promotional efforts have 3 main goals:
LEADS
AWARENESS
Jacksonville.score.org
Use the Right Channel
Jacksonville.score.org
Your Website is Your First Impression
• Choose the right platform
(WordPress,
SquareSpace, Etsy)
• Put usability first
• Take your time and build
in phases
• Don’t forget Calls-to-
Action
Jacksonville.score.org
What is SEO?
Search Engine Optimization involves all the
actions you can take to help your website rank
higher in the search engines (Google, Bing,
Yahoo, etc.).
SEO can be accomplished through both on-page
optimization using the right keywords and off-
page optimization such as link building.
Jacksonville.score.org
Optimize for the Right Keywords
• Determine what your audience is
searching for (keyword and
competitive research)
• Incorporate the keywords your
audience is searching for on your
website in the right spots:
• Title tags
• Meta-descriptions
• Headers
• Content & links
• Image alt tags
• Always measure to see what
converts
Jacksonville.score.org
Content Creation
• Inexpensive to create
• Long lifetime value
• Establish yourself as the
expert in your niche
• Quality over quantity
• Plan with an editorial calendar
• Never stop measuring
Content creation is the contribution of information to
any media.
Jacksonville.score.org
Content Creation Opportunities
Jacksonville.score.org
• Share content your audience will love.
• Initiate engagement by experimenting with content.
• Respond quickly. Determine a “rock star” who will lead
your social media efforts.
• Learn from your measurements.
Engage & Build Relationships with Social Media
Jacksonville.score.org
Where is your audience?
Jacksonville.score.org
Who Has a Local Business?
• Create and complete your local
account on Google My Business,
Facebook, and other local listing sites
• Remind happy customers to
leave reviews
• Keep your local network consistent
(always use the same listing site)
• Consider offering an incentive
Jacksonville.score.org
Why it’s all about the Email List
• (Most of) your audience has
email…and uses it.
• Target the right audience
• Touch base at the right time
• Convert your leads (15%
average conversion rate)
Jacksonville.score.org
Measure Your Online Marketing Efforts
• Google Analytics + Search
Console
• Paid Advertising Analytics
• Social Media Monitoring
– Social media platforms
– Sprout Social, HootSuite,
Later.com, or other 3rd party
social measuring tool
Continue doing what’s working, fix what isn’t.
Jacksonville.score.org
• Visits
• Engagement
• Leads
• Conversions
Measure Your Online Marketing Efforts
You can’t manage what you don’t measure.
Jacksonville.score.org
Questions?
Jacksonville.score.org
The Four Ps of Marketing:
1. Product
2. Price
3. Promotion
4. Place
Jacksonville.score.org
“Place” Refers to Distribution
What is Marketing Distribution (Place)?
◦ Marketing distribution is the methods or channels you use to get
your product or service to the users at the right time and the right
place.
◦ With the rise of the Internet, a fixed “Place” is becoming less relevant
and is merging with “Promotion”.
◦ Quick and/or convenient delivery can be a differentiator.
◦ Distribution takes into account the ease of finding product information
and finding a point of sale for the product as well as buying the product.
Jacksonville.score.org
Types of Distribution Paths
Manufacturer to Consumer -- Direct Marketing
The company contacts customers directly through salespeople, mail, television,
telephone or Internet. Examples include Avon cosmetics and Tupperware. The products are
sent directly to customers by the manufacturers.
Manufacturer to Retailer to Consumer
For large retailers such as Walmart, manufacturers often directly supply these retailers
rather than go through wholesalers. However, these large retailers exercise considerable
pricing power over manufacturers.
Manufacturer to Wholesaler to Retailer to Consumer
Wholesalers buy in bulk from manufacturers and sell smaller quantities to numerous
retailers. Wholesalers dominate when a product is sold in smaller quantities through low
volume retailers. For small retailers with limited order quantities, the use of wholesalers
makes economic sense.
Manufacturer to Agent to Wholesaler to Retailer to
Consumer
This path is often used to enter foreign markets. The agent does not take title to the
goods, but instead contacts wholesalers and receives commission on sales.
