Creating a Successful Marketing Strategy. October 7, 2014

Transcription

1 Creating a Successful Marketing Strategy October 7, 2014

2 Experience Summary Jacqueline D. Neal is an experienced business professional with over 20 years of management experience working across multiple disciplines. Strategic skills and accomplishments include: company restructuring for maximum value, board development and management, developing margin enhancement strategies, developing integrated strategic business and marketing plans, idea generation, implementing quantitative and qualitative analytical tools, leadership team evaluation and refocusing, to name a few. Jacqueline served as President of Glory Foods, Inc. and played a critical role in shoring up the company for the eventual sale to maximize shareholders returns. She has strategic marketing experience across multiple categories within a number of Fortune 100 based consumer package goods companies, e.g. M&M/Mars, Quaker Oats, Heinz, Nabisco, and Kraft. Jacqueline Neal earned a bachelor s degree in Finance from Howard University and an MBA from the Fuqua School of Business at Duke University. Ms. Neal founded J. Neal Consulting, LLC to help businesses increase market value and business owner wealth. 2

3 Agenda What is Marketing? Why should I plan? How should I plan? What do I do next? Summary 3

4 Key Takeaways 1. Marketing is as important as having the right skills, tools, people and connections to do a great job. 2. Marketing requires meaningful time and attention to pay out. 4

5 Constructing a building... Electricians, Concrete Finishers, Plumbers, Mechanics/ Pipefitters, Sprinkler Fitters, Laborers, Welders, Metal Framing, Carpenters, Drywall, Painters, Dump Truck Owners, Excavators, Environmental Engineers, Demolition Contractors, Fencing Providers, HVAC, Flooring, Elevators, Hauling, Pools and Fountains, Janitorial Services, Foodservice, Lead Abatement, IT Providers, Waterproofing, Signage, Lighting, Cabling, Concrete and Masonry, Construction Photography, Green Building Suppliers, to name a few!!!!!!! 5

6 Every strong building begins with a solid foundation 6

7 Marketing is part of a strong foundation Key Elements of a Successful Business Mining Opportunities Handling Challenges Staying Abreast Of Market Dynamics Business Planning Finance Marketing Operations Sales Securing Capital Business Processes Licenses Skilled Employees 7

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10 Marketing plan provides direction Evaluates company s vision and mission Checks company strengths and weaknesses, opportunities and threats Focuses on strategic targets and their underlying needs Sets sales and marketing objectives for target market Defines and executes strategies, tactics and timelines Sets marketing expense budgets 10

11 Marketing = Planning + Execution Planning Strategic Tied to business plan Thoughtful Execution Tactical Supports strategies Reactionary 11

12 How should I plan? 12

13 Marketing Plan Elements Objectives Strategies Tactics Measurement Evaluation 13

14 Marketing Plan Steps 1. Business Assessment 2. Set objectives 3. Define Target 4. Develop marketing strategies 5. Create marketing tactics 6. Implement 7. Evaluate and re-plan 14

15 Capabilities Assessment BENEFITS Identify core competencies Identifies areas to leverage and to shore up Focus short-term and long-term efforts Strengths Weaknesses Opportunities Threats 15

16 4 R s of Marketing 1. Recognition: "Recognize me as an individual not a statistic." 2. Relevance: "Don't bother me with things that aren't relevant." 3. Reward: "I know what's in it for you, but what's in it for me?" 4. Relationship: "Treat me like I'm important and I'll reciprocate". 16

17 Can EVERYONE be your target? 17

18 Positioning has 3 components 18

19 Positioning Statement Target Who I am focused on getting as a customer based on what value I can deliver? Whose business must I have to profitably grow (not just survive)? What are their needs, wants, desires, pain points, opportunities, etc.? 19

20 Positioning Statement Target Frame of Reference Who I am focused on getting as a customer based on what value I can deliver? Whose business must I have to profitably grow (not just survive)? What are their needs, wants, desires, pain points, opportunities, etc.? Who am I competing with? What other options does my target have? What does the target consider to be my competitive set? 20

21 Positioning Statement Target Frame of Reference Point of Difference Who I am focused on getting as a customer based on what value I can deliver? Whose business must I have to profitably grow (not just survive)? What are their needs, wants, desires, pain points, opportunities, etc.? Who am I competing with? What other options does my target have? What does the target consider to be my competitive set? What sets me apart from my competition? What makes me so special or unique? Why would the target choose my business over someone else s? Must be believable, relevant, ownable 21

22 Positioning Statements For those whose dogs are their children, Kibbles n Bits is the dog food brand that makes your dog happy. For steak lovers, A.1. is the only brand that consistently delivers the sizzle of the Steak House experience. For busy families who hunger for past traditions, Glory Foods is the only brand that captures the heart and soul of authentic Southern cooking in a convenient way. 22

23 Where is your business? 23

24 What do I do next? 24

25 S.W.O.T. Analysis Completed Core Competencies Identified Positioning Statement Completed Objectives and Strategies Established 25

26 Strategies are the filter Direct Mail Radio Promotion Social Media STRATEGY Become known for being current in the latest Green/LEED technology and techniques Marketing Plan 26

27 Tactical Evaluation Outbound Marketing Traditional methods TV, Radio, Print, Direct Mail, PR, Outdoor Often very expensive ROI is harder to quantify Intrusive Push out your message to customers Typically reach broader audiences Inbound Marketing Online/Modern methods Social media Website Videos Mobile More cost-effective ROI is more easily measured Permission-based Pull customers to your message Can be more timeconsuming 27

28 Summary Marketing is a critical part of the business foundation Marketing planning AND execution are important but PLANNING comes first Review strategies and tactics often to determine effectiveness Marketing, in the right hands can be a powerful tool, so if in doubt, seek professional help! 28

29 Contact Info 29