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Marketing 101 Powerpoint 2009
- 1. Old Colorado City Merchants& Businesses January 22, 2009 6:00 - 8:00 pm 3216 West Colorado Avenue Colorado Springs, CO 80904 (719) 226-2265
- 2. Old Colorado City Merchants& Businesses January 22, 2009
- 3. PURPOSE Define MARKETING How to effectively MARKET your business How to BRAND your business How to find VALUE in advertising The next step
- 4. WHAT IS MARKETING The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer. The practice of encouraging consumers to buy products.
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- 22. HOW TO EFFECTIVELYMARKET YOUR BUSINESS There are 9 tips to effectively market your business
- 23. MARKETING TIP #1 Look for some low-cost ways you can enhance the perceived value of your product or service. Then test raising your price. Don't be surprised if both your sales and your profit margin go up.
- 24. MARKETING TIP #2 Try to limit your customer's decision making to either "Yes. I'll buy." or "No. I won't buy". Don't risk losing them by including "which one" decisions. The more options you offer, the more likely some customers will procrastinate and never make the decision ...causing you to lose a sale needlessly.
- 25. MARKETING TIP #3 You can demonstrate a low cost for your product or service by breaking down the price to its lowest time increment. For example, "Enjoy all of this for less than .90 cents a day" (for something priced at $325 a year).
- 26. MARKETING TIP #4 Add an unexpected bonus to every sales transaction just before completing the sale. It prevents customers from developing any last minute hesitation ..and changing their minds about buying.
- 27. MARKETING TIP #5 Print your best small ad on a postcard and mail it to prospects in your targeted market. Postcards are inexpensive and easy to use. Most recipients who ignore other types of advertising will read a brief ad when it's delivered to them on a postcard. It makes the consumer touch your ad directly out of the mailbox.
- 28. MARKETING TIP #6 Prospects who ask questions are usually close to buying. Take advantage of this. Don't just answer their question. Include a reason for them to buy as part of your answer. Then ask for the sale ...or tell them exactly what to do to place their order.
- 29. MARKETING TIP #7 Collect testimonials from your customers and use them in all your advertising. Testimonials provide evidence that your product or service delivers the results you promise. For maximum impact, use only testimonials that describe specific results the customer enjoyed.
- 30. MARKETING TIP #8 Include "benefit rich" headlines on all your web pages. Many visitors arrive at a web page then immediately click away ...unless something instantly catches their attention.
- 31. MARKETING TIP #9 Continually test and evaluate everything you use or do to promote your business. Allocate 80 percent of your advertising budget to proven promotions. Use the other 20 percent for testing new variations. Most businesses using this system continue growing - even in highly competitive markets.
- 32. BONUS TIP Handlecustomer complaints quickly and with a positive attitude. Strive to preserve your relationship with them instead of your immediate profit from the transaction. They will reward you with repeat sales and referrals ..instead of punishing you by telling everybody they know about their unhappy experience and causing you to lose future customers.
- 33. HOW TO BRANDYOUR BUSINESS Your business has an image. It doesn’t matter if you spent thousands of dollars on a logo and marketing materials or took ten minutes to slap a piece of clipart on a business card, your business still has an image.
- 34. HOW TO BRANDYOUR BUSINESS A business’ image consists of logo, slogan (tag line), color, fonts, etc. It’s also part of how you brand your business. Image and brand building is important so that people think about your business when they need your products or services.
- 35. HOW TO BRANDYOUR BUSINESS Put your logo to work. Probably the most memorable part of your image is your logo. Your logo represents your business and it helps sell your business. It turns the name of your company into a visual, tells what you sell, and reinforces your company name and product.
- 36. HOW TO BRANDYOUR BUSINESS
- 37. HOW TO BRANDYOUR BUSINESS Why should you care about building your brand? What is a brand anyway? Why can Starbucks get more money for a cup of coffee rather than the local mini-mart?
- 38. HOW TO BRANDYOUR BUSINESS There is inherent value in “brand equity.” Simply put, brand equity is the set of assets (or liabilities) associated with brands that contribute to the value consumers place on the brand experience. In other words, a well-established brand makes your product or service worth more. It’s that simple!
