Marketing on a Shoestring Budget

Prepared by: Nicola Lacey

Marketing your Business Marketing is not just about advertising or

design – it’s at the heart of making sure your business has the best chance of success.

Great marketing should help you get and keep profitable customers.

Marketing your Business The most successful businesses are those that

put the consumer at the heart of everything they do - so the key is to identify, attract and satisfy consumers. The aim of marketing is to help you ensure that your business has (4 P’s):

The right product or service At the right price In the right place and at the right time With the right promotion to your target market

4/7 P’s of Marketing

Innovation In today’s economy, the marketplace is crowded and the pace

of change ever quicker.  In this context, it is increasingly difficult for companies to capture and maintain a competitive advantage.

Consider the consumer context: when choosing food and beverages, shoppers are presented with an overwhelming number of options.  Most consumer decisions are made within seconds, out of habit rather than a rational appraisal of all the possibilities.

How do you therefore cut through the clutter sufficiently to make people reappraise their choice, and consider your products? Or indeed, if you are the market leader, how do you create sufficient distance between you and the competition in order to hold onto your competitive edge?

Innovation “Innovation provides a competitive advantage so

businesses or economies that stand still and do what they have always done will lose out to those prepared to take the risk.” Sir Terry Leahy, CEO Tesco

The ability to keep your brand or product different and relevant in consumers’ minds is vital to gaining and maintaining a competitive advantage.  Innovation is the tool to unlock this advantage.

Innovation means continually improving and invigorating your offer to customers.  It is a way of thinking that applies to all areas of your business, including products, service delivery, packaging, manufacturing and marketing.

Innovation Innovation can be small in scale, for example making

improvements to a product recipe, or it could mean launching an entirely new product, range or brand.

"Companies that ride the currents succeed; those that swim against them usually struggle.  Identifying the currents and developing strategies to navigate them is vital".   McKinsey & Company

How to develop effective communication

1. Identify your target audience2. Outline communication objectives3. Create the message4. Select channels of communication 5. Collect the feedback

Case Study

• Finalists in 28 categories (2010)

Winner of 18 awards across all disciplines

Quantified results Team awards

Excellence in execution Marketing communications

ATL Radio

Sean Doherty Show Fix it Friday Sponsor County Game

TV Expose Ear to the Ground Dragon’s Den Ireland AM The Apprentice

ATL Trade Magazines

Cara Magazine Ryanair Inflight Magazine

Local/National Press Out and About Pages Own personal column

Outdoor Building Wraps Lorries / Vans Billboards

BTL PR Flyers Merchandise Guerrilla Marketing Events Mobile Marketing

Social Networks Blogging Search Online Advertising Website

PR “Public relations practice is the planned and

sustained effort to establish and maintain good-will and understanding between an organisation and its publics”.  Institute of Public Relations, UK.

In summary: PR involves creative means of building reputation and

credibility. PR means effective, timely and targeted communication. PR relies on the principle that good business sets out to

earn and keep the goodwill and support of its key stakeholders.

PR means careful analysis of feedback and information and the ability to adapt to changing circumstances.

PR Successful enterprises depend on a range of

key relationships.  Well-managed public relations can turn all these vital relationships into assets for the organisation.  Key relationships include: Consumers Investors Legislators The media Employees Neighbours

Flyers Cheap and Effective If clear message can be very worthy

Merchandise Depending on the situation but it might be

relevant Think of your business – is there a specific

scenario where they may need your phone number/details? If so should you be there?

Guerrilla Marketing Guerrilla marketing is aimed at taking us by

surprise and intrude on our lives when we least expect it

Events Either organise an event to create custom for

your business Or use an event to maximise profits

Social Networks Can be really useful to any business if used

appropriately. Need to be committed. Need to be interacting with audience.

Blogging E-WOM is massive

Weddingsonline.ie Noticeboards.ie Tripadvisor.ie

Be aware which user-generated websites your customer is interacting with

Google Alerts

Search Need to understand how your consumer

searches Need to ensure you are using the key words

Google Insights

Search Engine Optimisation

Website – Google Analytics

YouTube - Website Use of Video can be very effective Picture paints a thousand words

Mobile Marketing Text Messages Mobile Applications

By 2014, 76.9 billion download’s in US and will be worth US$35 billion

Use of mobile phone (Europe) -2011• 28% – browser• 28% – app• 83% - text

By end of 2011 there were 6 billion mobile subscriptions – 87% of population (Source: ITU)- Mobile Subscription has reached saturation point in developing countries

Other Loyalty Schemes Business Development

Database of Potential Customers Database of Current Customers

Sales – “Beat on the Street” Referral Schemes CRM

Gifting Thank you message

Measuring It No point in spending money on marketing if

you do not know it is working Measure it! Ask people how they heard about you! Try and track spend.

PressOutdoor

Measures that Drive Performance

Net Promoter Score Balance Score Card The balanced scorecard is a

strategic planning and management system that is used extensively in business and industry, government, and non-profit organizations worldwide to align business activities to the vision and strategy of the organisation, improve internal and external communications, and monitor organisation performance against strategic goals.

By asking one simple question — How likely is it that you would recommend [your company] to a friend or colleague? — you can track these groups and get a clear measure of your company’s performance through your customers’ eyes.

Key Take Away’s You should make a pact that you do at least

one thing per week for your business that is driving it in some way

Keep it simple – it does not have to cost a fortune to be innovative

Reinvent yourself - Einstein once said the definition of insanity was “to keep doing the same things and expect to get different results”