HittingYourMarketingTarget:BasicMarketingforStartups

WhoamI?▪ BeckyBocklage,DirectorandEntrepreneurshipFaculty

▪ Founder,morethan25yearsstartupexperience▪ 10(&counting!)for-profitandnon-profitbusinesses&initiatives

▪ BusinessInstructor,Management&Marketingsince1999▪ Collectorofexperiences,focusedonsmallbusiness

WhatisMarketing?

Marketingisengagingcustomersandmanagingprofitablecustomerrelationships.

• Twogoals:• Attractnewcustomersbypromisingsuperiorvalue• Keepandgrowcurrentcustomersbydeliveringvalueandsatisfaction

ThenwhatisMarketingManagement?

MarketingManagementischoosingtargetmarketsandbuildingprofitablerelationshipswiththem.

• Twoquestionstoanswer:• Whatcustomergroupcanweservebest(whatisourtargetmarket)?• Howcanweservethembest(whatisthevaluethatweplantodelivertothem)?

Butwhy???

Limitedresources—unlimitedwaytospendthem!

MAXIMIZE!!

MarketinginaNutshell

Whenyoumakestrategicdecisionsforyourtargetcustomergroup,youarebuildingthevalueofferingfor

them.

DecisionAreasaboutTargetMarketChecklist:

Waystothinkaboutbreakingupthebiggermarkettotarget:

❑Geographic:Dividingthemarketbygeography❑Demographic:Segmentingbasedonthefactsofpeoplewhichareusuallyprettyeasytodetermine

❑Psychographic❑Behavioral

DecisionsaboutTargetMarket—AnexampleCleaningcompaniestargetpeoplewhodon’twanttoclean,right?!?• YES!But,thisisaverybroadtargetmarketdefinition.• So,getmorespecific.Herearesometargetmarketoptions:• Currentcustomerswithmoreservices• Workingmoms/dads• Stay-at-homeparentswithbusylifestyles• Olderpeoplewhofindithardtokeeptheirhomecleaned• Businessownerswhoneedtheirofficecleaned,orapartmentstheyowncleaned

• Andsomanymore!

DecisionAreasaboutProductChecklist:Strategicproductdecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:

❑Physicalgood❑Service❑Features❑Qualitylevel❑Accessories

❑Branding❑Instructions❑Packaging❑Warranty/Guarantee❑Installation

DecisionAreasaboutPlaceChecklist:Strategicplacedecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:

❑Direct/Indirectchannel❑Marketexposure❑Whatmiddlemen❑Kinds&locationsofstores❑Transportation&storage❑Servicelevels

DecisionAreasaboutPriceChecklist:Strategicpricedecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:

❑Objectivessuchasmaximization,customervalue-based,ormatchcompetition

❑Flexibility❑Pricelevelovertime❑Pricesbygeography❑Discounts

DecisionAreasaboutPromotionChecklist:Strategicpromotiondecisionsyoucanmaketopersonalizethevalueforthetargetgroupyouhaveselected:

❑Objective-AIDA:Awareness,Interest,Desire,Action❑Promotionblend

❑PersonalSales❑Advertising❑SalesPromotion

❑Publicity❑Directmarketing❑Digitalmarketing

QUESTIONS?????

Thankyouforjoiningme!BeckyBocklage

rjgordonbocklage1@ccis.edu(e-mailmeandI’llsendyoutheslides)