- 39. HOW TO BRANDYOUR BUSINESS Branding is not something that happens overnight. Brands are created over time. When Betsy Ross brought Ben Franklin her first flag design, Ben remarked, “I don’t know, Betsy, all those stars and all those stripes just don’t say America to me.” Branding takes time.
- 40. HOW TO BRANDYOUR BUSINESS A brand is an image that exists in consumers’ minds. Consumers come to believe in a product’s quality, reliability, results and status because they see repeated assurances that the product delivers those attributes. When consumers are motivated by a product’s brand attributes, they choose that product over similar ones in the marketplace. Why buy NIKE as opposed to just sneakers? A BMW rather than a Suzuki?
- 41. HOW TO BRANDYOUR BUSINESS Everything you do contributes to your brand. Before you can build your brand, you need to understand what your brand’s attributes are and what your brand’s positioning should be. How does your brand stack up against the competition? What are your brand’s strengths and weaknesses?
- 42. HOW TO BRANDYOUR BUSINESS Know your competition. You will never know whether your marketing initiatives are successfully building your brand unless you have measured your competitive position. How does your target market feel about your brand? How does your brand, without advertising, measure up against your competition?
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- 44. DEALING WITH REJECTION(PT. 1) “I tried advertising and it didn’t work.” “Yeah, I know,” whispered the little voice inside me, “I see it not work every day.” But if that advertiser’s message is weak, you’ll soon be hearing, “I bought what you said and it didn’t work.” I had been groping blindly in a pitch-dark room when I flicked the light switch on the wall. Suddenly everything was clear: Message and copy are two different things.
- 45. DEALING WITH REJECTION(PT. 2) "The fish trap exists because of the fish. Once you've gotten the fish you can forget the trap. The rabbit snare exists because of the rabbit. Once you've gotten the rabbit, you can forget the snare. Words exist because of meaning. Once you've gotten the meaning, you can forget the words." – Chuang-tzu, 350 BC If Chuang-tzu had been in advertising, he would have said, “Copy exists because of message. Once you’ve gotten the message, you can forget the copy.”
- 46. DEALING WITH REJECTION(PT. 3) 1. No one ever plans to have a traffic accident. 2. You don’t really have to get 3 estimates from 3 different body shops. 3. You don’t even have to pay your $250 or $500 deductible. 4. Your insurance company will happily pay whatever their adjustor says is the right amount. 5. When you’ve been involved in a traffic accident, call me. 6. I’ll send out a wrecker to pick up you and your car. 7. I’ll give you a free loaner car to drive while I’m repairing your car. 8. I’ll notify your insurance company and meet with the adjustor. 9. I’ll fix your car for whatever amount the insurance adjustor agrees to pay. 10. You don’t even have to pay your deductible. 11. And since we’ve already got the paint in the gun, we’ll fix those little door dings and scratches on the other side of the car that were there before the accident. No extra charge. 12. You’ll get back a car that’s better than it was before the accident.
- 47. DEALING WITH REJECTION(PT. 4) 1. They need to stay on the air long enough for people to hear them and remember their message. That’s when they’ll begin to see results. 2. Then they have to wait for the listener to need them. 3. The longer they stay on the air, the deeper the message goes into memory and the better it works.
- 48. DEALING WITH REJECTION(PT. 5) 1. The advertiser with a weak message, often repeated, will prevail over a competitor with an equally weak message less often heard. When weak vs. weak, frequency is a tiebreaker. 2. The advertiser with a weak message wrapped in cleverness and humor will prevail over a competitor with an equally weak message wrapped in a brown paper bag. 3. The advertiser with a weak message and a big ad budget will prevail over a competitor with a strong message that never gets heard.
