Understanding the Market and Your Place in It

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Understanding the Market and Your Place in It

Presented by:

Kim J. BrandPresident, Computer Experts, Inc.

CEO/Founder, FileEnginePhone: 317.833-3000

Email: Kim@FileEngine.com

“Computer Repair Indianapolis” or “FileEngine”or “Kim Brand” + Indianapolis

Agenda

The market is like a rock

(Just some of) The Problems

What is your Marketing Objective? - Key Questions

The Marketing Mix – Four Ps of Marketing

Product – Place – Price – Promotion

Marketing facts (you need to know)

Homework / Next Steps

Resources

The ‘Market’ is like a rock

A big rock

But much harder to move ;(

Your objective is to move the rock

(Just some of) The Problems

You have a wonderful product or service but nobody knows Buying habits of your customers don't include you You have no reputation You have no money You've never 'marketed' a product or service like this before

(You may have sold them before, but marketing is different) Competitors Most of what you know is wrong (which leads to mistakes &

wasted time & money - but adds to experience ;) The rules, once you figure them out, change - and usually

not in your favor

What is your marketing objective?

Create Awareness Communicate Outrageous Value Create Urgency

What is your marketing objective?

Create Awareness Communicate Outrageous Value Create Urgency

…but wait, there’s more !!

Key Questions

What are you selling? Who are your competition? Why should your customers buy from you

instead of them?

Key Questions

What are you selling? Who are your competition? Why should your customers buy from you

instead of them?

Your competition includes:

Doing nothing

Key Questions

What are you selling? Who are your competition? Why should your customers buy from you

instead of them?

Your competition includes:

Doing nothing, Buying habits

Key Questions

What are you selling? Who are your competition? Why should your customers buy from you

instead of them?

Your competition includes:

Doing nothing, Buying habits, Bad experiences

Key Questions

What are you selling? Who are your competition? Why should your customers buy from you

instead of them?

Your competition includes:

Doing nothing, Buying habits, Bad experiences, “Good enough”

The Marketing Mix

The Four ‘P’s of Marketing

What you sell, the Product

Where/How you sell it, the Place

The Price you sell it for

How you get attention: Promotion

Source: http://www.netmba.com/marketing/mix/

The Four Ps of Marketing

What is your Product or Service? – Really!!

Your BRAND – your promise to deliver Your MESSAGE – how you describe it . . .

You only have 13 words Your POSITION – How do your customers

view your product or service in the field of all other products and services? How will you be compared and described?

What is the PAIN your product or service relieves?

Where is your ‘Place’?

Locality: Lemonade stand, Neighborhood? Side of town, City, Region? State, Country, Planet?

Distribution system: Direct, Indirect, Multi-Level Retail, Wholesale, Discount Storefront, Web-store, corner bar, catalog

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc.

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Surprisingly: The narrower the better!

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!

Size

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!

Size Can you scale or must you enter large?

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!

Size Can you scale or must you enter large? Current buying behaviors

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!

Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!

Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new)

What is your ‘Place’?Who is your ‘Ideal Customer’?

Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!

Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new) What is the potential–share you want/need?

Pricing & Terms

Are you better? (Can you charge more?)

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you?

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability)

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?

Price elasticity

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?

Price elasticity Can you afford discounts?

Salesmen, specials, combinations, spiffs/referrals

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?

Price elasticity Can you afford less?

Salesmen, specials, combinations, spiffs/referrals Can you value price upgrades?

Promotion

Superbowl advertising = $3M for 30 seconds

Promotion

Superbowl advertising = $3M for 30 seconds

PROBABLY NOT IN YOUR BUDGET – YET!

Promotion

What is your promotion Budget?

Promotion

What is your promotion Budget? Where/How do your customers find it - now?

Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car wraps Trade shows, Endorsements, Tie-ins, Cold-Calling

Promotion

What is your promotion Budget? Where/How do your customers find it - now?

Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling

Where do your competitors advertise?

Promotion

What is your promotion Budget? Where/How do your customers find it - now?

Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling

Where do your competitors advertise? Advertising Specialties: Pens, Shirts, SWAG

Promotion

What is your promotion Budget? Where/How do your customers find it - now?

Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling

Where do your competitors advertise? Advertising Specialties: Pens, Shirts, SWAG Networking, Referrals, Rewarding customers

for sending you leads

Marketing ‘facts’

Your prospects are exposed to hundreds of thousands of marketing messages a day

Marketing ‘facts’

Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??

Marketing ‘facts’

Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??

It may take 8+ impressions before they even know you exist – leverage multiple media.

Marketing ‘facts’

Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??

It may take 8+ impressions before they even know you exist – leverage multiple media.

Interruption marketing is out; referrals, viral communication and entertainment is in.

Marketing ‘facts’

Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??

It may take 8+ impressions before they even know you exist – leverage multiple media.

Interruption marketing is out; referrals, viral communication and entertainment is in.

‘Free’ talks directly to the cerebral cortex – can you give something away to get them to give you a try?

Homework / Next Steps

Practice the answer to the question: “What Do You Do?”

Define your brand (promise to deliver)

Establish the size of the market you’re going after and a goal for your share and a timeline.

Get a simple brochure, terms & price list designed/ printed – ask 10 friends and 10 strangers for feedback; fix what’s broken.

Homework / Next StepsCollect information about your competition and be prepared to differentiate yourself.

Create a Customer Relationship Management (CRM) system and start refining your sales process.

Ask new customers “Why did you pick me?” & “How did you find me?”

Add their testimonials to your next brochure.

Constantly test every assumption you make about the market.

Resources

HeWhoEnters.PBWiki.com- my Wiki for Entrepreneurs

SBA.GOV – Federal Government

IndianaEntrepreneurship.com – State Government

GoRainmakers.com, BNI-Indiana.com, OneDegreeConnected, SmallerIndiana.com – local networking organizations

ActumGroup.com – free sales book chapter: “Captivate Attention in One Sentence”

Anything by Ries & Trout – 22 Immutable Laws, etc.

Google.com – everything else