Jacksonville.score.org
Distribution Decisions
You need to decide how your products will get to the
customers. Some distribution decisions you need to
make include:
◦ What are your customers’ expectations for delivery?
◦ Which distribution channels (retail store, Internet, etc.) meet or exceed
customer expectations?
◦ Which geographic markets will be served?
◦ Within a market, how many and what types of distributors will we use?
◦ How much inventory will be needed?
◦ Who will warehouse the inventory – your company or a distributor?
◦ If we need our own distribution centers, where will they be located?
Know how the target market prefers to buy in order to select the
right distribution channels and guarantee convenience.
Jacksonville.score.org
Expectations for this Course
• Next week you will learn …
Week 1 – Business Foundations
• Should You be an Entrepreneur?
• Your Business Vision & Self Assessment
• Business Plan Overview
• Developing a Support Network
• Creating a Legal Entity
• Mission, Vision & Value Statements
Week 2 – Product & Marketing
• The Four P’s of Marketing
• Generating Product Concepts
• Selecting a Pricing Method
• Product Distribution Channels
• Product Promotion & Social Media
Week 3 – Accounting & Finances
• Accounting Basics
• Understanding Financial Statements
• Determining Financing Needs
• Industry, Competitor & Market Analysis
• Selecting a Name for Your Business
Week 4 – Funding & Business Plans
• Sources of Funding
• Writing Your Business Plan
• Financial Projections
Jacksonville.score.org
Remember to complete your homework!
Submit homework to craig.linsky@scorevolunteer.org for feedback.
Jacksonville.score.org
This presentation was developed by Craig Linsky for the Jacksonville, Florida chapter of
SCORE. Any commercial or other use of this presentation by anyone other than SCORE
members requires permission from Craig Linsky or the Chairman of the Jacksonville
Chapter of SCORE.
If you have suggestions on additional details or other material that should be included,
ways to improve this presentation or have any follow up questions, please contact us
at craig.linsky@scorevolunteer.org.
The material in this presentation is a partial description only, offered for educational
purposes, and is not intended as legal advice or tax advice. You should consult with a
qualified, licensed Florida attorney for legal advice customized to your particular
situation, and a tax preparer or accountant for taxation advice.
Jacksonville.score.org
Funded in part through a cooperative
agreement with the U.S. Small Business
Administration.
All opinions, conclusions, and/or
recommendations expressed herein are
those of the author(s) and do not
necessarily reflect the
views of the SBA.

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Achieve Your Business Dreams - Session 2

  • 2. Jacksonville.score.org AYBD’s Private Facebook Group SCOREJAX - Achieve Your Business Dream Community • This Facebook group is designed to allow people who attend the Achieve Your Business Dream workshops to network with each other and communicate with the SCORE presenters with questions and suggestions. • Since this is a private group, you will need permission to be allowed to join the group. To obtain permission, follow these instructions. 1. Sign in to your existing Facebook account. If you don’t have an account, you will need to establish one. 2. Go to the search box at the top of the Facebook page. 3. Type “SCOREJAX - Achieve Your Business Dream Community” and hit enter. 4. At box will appear asking if you would like to be approved to enter the group. Fill in what is requested. 5. It should take 24 hours or less to be approved. You will be notified when you are approved. 6. Once approved you should be able to post, reply, etc like any Facebook site.
