Post on 31-Dec-2020
transcript
HittingYourMarketingTarget:BasicMarketingforStartups
WhoamI?▪ BeckyBocklage,DirectorandEntrepreneurshipFaculty
▪ Founder,morethan25yearsstartupexperience▪ 10(&counting!)for-profitandnon-profitbusinesses&initiatives
▪ BusinessInstructor,Management&Marketingsince1999▪ Collectorofexperiences,focusedonsmallbusiness
WhatisMarketing?
Marketingisengagingcustomersandmanagingprofitablecustomerrelationships.
• Twogoals:• Attractnewcustomersbypromisingsuperiorvalue• Keepandgrowcurrentcustomersbydeliveringvalueandsatisfaction
ThenwhatisMarketingManagement?
MarketingManagementischoosingtargetmarketsandbuildingprofitablerelationshipswiththem.
• Twoquestionstoanswer:• Whatcustomergroupcanweservebest(whatisourtargetmarket)?• Howcanweservethembest(whatisthevaluethatweplantodelivertothem)?
Butwhy???
Limitedresources—unlimitedwaytospendthem!
MAXIMIZE!!
MarketinginaNutshell
Whenyoumakestrategicdecisionsforyourtargetcustomergroup,youarebuildingthevalueofferingfor
them.
DecisionAreasaboutTargetMarketChecklist:
Waystothinkaboutbreakingupthebiggermarkettotarget:
❑Geographic:Dividingthemarketbygeography❑Demographic:Segmentingbasedonthefactsofpeoplewhichareusuallyprettyeasytodetermine
❑Psychographic❑Behavioral
DecisionsaboutTargetMarket—AnexampleCleaningcompaniestargetpeoplewhodon’twanttoclean,right?!?• YES!But,thisisaverybroadtargetmarketdefinition.• So,getmorespecific.Herearesometargetmarketoptions:• Currentcustomerswithmoreservices• Workingmoms/dads• Stay-at-homeparentswithbusylifestyles• Olderpeoplewhofindithardtokeeptheirhomecleaned• Businessownerswhoneedtheirofficecleaned,orapartmentstheyowncleaned
• Andsomanymore!
DecisionAreasaboutProductChecklist:Strategicproductdecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:
❑Physicalgood❑Service❑Features❑Qualitylevel❑Accessories
❑Branding❑Instructions❑Packaging❑Warranty/Guarantee❑Installation
DecisionAreasaboutPlaceChecklist:Strategicplacedecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:
❑Direct/Indirectchannel❑Marketexposure❑Whatmiddlemen❑Kinds&locationsofstores❑Transportation&storage❑Servicelevels
DecisionAreasaboutPriceChecklist:Strategicpricedecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:
❑Objectivessuchasmaximization,customervalue-based,ormatchcompetition
❑Flexibility❑Pricelevelovertime❑Pricesbygeography❑Discounts
DecisionAreasaboutPromotionChecklist:Strategicpromotiondecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:
❑Objective-AIDA:Awareness,Interest,Desire,Action❑Promotionblend
❑PersonalSales❑Advertising❑SalesPromotion
❑Publicity❑Directmarketing❑Digitalmarketing
QUESTIONS?????
Thankyouforjoiningme!BeckyBocklage
rjgordonbocklage1@ccis.edu(e-mailmeandI’llsendyoutheslides)