Marketing & Branding: An Introduction for Inventors and Entrepreneurs Presented by: Edward S....

transcript

Marketing & Branding: An Introduction for

Inventors and Entrepreneurs

Presented by:

Edward S. Balian, Ph.D.

Q-Stat Research

Silver Sky, Inc.

Edward S. Balian, Ph.D.

10.30.06

For your notes….(optional pull out)

Dr. Ed Balian….

• Q-Stat started 1977 • Owned numerous companies; corporations• Started, maintained, bought & sold businesses• School of Business professor since 1976• Authored: textbooks and software• Consulted with over 80 companies to date; large & small• Former Dean of GIA School of Business• Over 50 instructional seminars presented, including Harvard

Business School

I Welcome Three Groups that are Before Me Today:

Those wanting (or praying?) to BECOME millionaires

Those who ALREADY ARE millionaires, now wanting to become MULTI-millionaires

Those who already are multi-millionaires

(Let’s do LUNCH!)

Keep It Simple, Stupid

YES---we all know this catchy and cute saying, but when it comes to today’s complex business challenges, it is, UNFORTUNATELY, just not so “simple” anymore.

Questions that “DRIVE” the Creation of Your Success: (1)

WHAT are you driving? WHERE are you

going? HOW and WHEN are

you moving forward? How FAST will you go? When will you know to

SLOW DOWN?

Note that the size, style or cost of “car,”(i.e., your business) does NOT matter---You still need knowledge and control

of your MARKETING PLAN tomove it where you want to go.

We MUST HAVE a “MAP” orMARKETING PLAN to Move Forward Intelligently

WOULD YOU TAKE A MAJORROAD TRIP WITHOUT A MAP? THE “MAP” IS CALLED A “MARKETING PLAN.”

Traffic Signal Philosophy

STOP and do a real Marketing Plan

Use caution; listen to yourself and others.

GO: Keep your idea moving forward.

Marketing Plan Components

Theory Stage: Target Market (demographics and behaviors) SWOT (with Delphi Study option)

Pragmatic Stage: Marketing Budget (as sub-part of Business Plan budget) The 4-P’s: Pr….. P…. Pl……. Pr……. Restudy, revise, continuously improve (via ISO or informally) The above six steps over time results in “Branding”

How Powerful is Branding?What Images are Created in Your Mind?

Let’s do a quick survey to test the POWER of BRANDING.

Close your eyes---NO PEEKING until I give you the word….

The “BLUE BOX” of…

(Courtesy: Tiffany)

“It’s the real thing.”

(Slogan, Logo Font and Color)

“Tony the Tiger” (1957)

(Character Logo)

(Courtesy: Kellogg)

Note that Tony is not just ANY Tiger….BRANDING denotes: SPECIFIC!

Any Child Will Tell You:This may be a tiger,but it’s NOT Tony!

“Yoga Journal” (Lesser known, but in process of building a “logo” and “brand”)

(Logo Font)

“Identity” from 70 Years of Repetition: Texaco Calendar from 1933 & a Pin from 2003:

1933 2003

Who Started with Only THIS, then EXPANDED their PRODUCT Line into International Brand Name Recognition?

TARKET MARKETING:You MUST KNOW YOUR CUSTOMER BEFORE You Can Effectively “BRAND”

COSTLY ERRORS if you “just guess,” no matter how confident you are in being correct.

Your current “success” is a poor measure---how much better still COULD it be?

In today’s new, highly competitive global environment, no one can afford to GUESS WRONG. The “expense” of doing research is a myth. The cost of not doing it could result in Chapter 7.

The 4-P’s of Marketing….

Pr Pr Pl Pr

This is NOT “mumbo-jumbo,”

they lead directly to higher profits through greater efficiency of your business.

P1: PRODUCT

ESSENTIAL: Is your Product or Service in demand by a particular (targeted) market? MARKET RESEARCH may help.

NOT ESSENTIAL: Unique? Necessity or Discretionary? Alluring? Fun? Packaged “Correctly?” Has Potential to Expand into Larger Product Line

(Variety & Assortment)? You DON’T NEED all (or ANY) of these, necessarily!

P2: PRICE (aka, “The Goldilocks Syndrome”)

Is the PRICE reasonable vs. competitors? Tangible vs. Intangible “value” to customer vs.

selling “price.”– (TIFFANY SILVER HARMONICA vs. WAL-MART Earrings)

Is “low price” (or customer PERCEPTION of low price) a selling point? (Wal-Mart)

Is high price a selling point? (Tiffany)

MARKET RESEARCH to price it “just right”

P3: PLACEMENT (aka, “Distribution”)

How hard do customers need to look to find you—including .com sites. (Travel the world? Tiring!)

How badly do customers think they NEED to find you?

What are your costs regarding placement: store location(s), internet, etc.?

MARKET RESEARCH will help answer these questions.

P4: PROMOTION

“Promotion” includes two basic actions: Advertising and/or, Publicity

Specific actions may include: Press Releases Print Ads Radio, TV Ads Community Sponsorship Word of Mouth “On Sale” Clearance Campaigns Training for In-Store Sales Associates And more….

“Positive” Word of Mouth

No direct cost! Personal testimonials

between friends are powerful and credible

Pyramiding

“Negative” Word of Mouth

Pyramiding Danger: Just one bad

experience by ONE “crying” customer can be disproportionately harmful to your business

Whether the complaint is actually valid or not is irrelevant.

The 4-P’s at Starbucks:

Let’s Discuss:PRODUCTPRICE PLACEMENTPROMOTION

(Courtesy: Starbucks)

The 4-P’s of YOUR idea:

Discussion---

Product Price Placement Promotion

Marketing Plan Quick-Tips:

Concentrate on a “do-able” population and scale. Be realistic in expectations. Do an accurate SWOT, not “Pie in the Sky” Stay the course; use your “map,” do not

unnecessarily “change direction” or make adjustments to name or logo without quality research behind it.

The Marketing Plan we follow MUST be thought out and researched FIRST, not last.

Marketing Plan in Review

Target Market SWOT Analysis, Delphi Studies Marketing Budget The 4-P’s of Marketing Your Marketing Plan, Ultimately Leading to: Branding and its Long-Term Value

Contact information:

Edward S. Balian, Ph.D. (Ed)– Q-Stat Research– Silver Sky, Inc.

San Diego (Encinitas), California

esbalian@gmail.com

Thank you for your attention.

Marketing & Branding: An Introduction for Inventors and Entrepreneurs Presented by: Edward S....

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