Date post: | 31-Oct-2014 |
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Simple Steps for
Growing Your Business
1
Marketing Your Business
About SCORE2
Douglas S. Cavanaugh
• Successful and experienced business owners and executives acting as volunteers
• Free mentoring:• One-on-one• E-mail
• Seminars and workshops• Resources for small
business: www.score.org
Sales
Purchasing / Manufacturing
Distribution
Finance
Marketing
Service Delivery
Program Overview
Marketing Your Business
Human Resources
Customer Service
Managing Operations
Growing Your Sales
Managing Your Time, People and
ResourcesFinancial Management
4
Let’s Get Started
Briefly tell us:
• Your name
• Your business
• What you hope to achieve through this program
Katrina Markoff
5By the End of This Workshop, You Will Learn:
• How to identify your marketing goals
• How to evaluate your marketing options
• About using social media• The best online marketing methods• Public relations strategies• Effective advertising methods• How to use event marketing • When to use cause marketing• How to retain customersMarta E. Maxwell
6
Identify Your Marketing Goals
7
Identify Your Marketing Goals
Have Your Business Needs Changed?
• Target customers– Existing customers– New customers
• Product or service mix• Price point• Budget• Sales channel
Karen Bevels
8
Identify Your Marketing Goals
Market Research
Understand your target market• Size• Income level (consumer)• Sales (business)• Purchasing habits• Demographics• Purchasing channels• Geographic location
Surendra N. Kumar, Ph.D.
9
Identify Your Marketing Goals
Market Data Sources
Indirect resources from others:• Trade associations• Census data • American FactFinder (http://factfinder.census.gov)• EconomicIndicators.gov• Fedstats.gov• National Bureau of Economic Research (www.nber.org)• Harris Infosource (www.harrisinfo.com)• Hoover’s (www.hoovers.com)• ThomasNet (www.thomasnet.com)
10
Identify Your Marketing Goals
Market Data Sources
Your Direct Research:• Customer surveys (SurveyMonkey.com, Zoomerang.com)• Internet research• Social media• Focus groups• Conversations
11Identify Your Marketing Goals: Activity
Market Data Sources This grid can be used once you’ve done some market research. If you can, fill in the first column.
Can anyone already describe a target market of theirs?
12
Identify Your Marketing Goals
Understanding Market Share
Market Share
Portion of the Market That
Your Business Obtains
• Measured by dollars, units or percentage
• Monitor market share regularly • Adjust marketing strategy
accordingly
13
Identify Your Marketing Goals
How Are You Pricing?
You can vary prices in accordance with the market’s expectations to achieve your profit goals
14
Identify Your Marketing Goals
Is Your Brand Clear?Branding is not the same as marketing. Branding is the image, logo and positioning of the product or service.
3 steps to brand creation:1. Identify unique selling
proposition2. Understand target market3. Communicate brand
consistently
Hisao & Zuishu Hanafusa
15Identify Your Marketing Goals: Activity
Brand Message
Describe your product/service, points of differentiation and ideal customer – then put them together to create your Brand Message
16
Identify Your Marketing Goals
Competitive Analysis
Analyze the marketing methods used by your competition.
Would similar methods work for you?
17
Evaluating Your Business
18
Evaluating Your Business
Return on Investment
Always assess your ROI for your marketing budget
• Set measurable goals• Measure results– Marketing effort that generated the sale– Survey customers
• Adjust marketing plan accordingly
19
Your Marketing Options
20
Your Marketing Options
Is It Right for You?
Not every marketing strategy is right for every business
When evaluating the following options, ask:• Will this help achieve my goals?• Will this reach my target customer(s)?• Does this fit my budget? (Typically 3%-10% after
1-3 years)• Do I have adequate staff to implement?
21
Your Marketing Options
Marketing Methods & Tools:
- Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages, online
- Public Relations (PR): print, radio, TV, online- Collateral :business cards, tri-folds, stationary,
flyers- Online: website, newsletter, emails, mobile, rating
and review sites- Social Media: social networks, geo location sites,
group deal sites
22
Marketing Collateral
23
Creating Marketing Materials
Marketing Materials
Do your marketing materials need a makeover? Do they still reflect your brand?