- 49. 3 KEYS TOA SUCCESSFUL PRINT AD 1. Write for the EYE, focus on VISUAL 2. Write for the BUSY EYE 3. Keep your TARGET MARKET in mind
- 50. KEY #1 TOA SUCCESSFUL PRINT AD Print ads are VISUAL A catchy headline Art, Photos, Illustrations, Clip Art, Shapes, etc. Design in an interesting, intriguing, attention getting manner Use WHITE SPACE effectively Use no more that THREE typefaces Draws the reader’s eye to your LOGO Use COLOR to grab the reader’s attention
- 51. KEY #2 TOA SUCCESSFUL PRINT AD Write for the BUSY EYE Capture the attention of potential customers Encourage them to remember what you want them to do Persuade them to actually do it Print ads should have ONE message and ONE message only CALL OF ACTION
- 52. KEY #3 TOA SUCCESSFUL PRINT AD Keep your TARGET MARKET in mind Ad message should focus on your CUSTOMERS’ NEEDS not YOUR OWN Sales are effective because it is saving customers money Contests, free gifts, free food – think OUTSIDE THE BOX Study other people’s ads
- 53. EFFECTIVE ADS AIDA: The Classic Formula for Effective Ads ATTENTION: Grabs readers’ attention with headlines, type, white space and visuals. INTEREST: Make the copy interesting and benefit- oriented. DESIRE: Make sure the copy answers readers’ most basic question: “What’s in it for me?” People read ad copy to find out how your product or service benefits them. ACTION: Urge your readers to act now – and make them do so.
- 54. EXAMPLE OF EFFECTIVEPRINT AD
- 55. EXAMPLE OF EFFECTIVEPRINT AD
- 56. EXAMPLE OF EFFECTIVEPRINT AD
- 57. EXAMPLE OF INEFFECTIVEPRINT AD
- 58. HOW TO FINDVALUE IN ADVERTISING Return On Investment (ROI) ROI=(Gain from Investment – Cost of Investment) Cost of Investment Example: ($20,000 profit - $2,000 advertising/year) $2,000 advertising ROI = 9 times
- 59. VALUES IN ADVERTISING Take 5 advertising solutions Travelhost, Accent Maps, KKTV, Echo Pages, Independent, Gazette, Citadel Broadcasting Radio, Westside Pioneer, Connect Colorado, 4 Military newspapers (Mountaineer, etc.)
- 60. GROUPING VALUES Totalfor all FIVE Advertising solutions is $40,000/year Divide by 12 months = $3,333.33 Divide by 20 Businesses/Merchants in OCC = $166.66 per month
- 61. BRANDING & VALUESOLUTIONS Both can be achieved through targeted advertising for $166.66 per month for an entire year. Branded as a business in Old Colorado City. Build name recognition with the other 19 participating businesses.
- 62. VALUE THROUGH BRANDING Value and Branding through collaborative efforts rather than advertising on your own. Save money Save time Gain market share in this economy Must work together as a unit rather than one
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- 64. THE NEXT STEP What has worked for you? Why did it work? What is your demographic? What is your advertising/marketing budget for 2009? How do you figure out a budget for marketing/advertising? Advertising-to-Sales Ratios
- 65. THE NEXT STEP Budgeting Your Advertising Common Mistakes: 1.Habit – What you have always done in the past 2.Looking in the cash register to see how much you can afford today
- 66. THE NEXT STEP Why a Formal Budget? Firm control of your advertising investment In-store selling tie-ins to build extra sales Elimination of poorly times promotions Better response rates on individual ads Full use of cooperative ad allowances Time saved in ad handling
- 67. THE NEXT STEP How Much to Spend on Advertising and Promotion. Know and understand your competition. Analyze your performance. Note the number of selling days (last year to this year). Watch out for hot-selling items. Seek out all vendor co-op opportunities. Establish a clear traffic pattern that leads shoppers past a variety of merchandise and makes it easy for them to move through the store.
- 68. THE NEXT STEP Rule of Thumb If 10 % of your sales are made in a given month, you should budget 10 percent of your advertising in that month. In the example below, a typical jewelry store does 23.8 % of its sales in December. Therefore, it should allow $3,265 for December advertising. Example -------------------------------------------------------------------------------- $13,720 Annual advertising budget X 0.238 10% of December sales _______ $3,265 For December advertising budget
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- 70. THE END…A NEWBEGINNING Thank you for participating in the Marketing 101 Workshop. Now go out there and market your business with new enthusiasm.