  • 3. Jacksonville.score.org 3 Expectations for Week 2 This week you will learn … Week 1 – Business Foundations • Should You be an Entrepreneur? • Your Business Vision & Self Assessment • Business Plan Overview • Developing a Support Network • Creating a Legal Entity • Mission, Vision & Value Statements Week 2 – Product & Marketing • The Four P’s of Marketing • Generating Product Concepts • Selecting a Pricing Method • Product Distribution Channels • Product Promotion & Social Media Week 3 – Accounting & Finances • Accounting Basics • Understanding Financial Statements • Determining Financing Needs • Industry, Competitor & Market Analysis • Selecting a Name for Your Business Week 4 – Funding & Business Plans • Sources of Funding • Writing Your Business Plan • Financial Projections
  • 4. Jacksonville.score.org Homework Assignment #1 • What do you want your business to be five years from now? ________________________________________________________ ________________________________________________________ • What profit expectations should I have five years from now? Year 1 Year 5 Occupation Income $??? $??? Net Profit Margin ???% ???% Average sales per location $??? $??? Number of Locations ? ? Net Owner’s Profit $??? $??? Total Expected Income $??? $??? Submit homework to craig.linsky@scorevolunteer.org for feedback.
  • 5. Jacksonville.score.org Homework Assignment #2 1. What is the Mission Statement for your business? • Describe what the business is, what it does and what it’s priorities are. • Let customers and the public know what the organization stands for. • Explain what makes the business different from its competitors. • Tell owners and employees why the business exists. 2. What is the Vision Statement for your business? • Describe what your business (or the world) should be if successful long term. • Be inspirational and aspirational to customers,owners and employees. 3. What is the Value Statement for your business? • Describe what the business believes in and how it will act towards all the parties with which it interacts. • What will your business always do or never do? • Create a moral compass that guides you and your employees in decision-making and actions.
  • 7. Jacksonville.score.org Definitions of Marketing Simplest “Marketing is the process by which a firm profitably translates customer needs into revenue.” -- Mark Burgess, Managing Partner, Blue Focus Marketing Most Comprehensive “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.” – Dr. Phillip Kotler The One We Will Use “The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the four P’s of marketing.” – BusinessDictionary.com
  • 8. Jacksonville.score.org The Four P’s of Marketing Marketing Mix – The marketing mix is the combination of elements within the four P’s that you offer in the marketplace. Products • Features and benefits • Product quality and durability • Service level (during and after the sale) • Ease of use and comprehension • Bundling of multiple products Place • Physical locations • Hours of operation • Convenience/accessibility • Remote operations • Online presence Price • Price versus value • Cost plus vs. value vs. competitive pricing • Stated prices versus discounting • Package , bundle or volume pricing • Payment terms/financing Promotion • Brand image and positioning • Advertising • Discounting/couponing/sampling • Online vs. mobile • Use of aggregators and affinity groups
  • 9. Jacksonville.score.org The Four Ps of Marketing: 1. Product 2. Price 3. Promotion 4. Place
  • 10. Jacksonville.score.org Generating Product Ideas Successful new product ideas come from finding an unmet need in the market and developing a product or service that satisfies that need - at a profit. - The first step in uncovering these needs is to observe potential customers undertaking everyday tasks. • Observe the people around you. What issues are they having? • Assess employee observations of customer needs and problems. • Track competitors’ offerings and new product introductions. • Obtain industry group research. • Obtain syndicated research studies from third party vendors. • Perform primary qualitative research, such as … – In-depth customer interviews – In-depth observation of customers using products or accomplishing a task. – Customer panels – Focus groups
  • 11. Jacksonville.score.org Always Ask WHY! New product ideas can come from asking “why?” about existing products. Why does it have chocolate cake? Why is the frosting chocolate? Why does the center have a crème filling? Why is the crème filling vanilla? Why does it have a squiggle on top? Why is only the top frosted? Why are they circular? Why do they come two to a package? Why is it wider at the top than the bottom?
  • 12. Jacksonville.score.org Functions, Tasks & Pain Points with a credit card. When observing target customers, what should you be looking for? • Function: What is the customer trying to accomplish? • Tasks: What steps does the customer take to complete the function? • Pain Points: What happens while executing those tasks that frustrates the customer and could be improved? Can any tasks be eliminated or performed easier, more conveniently or less expensively? – The pain points can lead to insights about your product or service. – The insights lead to product improvements and new products.
