Martha D. Soffer U.S. Small Business Administration SBA--

Transcription

1 Martha D. Soffer U.S. Small Business Administration

2 Strategy designed to attract, inform, persuade and retain customers- and close the deal Reach and influence: Customers and Distributors, Influencers, Stakeholders. Marketing 4-P s must be part of the strategy

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4 Who is your customer (target market)? What are you selling? (product) Is your image consistent and right? How are you better or unique? How will you position yourself? How will you reach your customer? (place)

5 Primary Research: Talk with your existing and target market potential customers. What do they want? What are their needs? How will you mold your company and product to address the above?

6 Secondary Research: Gather existing information on competitors and your products. Spy on your competitors (brochures, website, pricing, image, visits and telephone) Sources for research: NY Public Library (S.I.B.L) NYS Small Business Development Center: Google searches

7 Your product (or service): Features: what s it s function? Benefits: what do they promise? Customer needs and problems: which do they fulfill? Added value, how are they special or unique? Brand name: identity and image? Target market: Who will buy it?

8 Why are you better? Who and where are your: Primary (direct) competitors? Secondary (indirect) competitors? Compared to you: How do they differ from you? What are their strengths and advantages? What are their weaknesses, disadvantage, vulnerabilities? It s war! Survival of the economic fittest!

9 Critical Elements: Be clear in your head (and on paper) how you will differentiate yourself and outperform your competition. Define and position your business, your product, your image and yourself.

10 Where do you stand in: The local marketplace? Vs. your competition? What are your main: Features? Benefits? Added Value? Selling Points? Brand Identity? How do you want to be perceived? What is your image?

11 20-second introductory speech to create interest: Goal to get your listener to ask for more! Your Name, Title, Handshake Your Business/Brand Your Products/Services: Function, Needs/Wants Served. Key Customer Benefits Your Value Proposition, What Makes You Special, Better Business Card, (if readily available) Suggested Next Steps ( Feel free to contact me ) Different speeches for different audiences

12 I KNOW IT SOUNDS CRAZY, WE JUST MET, YOU DON T KNOW ME, HERE S MY NUMBER CALL ME, MAYBE!

13 Your pricing strategy is based upon: Your goals Industry norms, current conditions Competitive pricing patterns/strategies Your expenses Your product positioning and image Your brand, name and company recognition Will your pricing strategy attract customers and allow you to make a profit or repell them?

14 Some Pricing Strategies to Consider: Do you want to offer a better product, or a lower price? Start with introductory lower price with a built in end date. Create new versions of your product or service, with added value. Cover a range of needs: Offer 3 versions of your product: Mid range version to your primary target market Low end version at a lower price but missing important features: High end version: capture price no object customer

15 Free advice on pricing my product/service? (SCORE) (SBDC) (WBC)

16 Define Your Specific Short-Term Goals # of orders, web site visits, # of prospects or customers What resources do you need? Time, Money, Assets (Computer, website, brochures, business cards) Determine Your Primary Message/s? Main points to communicate, slogans, tag lines?

17 Your Overall Approach: Establish your primary and supporting message, Set a budget and time frame, Design your message to reach your target market:

18 Message Should Consider: Your Actual Products/Services Your Brand Identity, Logo, Perception Your Value Proposition Your Style, Presentation Your Main Customer Benefits, Features Pricing, Promotions, Sales Whatever will be persuasive! Whatever will be consistant and coordinated.

19 Four basic ways and styles: Traditional Communications: Advertising, etc. New Style: Social Media, Networking, etc. Customer Services: Sales and Relationships Guerrilla Marketing

20 Traditional Communications Paid advertising: print media and other Public relations: acts as free advertising Brand and price promotions Signage, canopies, posters, etc. Direct mail - using in-house or purchased/rented data bases Print - brochures, cards, flyers, etc.

21 Let your customers tell your story Internet - web sites, blogs, Facebook, social networks Blasts, E-letters, E-commerce (Database marketing) Word of-mouth, Networking

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23 Customer Sales and Service Presentations Look, style, atmosphere Sales and sales organization Customers who contact you Customer Service and Services Build Relationships

24 Guerrilla Marketing is a non-conventional way to market a product. It's unexpected, random and grabs your attention. Internet marketing can be guerrilla. So are street teams, car wraps, posters, random events, flyer/sample distribution, t-shirt ads, street chalk. Anything that isn't part of a conventional media buy (like TV, print, radio, billboards, etc).

25 Examples:

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31 The Science: Start with a list of suspects/prospects Derived from leads, existing customers, lost customers. Methodically contact them volume & frequency matter Goal: Convert leads to prospects The Art (Selling Style): Ask a question, shut up, listen! Identify customer needs, wants, budget, timing, past experiences No does not mean No, in business it means Not now

32 Items to Consider: Develop a detailed written marketig plan Include defined budgets and time lines. Obtain interim feedback and reactions. Analyze/evaluate your results. Make revisions. Stay flexible, move on to the next marketing challenge if need be.

33 No matter how creative and original your marketing efforts, to succeed in business, your products and services must meet or exceed the expectations you have created! Strive to delight your customer.

34 Score: Templates and Tools: NYS Small Business Development Center: SBA Women s Business Centers: NYPL (SIBL): Home: Services Directory: Business Plans: Sample 519 plans (see home page; requires library ID) Databases: lists of suspects

35 Capital financing, loans, venture capital Counseling- free business advice, counseling, help with business plans, marketing & strategy. Contracting- expanding your business with government contracts and surety bonds. Training-workshops, seminars, on-line trainings Advocacy-your voice in Washington D.C. or call