marketing.howtostartyourbusiness
TRANSCRIPT
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Marketing Basics
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The Big Question
Why do customers
purchase what
they do?
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Why do customers purchase what they do?
• Personal Factors
– Age
– Life-Cycle Stage
– Occupation
– Economic Circumstance
• Psychological Factors
– Motivation
– Personal Perception
– Learned Experiences
– Beliefs
– Attitudes
• Social Class
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Who are your core customers and why would they buy what you’re selling?
• Need• Convenience• Impulse• Desire• Comfort• Hunger• Easiness• Pressure• Image• Boredom
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Marketing Mix: The Four P’s of
Marketing
• Product – What are you selling?
• Price – How much does the customer pay?
• Place – Where can a customer purchase your product? How does it get there?
• Promotion – How will people know what you’re selling?
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Product• What are the benefits of your
product?
• What makes your product different from what is in the market today?
• How much research will you need to do to bring your product into the market? How will you do it?
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Price• What are competitors
charging?
• What would your customers pay?
• What is your breakeven point?
– BE in units = total fixed cost divided by the pre-unit contribution to fixed cost
(selling price – variable cost)
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Pricing Practice #1• Penetration –
initially setting low prices to “beat the competition” and then, as customers become more aware, prices are increased.
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Pricing Practice #2
• Competitive – shift the emphasis to non-price competition based on other elements of the marketing mix
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Pricing Practice #3
• Skimming – initially setting high prices for distinctive products with little or no competition.
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Pricing Practice #4
• Psychological - pricing designed to have a positive psychological impact. For example, selling a product at $4.95 rather than $5
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Place (Distribution Channels)
• How easy will it be for customers to purchase your product?
• Will you market directly to the end-user or indirectly through wholesalers and retailers?
• How will you physically distribute your product?
– Internally: how will the product move within your facility
– Externally: how will you move the product from your facility to the end-user or intermediary?
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Promotional Mix• Advertising - Any paid form of
non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
• Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, motion pictures, Web pages, banner ads, and emails.
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Promotional Mix
• Sales promotion - Incentives designed to stimulate the purchase or sale of a product, usually in the short term.
• Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions.
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Promotional Mix
• Public relations - Non-paid non-personal stimulation of demand for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media.
• Examples: Newspaper and magazine articles/reports, TV and radio presentations, Charitable contributions, speeches, issue advertising, and seminars.
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Promotional Mix
• Personal selling - A process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation.
• Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face or via telephone.
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Service Marketing (3 more P’s)
• People - employees
• Process - service
• Physical evidence - comparing
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21st Century Marketing
• Personalization
• Participation
• Peer-to-Peer
• Predictive Modeling
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Develop an Advertising Campaign
• Send a single idea and theme across a number of advertising outlets
• What is the campaign theme or central message communicated in all promotional activates
• Speak in the advertising language your target market will want to hear
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Trademarks/themes
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If the 4 P’s in a marketing mix overlap,
where do I start?
Product
Price
Place
Promotion
Your Customer is at the center of your marketing mix.
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Do you know your customeror think you know your customer?
• Who decides if your product is worth buying?
• Who decides its value?
• Who decides where to buy?
• Who decides where you should promote your product?
Research your customers.
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Marketing Plan
• Write it
• Build it
• Guide it
• Direct it
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Developing Your Marketing Plan
• Use a template or computer program
• Start with what you know
• Research your assumptions and fill gaps
• Use real numbers and set realistic goals
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Marketing Today
Website
BlogsLinked In
Webinars
Forums
You Tube
Email newsletter
twitterTraditional
(business cards, direct mail)
Google profile
Industry specific
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More than 300 million active users
• 50% of our active users log on to Facebook in any given day
• The fastest growing demographic is those 35 years old and older
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185 Million Registered Users
50.2% Female / 49.8% Male
Primary Age Demo: 14 – 34
Over the last 5 months, had between 39 and 45 Billion page views per month.
350,000 new registrations each day
1 Billion total images
Millions of new images/day
25 Million Songs, 60,000 new videos / day
4.5 Million people on site on any one time
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45-54 year olds are the top demograpic tech-entrenched, early adopters
claim use of online social media is their favorite leisure activity
use multiple forms of online social media
over 30 years of age
self-employed, entrepreneurs
use mobile phones to access
their respective social media
prefer to contact friends via
online social media vs. the telephone
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Average Age: 41Household Income: $109,703
Male: 64%Household Income $100k+ 53.5%
Own Smartphone/PDA: 34%College Grad/Post Grad: 80.1%Business Decision Maker: 49%
EVP/SVP/VP: 6.5%24% Have a Portfolio Value of $250k+
Job Titles:
C-Level Executives 7.8%EVP/SVP 6.5%
Senior Management 16%
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Why do you need them?
• Effective tool for reaching target market
• Cost effective
• Contacts can be closely tracked
• Target certain messages to particular addresses
• Reward customer loyalty
• MUST BE PERMISSION BASED!!!
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E-newsletter sites
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Help identify template and programs you can use
One-on-one business consulting
Research tools – ESRI, Dunn and Bradstreet. First Research
Goal setting and accountability