  • 13. Jacksonville.score.org Purchasing Groceries with a Credit Card with a credit card. Function: Buy groceries with a credit card. Tasks Present discount coupons to cashier. Slide credit card in card reader. Choose credit or debit button on reader. Write signature on card reader. Collect receipt from cashier. Pain Points Must clip coupons from newspaper. Must present coupons to cashier. Cashier must verify amounts and expiration dates. Magnetic stripe gets worn and does not read correctly. When swiped upside down, does not read stripe. Why does it not know which kind of card it is? Why do I have to sign? Need to return credit card to wallet or purse. Need to save receipt somewhere I won’t lose it. Solutions Once you understand the customers’ pain points, you can develop new products and/or services to address them. Register at Publix online site, coupons are automatically credited to you at checkout. Stripe being replaced by chips that only insert one way and don’t wear out. No solution yet because of gift cards require credit button. Waive signature for amounts under a store-set limit. Stores will now send you an electronic receipt via e-mail.
  • 14. Jacksonville.score.org Why You Need to Review Your Processes with a credit card. Function: Get an oil change at the dealership. Tasks Receive 15% discount coupon in mail. Call toll-free number given on mailer direct to service department. Appointment was scheduled with Henry. Arrived at dealership and asked for Henry. Told work was completed and given bill. Get inspection checklist showing car status. Told car was waiting outside. Service labeled as “Quick Lube” over shop door. Pain Points None. My call went to switchboard, then waited 2 minutes for transfer to service department. None. Led to Henry’s office but he did not show up after 10 minutes. Directed to another rep who did not show for 5 more minutes. 15% discount not on bill. Rep took invoice and reappeared 3 minutes later with revised bill. Hoses checked as “red” status, but no explanation of which hoses or replacement cost. Car not outside. After checking, car was still in shop. Had to get mechanic to drive car out of shop. Entire time to complete “Quick Lube” was one hour, 50 minutes, even though I had an appointment.
  • 15. Jacksonville.score.org Define Product Concepts You need to turn the product ideas into product concepts. • A Product Concept is an overview of what the final product will be. • Include the following sections about the product, its market and potential customers benefits. This should be from the customer’s point of view. 1. Product Name – What willyou call it? 2. Headline– A one sentencedescriptionof the product as it might be usedin advertising. Or think of this as a mission statement for the product. 3. Product Description– A full descriptionof whatthe productwillbe andwhatit will do. This canrun several paragraphs. 4. Target Market – Define the target marketfor this product. How large is it? 5. FunctionalCustomer Benefits – What willthis product do for the customer?Will it save time, money or effort for the customer? 6. EmotionalCustomer Benefits – Will it make the customer feel safer, more personallyfulfilled, more satisfied, have a higher self-worth,increasehis status among his peers, etc? (Even the most functional products have an emotional component.) 7. Competitive Advantage – Also called uniquevalue proposition. Whatis one thing that makes your product different from your competitors’?
  • 16. Jacksonville.score.org Define The Target Market If you sell to consumers … If you sell to businesses … • Consider demographics … – Gender – Age – Income – Education – Geographic location – Marital status – Interests – Behaviors • Consider firmographics … – Industry (NAIC code) – Company sales size – Number of employees – Industry profitability – Industry growth rate – Geographic location – Industry concentration – Pricing power Get counts from Census Bureau, SBA, IRS, Industry trade groups
  • 17. Jacksonville.score.org Define The Target Market For each new product concept, the characteristics of the target market should be defined. • Some examples of target market definitions are … - Small businesseswithin the $10-150MM salesrange. - Males between 18 and 35 years old in Floridawith a collegedegree. - Thetarget marketmust have at least50,000potentialcustomers. - Thetarget marketmust be growingat least2% annually. - At least 20% of target market must be willing to considerusingour product. - We must be able to identifyand target the decisionmakers. • Can you define your target market? ___________________________________________________ ___________________________________________________
  • 18. Jacksonville.score.org Product Features Product features are the characteristics of the product, such as size, color, materials used, weight and durability. • Serviceshavefeaturesalso,suchas easeof useandreliability. • Features are not just in-built elements. – Guarantees or warranties – Level of customer support – Return/refund policy • Features are not the same as benefits. – Users should derive a benefit from the feature. – If the users does not derive a benefit from a feature, there is no point to the feature.