• Logo• Signage• Business cards• Brochures• Website
24
Creating Marketing Materials
Marketing Materials
Low-Cost Resources:•99Designs.com•CrowdSPRING.com•Elance.com•Freelancer.com•Guru.com•Inkzoo.com•Logoworks.com•Marketsplash.com •VistaPrint.com
25
Advertising
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Advertising
Offline Advertising Options
• Print (newspapers, magazines, community publications)
• Radio
• Cable TV
• Direct mail (postcards, letters)
Erma Kubin-Clanin & Dr. Rene Clanin
27
Advertising
Online Advertising Options
• Link exchanges
• E-mail newsletter advertising
• Pay-per-click (PPC)
• Banner ads
28
Public Relations
29
Public Relations
Understanding Public Relations
Public relations is a means of generating attention from the media that can be as effective as advertising in building awareness of your business Jennifer Behar
30
Public Relations
Standard Format
• Headline• Date• Summary• Body• About/Boilerplate• Contact
Target to Each News/Media Outlet
• Relevant Topics• Timely• Interesting
Resource
• Newswire’s PR Toolkit
(http://toolkit.prnewswire.co
m)
Writing a Press Release
31
Public Relations
Press Release Distribution
Target publications, reporters and bloggers:•E-mail release•Link to your website•Follow up
Free press release distribution services:•FreePressRelease.com•PR.com•PRLog.org
32
Public Relations: Discussion
Press Release Distribution
What are some topics related to your business that you could write a press release for?
Who would you target and why?
33
Public Relations
Recommended Local Contacts
[Chapters tailor this slide with local media contacts]
Linda M. Lawson
34
Online Marketing
35
Online Marketing
Benefits of a Business Website
• Builds awareness• Helps customers find you• Builds credibility• Drives sales• Customer service• Additional sales channel• National/global reach• E-commerce
36
Online Marketing
Determine Goals
Overall Business Strategy
Overall Marketing Strategy
Development Requirements
To include: Ease of use,
sales, customer service,
branding, search
Developing an Effective Website
37
Online Marketing
Elements of Your Website
• Domain name or URL (www.yourbusiness.com)• Web hosting service• Website design
Many providers offer package options that include all three:
• GoDaddy.com• IMSMB.com • NetworkSolutions.com• Web.com
38
Online Marketing
Principles of Web Design
• User-focused
• Simple to navigate
• Direct users to take action
• Consistent with your marketing message
John Christakos, Maurice Blanks & Charlie Lazor
39
Online Marketing
Search Engine Optimization
SEO = driving traffic to your site via organic search results
• Create quality content
• Use targeted keywords
• Measure results
Dr. Lynn McMahan
40
Online Marketing
Web Analytics
Web analytics can measure:• Number of visitors • Number of page impressions• Average visit length• Most popular site entry pages• Where users come from (sites or search engine phrases)• Number of inquiries, leads or sales generated• Conversion rates• Total sales volume online• Average purchase per online customer
Use analytics to determine if your site is achieving your goals
41
Online Marketing
E-mail Marketing
Ways to get e-mail addresses:•Opt in•Sign up in-store•Offer incentives•Privacy policy•Barter or buy listsE-mail examples:•Newsletter (monthly, weekly, daily)•Sales or specials: Weekly or as needed•Announcements•Event invitations
Rupa Bihani Shah
42
Online Marketing
LEGAL ISSUES
CAN-SPAM Act requires: Identify yourself Identify as an ad Physical address No deceptive subject
lines Opt-out options (double
opt-in not required, but preferred)
Unsubscribe requests
RESOURCES
Using an e-mail service can help: Benchmark E-Mail Campaigner Constant Contact iContact Microsoft Office Live
Small Business E-Mail Marketing service (smallbusiness.officelive.com)
Legal Issues of E-mail
Visit the FTC website (www.ftc.gov/spam) for information and resources on legal issues
43
Online Marketing
Mobile Marketing
Mobile marketing = using cell phones and other mobile devices to market to customers
• 91 percent of U.S. population owns a mobile phone*
• More than 25 percent of those are smartphones**
• Good for local businesses• Reach customers on the move*Source: CTIA**Source: ComScore
Joe Jackson
44
Online Marketing
Mobile Marketing Methods
• SMS or MMS marketing: Text or photo messages sent to customers’ phones
• Mobile banner advertising: Banner space on a site that is mobile-device-ready
• Mobile local search: Having your business pop up when someone is looking for a local business
• Mobile apps: Creating a smartphone application to promote your business
• Mobile paid search: Top 4 paid results show up• Is your site mobile-friendly? Check at mobiReady.com
45
Online Marketing
Rating and Review Sites
Feature customer reviews and ratings of businesses Bing Local
CitySearch
Google Places
Insider Pages
Local.com
Merchant Circle
RatePoint.com
Yahoo! Local
Yelp!
Don’t forget niche sites for your industry, region or city
46
Online Marketing
Getting Started with Ratings and Reviews
Claim your listing and optimize it with:
• Photos• Description of business• Maps/directions• Coupons/special offers• Tracking/analytics
David Lomakin
47
Online Marketing
Monitor Accounts• Google alerts• Paid tracking services• Manually visit sites
Respond to Negative Reviews• Reputation management
Convert Users to Buyers• Put reviews on your site
Learning Tool• Use analytics• Learn from reviews
Maximize Ratings and Reviews
48
Social Media Marketing
49
Social Media Marketing
Social Media and Your Business
Social media facts:Fastest-growing communication technology among consumers and business usersProjected 3.6 billion users by 2014*
To get started, set your goals:Increase salesDrive traffic to your site or store Learn about competitorsFind potential partners*Source: Radicati Group
Doug Zell
Social Media Marketing: Activity
Social Media Overview • Review the Social
Media Overview handout
• Discuss which sites you currently use (or are thinking about using) and why.