  • 19. Jacksonville.score.org Functional vs. Emotional Benefits Functional Benefits • Saves money • Saves time • Eliminates or facilitates unpleasant tasks • Reduces physical exertion • Improves health • Saves energy Emotional Benefits • Being admired • Image of power and wealth • Feeling safe and secure • Feeling more attractive • Trustworthy • Self-esteem • Sense of belonging Functional benefits are measurable while Emotional benefits are not.
  • 20. Jacksonville.score.org Features, Benefits, Needs Satisfied, Value Product Feature/ Function Product Benefit Need Satisfied Value Credit Card Microchip Fraud Protection Peace of Mind Very Important • Product or Service Defined – Characteristic of the product that describes it appearance or purpose • Product Feature (or Function) – Characteristic of the product that describes it appearance or purpose • Benefit to the Customer – Client gain from the feature – Can be functional or emotional • Customer Need it Satisfies – Unmet need that will be met – Pain point that will be resolved • Value to Customer – The value customers attach to satisfying the unmet need
  • 21. Jacksonville.score.org Service is Part of the Product Include customer service in your marketing plan. • Create a total customer experience that provides excellent service. • Excellent service can differentiateyou from large competitors. • Can you make your customer service a “WOW!” factor? Set service standards (in writing) and stick to them. • Understand customers’ service expectations and how to exceed them. • Respond to inquiries within ??? minutes, etc.; Deliver within ??? days, etc. Nurture existing clients to ensure good references. • Referrals can be a major source of new customers. • Ask your current clients to provide reviews for you on review sites. Monitor your reputation online and respond to negative reviews. • Customers who have had a bad experience will be vocal to friends and online. • Respond to online reviews in a professional manor whenever you can. • Apologize and try to “make it up” to them with incentives.
  • 22. Jacksonville.score.org Service After the Sale Set up a calendar file to alert you to call the client a set time after the sale. • This can be done with 3x5 cards and date dividers. • You can also automate this with Google Calendar or similar software. • When your client base gets big enough, use a CRM system, such as Constant Contact. There are many reasons to make this call or send a letter. • To thank the customer again for their business. • To ask if the product was set up correctly and/or is working as expected. • An additional sales opportunity. This can be a “WOW!” factor, a competitive advantage. When was the last time anyone made a call like this to you?
  • 23. Jacksonville.score.org Service is Important! “People don’t care how much you know until they know how much you care.”-- President Theodore Roosevelt
  • 24. Jacksonville.score.org Homework Assignment #3 Develop a product concept for one of your products or services. • Your product concept should contain the following points. • I will ask for volunteers to present what they develop next week. 1. Product Name – What willyou call it? 2. Headline– A one sentencedescriptionof the product as it might be usedin advertising. Or think of this as a mission statement for the product. 3. Product Description– A full descriptionof whatthe productwillbe andwhatit willdo. This canrun several paragraphs. 4. Target Market – Define the target marketfor this product. How large is it? 5. FunctionalBenefits – What willthis product do for the customer? Will it save time, money or effort for the customer? 6. EmotionalBenefits – Will it make the customer feel safer, more personally fulfilled, more satisfied, have a higher self-worth,increasehis status amonghis peers, etc? (Even the most functional products have an emotional component.) 7. Competitive Advantage – Also calledunique value proposition. What is one thing that makes your product different from your competitors’?
  • 25. Jacksonville.score.org The Four Ps of Marketing: 1. Product 2. Price 3. Promotion 4. Place
  • 26. Jacksonville.score.org Pricing Methods The pricing method you choose is dependent on the uniqueness of your product, the competitive situation and the value to the customers. • Cost Plus pricing: Set the price at your production costs, including both variable (cost of goods sold) costs and fixed (overhead) costs at your current volume, plus an acceptable profit margin. • Competitive pricing: In price sensitive industries, you want to monitor the prices charged by your competitors. If your prices get too far above the general market, you may lose sales. • Value Added pricing: Price your product based on the additional value it creates for the customer. This is usually the most profitable, if difficult, form of pricing. • Value Based pricing: Price is based on a consumer's perceived value of a product or service. It is customer-focused, meaning it is based on how much the customer believes a product is worth.
  • 27. Jacksonville.score.org When to Use Each Pricing Method Three of the most common pricing methods are: Cost Plus Value Added Competitive Best Used When: •Product is unique •Little direct competition •Custom design or order •Direct comparisons difficult •Services more than products Best Used When: •Product can produce large cost or labor savings •Price is a minor part of the purchase decision •Replacement parts/service for existing product •Product is a luxury good Best Used When: •Product is not differentiated •Major competitors exist •Small but numerous competitors exist •Market is well established •Products more than services • Which pricing method(s) should you use and why? ___________________________________________________ ___________________________________________________
  • 28. Jacksonville.score.org Questions to Ask About Pricing Can you justify premium pricing versus competitors? • Can your product be substantiallydifferentiated fromcompetitors’products? • Is your producta “valueadded”product?(Saveme time, saveme money, etc.) • Is it uniquein the marketplace? Do customers heavily price-shop your product? • Large ticket,non-luxuryitemswillincurmore priceshopping. • “Standardized”productsmake pricecomparisoneasier. • Productbundles orrelationshippricingcan makecomparisonsmore difficult. What is your cost of production? • Areyou the lowcostproducer? • Are alloverheadcostsincluded? • What ROI willyou expect abovethe cost of production? Will you use “loss leaders”? • Introductorypricingfor limited timeto gainpenetration. • Lowor free pricingon one product with purchaseof another. • Offer coupons. • Free shippingfor purchasesovera certainamount.
  • 31. Jacksonville.score.org The Four Ps of Marketing: 1. Product 2. Price 3. Promotion 4. Place
  • 32. Jacksonville.score.org Who is Your Target Audience? • What are your audience’s demographics? • What are the problems you can solve for them? • Where do they spend their time? • What are they interested in? How can you portray this in your messaging?
  • 33. Jacksonville.score.org Promote with Powerful Branding • How do you create value with your products or services? • Imagine your brand by looking through your customers’ eyes • Graphics should reinforce your messaging Branding is the personality of your business
  • 35. Jacksonville.score.org Promote Your Brand • Get the best bang for your buck • Start small and build through experience • Stick with what works • Ditch what doesn’t • Measure performance! Best practices when promoting your brand
  • 36. Jacksonville.score.org Promotional Goals 1. Build general awareness of your product/service 2. Generate leads 3. Drive leads into the sales funnel Promotional efforts have 3 main goals: LEADS AWARENESS
  • 38. Jacksonville.score.org Your Website is Your First Impression • Choose the right platform (WordPress, SquareSpace, Etsy) • Put usability first • Take your time and build in phases • Don’t forget Calls-to- Action
  • 39. Jacksonville.score.org What is SEO? Search Engine Optimization involves all the actions you can take to help your website rank higher in the search engines (Google, Bing, Yahoo, etc.). SEO can be accomplished through both on-page optimization using the right keywords and off- page optimization such as link building.
  • 40. Jacksonville.score.org Optimize for the Right Keywords • Determine what your audience is searching for (keyword and competitive research) • Incorporate the keywords your audience is searching for on your website in the right spots: • Title tags • Meta-descriptions • Headers • Content & links • Image alt tags • Always measure to see what converts
  • 41. Jacksonville.score.org Content Creation • Inexpensive to create • Long lifetime value • Establish yourself as the expert in your niche • Quality over quantity • Plan with an editorial calendar • Never stop measuring Content creation is the contribution of information to any media.