50
51
Social Media Marketing
Social Media Resources
Start with each site’s free social media analytics tools
Other tools include: Manage Your
Twitter Activity
• Cotweet.com• SocialOompth.
com• Tweedeck.com
Manage Multiple Social Media
Accounts
• Hootsuite.com• NutshellMail.co
m• SproutSocial.c
m
Keep Up With Social Media
News and Trends
• Mashable.com
52
Social Media Marketing
Social Media Time Commitment
• Time requirements
• Management of updates
• Frequent changes required
• Learning curve for effective use
• Deciding what is appropriate for the media
53
Event Marketing
54
Event Marketing
Set goals
Plan even
t
Promotions at events
Invite partners
/sponsor
s
Publicize/
market
Collect customer data
Thank attende
es
Follow up
Steps to Hosting an Event
55
Event Marketing
Sponsoring an Event
• Good promotional tool for businesses with local customers
• Options include sports teams, charity events, schools, races, fairs
• Investigate event organizer
To consider:• What will you give?• What will you get?
56
Cause Marketing
57
Cause Marketing
Cause Marketing Facts
• Many customers are conscious of social responsibility
• Products associated with a good cause see up to a 74 percent boost in sales compared to non-cause-associated products*
• Women, millennials especially cause-conscious• Key causes: Green, education, disaster relief,
disease research
*Source: Cause Evolution Survey
58
Cause Marketing
Choose a relevant cause
Investigate cause
Decide level of support
(volunteering,
contribution, selling
products)
Understand tax
concerns
Publicize your
cause
Be authentic
6 Steps to Cause Marketing
59
Your Marketing Options: Activity
Is It Right for You?
Based on the strategies discussed (or any other strategies you are considering) complete this worksheet.
60
Creating “Raving Fans”
61
Creating “Raving Fans”
Why Customer Retention Matters
• As your business grows, retaining existing customers is key to success
• It costs 5 times more to find a new customer than it does to keep one*
• Loyal customers can refer other customers to your business
*Source: Gallup
62
Creating “Raving Fans”
Customer Loyalty Programs
Keep customers coming back with loyalty programs that can include:
• Loyalty cards• Geolocation websites• Discounts and special offers• Events • Giveaways
Atul Patel
63
Creating “Raving Fans”
Customer ServiceCustomer service is key to repeat business. Are the following aspects of your business meeting customers’ expectations?
•Physical location•Website•Phone•Your staff•Questions, problems, answers•Customer feedback•Post-sale follow up•Secret shopper
Katrina Markoff
64
Helpful Resources
65
Marketing Resources
• American Advertising Federation (www.aaf.org)• American Express OPEN Forum (www.openforum.com)• American Marketing Association (www.ama.org)• Direct Marketing Association (www.the-dma.org)• Larry Chase’s Web Digest for Marketers (www.wdfm.com)• Marketing Hub (www.marketinghub.com)• Marketing Plan Pro (www.paloalto.com)• Marketing Profs (www.marketingprofs.com)• Marketing Research Association (www.mra-net.org)• Marketing Sherpa (www.marketingsherpa.com)• Mobile Marketing Association (http://mmaglobal.com)• Radio Advertising Bureau (www.rab.com)• SCORE (www.score.org)
66
Review
67
Review
• Use research to inform your marketing goals.
• Carefully analyze the pros and cons of using various marketing methods.
• Customer service and retention are important and more cost-effective than finding new clients
Roundtable Options
68
Please select a topic for discussion:
1.Is It Right For You? Expanding on your worksheet, which marketing strategies fit best with your business and why?
2.Pricing – how do you determine pricing?3.Branding – how do you keep your brand
consistent across your communications and interactions with customers?
4.Others ?
70
Next Steps
Next Steps
• Complete the Target Market Data Worksheet• Create a marketing plan for the next 12 months
that reflects your new marketing goals and explains how you will achieve them
• Review the With Your Mentor handout for topics to discuss with your mentor
Visit www.score.org for more information about other SCORE resources
72
Help Us Help You
Please answer the following questions:
1. On a scale of 0 - 10, how likely is it that you would recommend this workshop to your friends and colleagues?
2. What is the primary reason for the answer you just gave us?
3. What is the most important improvement we could make that would make you rate us closer to a 10?
73
Good Luck!