  • 43. Jacksonville.score.org • Share content your audience will love. • Initiate engagement by experimenting with content. • Respond quickly. Determine a “rock star” who will lead your social media efforts. • Learn from your measurements. Engage & Build Relationships with Social Media
  • 45. Jacksonville.score.org Who Has a Local Business? • Create and complete your local account on Google My Business, Facebook, and other local listing sites • Remind happy customers to leave reviews • Keep your local network consistent (always use the same listing site) • Consider offering an incentive
  • 46. Jacksonville.score.org Why it’s all about the Email List • (Most of) your audience has email…and uses it. • Target the right audience • Touch base at the right time • Convert your leads (15% average conversion rate)
  • 47. Jacksonville.score.org Measure Your Online Marketing Efforts • Google Analytics + Search Console • Paid Advertising Analytics • Social Media Monitoring – Social media platforms – Sprout Social, HootSuite, Later.com, or other 3rd party social measuring tool Continue doing what’s working, fix what isn’t.
  • 48. Jacksonville.score.org • Visits • Engagement • Leads • Conversions Measure Your Online Marketing Efforts You can’t manage what you don’t measure.
  • 50. Jacksonville.score.org The Four Ps of Marketing: 1. Product 2. Price 3. Promotion 4. Place
  • 51. Jacksonville.score.org “Place” Refers to Distribution What is Marketing Distribution (Place)? ◦ Marketing distribution is the methods or channels you use to get your product or service to the users at the right time and the right place. ◦ With the rise of the Internet, a fixed “Place” is becoming less relevant and is merging with “Promotion”. ◦ Quick and/or convenient delivery can be a differentiator. ◦ Distribution takes into account the ease of finding product information and finding a point of sale for the product as well as buying the product.
  • 52. Jacksonville.score.org Types of Distribution Paths Manufacturer to Consumer -- Direct Marketing The company contacts customers directly through salespeople, mail, television, telephone or Internet. Examples include Avon cosmetics and Tupperware. The products are sent directly to customers by the manufacturers. Manufacturer to Retailer to Consumer For large retailers such as Walmart, manufacturers often directly supply these retailers rather than go through wholesalers. However, these large retailers exercise considerable pricing power over manufacturers. Manufacturer to Wholesaler to Retailer to Consumer Wholesalers buy in bulk from manufacturers and sell smaller quantities to numerous retailers. Wholesalers dominate when a product is sold in smaller quantities through low volume retailers. For small retailers with limited order quantities, the use of wholesalers makes economic sense. Manufacturer to Agent to Wholesaler to Retailer to Consumer This path is often used to enter foreign markets. The agent does not take title to the goods, but instead contacts wholesalers and receives commission on sales.
  • 53. Jacksonville.score.org Distribution Decisions You need to decide how your products will get to the customers. Some distribution decisions you need to make include: ◦ What are your customers’ expectations for delivery? ◦ Which distribution channels (retail store, Internet, etc.) meet or exceed customer expectations? ◦ Which geographic markets will be served? ◦ Within a market, how many and what types of distributors will we use? ◦ How much inventory will be needed? ◦ Who will warehouse the inventory – your company or a distributor? ◦ If we need our own distribution centers, where will they be located? Know how the target market prefers to buy in order to select the right distribution channels and guarantee convenience.
  • 54. Jacksonville.score.org Expectations for this Course • Next week you will learn … Week 1 – Business Foundations • Should You be an Entrepreneur? • Your Business Vision & Self Assessment • Business Plan Overview • Developing a Support Network • Creating a Legal Entity • Mission, Vision & Value Statements Week 2 – Product & Marketing • The Four P’s of Marketing • Generating Product Concepts • Selecting a Pricing Method • Product Distribution Channels • Product Promotion & Social Media Week 3 – Accounting & Finances • Accounting Basics • Understanding Financial Statements • Determining Financing Needs • Industry, Competitor & Market Analysis • Selecting a Name for Your Business Week 4 – Funding & Business Plans • Sources of Funding • Writing Your Business Plan • Financial Projections
  • 55. Jacksonville.score.org Remember to complete your homework! Submit homework to craig.linsky@scorevolunteer.org for feedback.
  • 56. Jacksonville.score.org This presentation was developed by Craig Linsky for the Jacksonville, Florida chapter of SCORE. Any commercial or other use of this presentation by anyone other than SCORE members requires permission from Craig Linsky or the Chairman of the Jacksonville Chapter of SCORE. If you have suggestions on additional details or other material that should be included, ways to improve this presentation or have any follow up questions, please contact us at craig.linsky@scorevolunteer.org. The material in this presentation is a partial description only, offered for educational purposes, and is not intended as legal advice or tax advice. You should consult with a qualified, licensed Florida attorney for legal advice customized to your particular situation, and a tax preparer or accountant for taxation advice.
  • 57. Jacksonville.score.org Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

Editor's Notes

  1. COUPONS SOLUTION – Publix now has online site will all store and vendor coupons. After signing in the first time, coupons are automatically credited to you when you swipe your card. SLIDE CARD SOLUTION – Stripe being replaced by chips that only insert one way and don’t wear out. CHOOSE DEBIT/CREDIT – It would be easy to solve this using the card reader, but card vendors want debit card users to select “credit” because they earn more fees. SIGNATURE – Some stores waive the signature for amounts under a store-set limit. RECEIPT – Some stores will now send you an electronic receipt via e-mail.
  2. COUPONS SOLUTION – Publix now has online site will all store and vendor coupons. After signing in the first time, coupons are automatically credited to you when you swipe your card. SLIDE CARD SOLUTION – Stripe being replaced by chips that only insert one way and don’t wear out. CHOOSE DEBIT/CREDIT – It would be easy to solve this using the card reader, but card vendors want debit card users to select “credit” because they earn more fees. SIGNATURE – Some stores waive the signature for amounts under a store-set limit. RECEIPT – Some stores will now send you an electronic receipt via e-mail.
  3. COUPONS SOLUTION – Publix now has online site will all store and vendor coupons. After signing in the first time, coupons are automatically credited to you when you swipe your card. SLIDE CARD SOLUTION – Stripe being replaced by chips that only insert one way and don’t wear out. CHOOSE DEBIT/CREDIT – It would be easy to solve this using the card reader, but card vendors want debit card users to select “credit” because they earn more fees. SIGNATURE – Some stores waive the signature for amounts under a store-set limit. RECEIPT – Some stores will now send you an electronic receipt via e-mail.
  4. 2. Don’t let your channel selection be a “pain point” for your customers.
  5. 2. Don’t let your channel selection be a “pain point” for your customers.
  6. 2. Don’t let your channel selection be a “pain point” for your customers.
  7. 2. Don’t let your channel selection be a “pain point” for your customers.
  8. 2. Don’t let your channel selection be a “pain point” for your customers.
  9. 2. Don’t let your channel selection be a “pain point” for your customers.
  10. 2. Don’t let your channel selection be a “pain point” for your customers.
  11. The first World Wide Web server and browser, created by Tim Berners-Lee opened for commercial use in 1991. Amazon.com was founded in 1995, just 20 years ago as a bookstore. In 1999, there were only 11,615 e-commerce businesses in the United States. There are now over 250,000. Last year, E-commerce B2C product sales totaled $142.5 billion, representing about 8% of retail product sales in the United States. US online retail sales will reach $370 billion by 2017, up from $262 billion in 2013 -- a 10% compound annual growth rate (CAGR) over the next five years.
  12. 0. M2C - If they are not fulfilled by Amazon, then items are shipped directly from the seller to the buyer. EXAMPLE – Parker Pens from India. M2R2C - Items "Fulfilled by Amazon" are offered by a third-party seller, but shipped from an Amazon Fulfillment Center to you. Gave seminar on exporting to entrepreneur organization in Alexandria, Egypt. Spend a lot of time on pros and cons off using an agent and how to select one. WHICH PATH MAKES THE MOST SENSE FOR YOU?
  13. 2. Don’t let your channel selection be a “pain point” for your customers.