Re-Wiring Your Marketing Machine
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Transcript of Re-Wiring Your Marketing Machine
©2009
Re-Wiring Your Marketing Machine
slideshare.net
©2009www.mycleardirections.com
First, check the engine Second, look at the pistons Third, thoroughly examine the promotion
piston Fourth, review spark plugs that fire the
promotion piston, particularly social networking
Last, look at re-wiring your thinking about your engine
How We’ll Spend Our Time Together
©2009www.mycleardirections.com
Main objective of marketing is to create customer value ◦ Usually involves an exchange between buyers and
sellers or between other parties◦ Has an impact on the firm, its suppliers, its
customers, and others affected by the firm’s choices
◦ Frequently involves enduring relationships between buyers, sellers, and other parties
◦ Processes involved include “creating, communicating, delivering, and exchanging offerings”
Let’s Check the Engine First:Marketing Well-Defined
©2009www.mycleardirections.com
Product◦ Developing a tangible good or service exchanged
for money or other goods and services Place
◦ Determining the distribution of those goods and services
Price◦ Setting the value placed on those goods and
services Promotion
◦ Creating the methods used to generate awareness, trial and purchase of goods and services
Marketing is a Bigger Engine Than Most Think: More than Just Promotion
©2009www.mycleardirections.com
Pricing is the only part of the marketing mix which brings in revenue.
Once a price has been set, consumers will often show a great deal of resistance to any attempts to change it.
Pricing frequently has important
Why is Price Such an Important Piston in Your Engine?
implications for the positioning of a product.
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Price is the marketing mix variable for which a competitive response can be most quickly implemented.
©2009www.mycleardirections.com
Modernly called “Integrated Marketing Communication”◦ Advertising: traditional and on-line◦ Public relations: traditional and on-line◦ Social networking◦ On-line marketing: Webinars, e-mail, blogs, podcasts,
RSS feeds◦ Trade promotion◦ Sales promotion◦ Personal selling or network marketing◦ In-store displays◦ Samples◦ Premium items
Tonight’s Featured Piston –Promotion – Requires Skill, Intuition
©2009www.mycleardirections.com
Advertising◦ Paid messages placed in specific media
Public relations◦ Providing information to the media in the hopes of getting news coverage◦ Often less expensive and usually more credible than advertising ◦ Poses a risk : we can’t control what the media will say◦ Very useful tool for small and growing businesses—especially those that make
a product which is inherently interesting to the audience Social networking (one of the newer spark plugs)
◦ The grouping of individuals into specific groups◦ Though possible in person, especially in schools or in the workplace, it is most
popular on-line since the internet is filled with millions of individuals who are looking to meet other internet users to develop friendships and business relationships
◦ Resources LinkedIn, Facebook, Twitter, Affluence, Plaxo, Classmates, etc.
Integrated Marketing Communication Tactics: Our Spark Plugs
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©2009www.mycleardirections.com
On-line marketing◦Websites◦E-mail blasts◦Webinars
Show and tell Demonstrate expertise Many can participate Archive access Resources
GoToWebinar http://del.icio.us/ecoscribe/webinars
Integrated Marketing Communication
slideshare.net
©2009www.mycleardirections.com
On-line marketing, continued◦Blogging
Search engines love blogs Be brief and sweet Can replace your newsletter Blog regularly Be responsive Show some personality Resources
Blogger, wordpress Widgets for your blog/website
Flickr, YouTube, Slideshare.net
Integrated Marketing Communication
©2009www.mycleardirections.com
On-line marketing, continued◦ Podcasting
Great for those on the go No need to worry about visuals Easy to subscribe to these Share speeches, stories, interviews with field experts, quick tips Use a script, offer quality content, produce a series, promote it! Resources
Audacity, Podcastalley.com, Libsyn, Podbean
◦ On-line press releases More specialized that print news releases Yahoo! News, Google, Topix, RSS feeds, blogs, and many more Resources
Prweb.com, prnewswire.com
Integrated Marketing Communication
©2009www.mycleardirections.com
On-line marketing, continued◦ RSS Feeds
An acronym for Really Simple Syndication A web language format designed to help syndicate content across
different sources What are the benefits?
Beat email filters Spread YOUR word on other websites Get listed on search engines Use the first-mover advantage by being an early adopter and getting
indexed on search engines Offer your readers new content
Resources myrsscreator.com, press-feed.com, simplefeed.com, nooked.com,
myst-technology.com, rssautopublisher.com and www.market-soft.com/bypass
Integrated Marketing Communication
©2009www.mycleardirections.com
Trade promotion◦ Offering discounts to wholesalers and retailers who may pass the savings
to the consumer Sales promotion
◦ Discounts, coupons and rebates Personal selling or network marketing
◦ An in-house sales force who work on commission◦ An army of direct sales reps who sell a consumer product or service,
person-to-person, away from a fixed retail location who are paid for sales volume generated by people they have recruited into the distribution network
In-store displays◦ Most desirable display spaces include: end of an aisle, free-standing
displays, and near the check-out counter◦ Usually pay a “slotting fee”
Samples Premium items
Integrated Marketing Communication
©2009www.mycleardirections.com
First, let’s look under the hood◦ PC Usage>radio+TV+magazine
usage◦ The power of the Internet continues
to grow 73% in North America report using the
internet 70% report using it to search for
information 60% use it to shop
Newer Spark Plug: Social NetworkingWhat Is Its Value in Business?
Sources: Forrester, Miniwatts Marketing Group, 2008, JupiterResearch, 2007
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Discover inside connections when you’re looking for a job or new business opportunity
Beneficial for both business-to-consumer and business-to-business markets
Use it to:• Publish your expertise• Help your network• Self-promote• Find expertise• Collaborate• Make connections• Recommend others, products and services• Communicate and learn
Social Networking Extends Your Reach
Source: D. Tebbutt of Freeform Dynamics (UK), 2009
©2009www.mycleardirections.com
Speed your discoveries◦ People, places, information and networks
Accelerate and improve communication◦ Direct, unfiltered dialogue◦ With employees, suppliers, customers and
prospects Enhance your reputation
◦ Your profile, your responsiveness Quickly improve your products and services
◦ Obtain and respond to feedback from customers◦ Virally drive new ideas internally
If You Value Any of These Gains, You Should Use Social Networking
Source: D. Tebbutt of Freeform Dynamics (UK), 2009
©2009www.mycleardirections.com
Bottom line: Relationships for Future Returns
Can also measure in terms of links, web traffic, positive comments
Typically not direct and immediate Can manage your “time cost” spent on this tactic
◦ Track time spent on this activity freely on sites you enjoy (RescueTime, MeeTimer)
◦ Determine how much time you can afford to spend and portion out that time by percentage on those sites you enjoy or find beneficial
What’s Social Networking’s ROI?
©2009www.mycleardirections.com
So, Let’s Start Re-Wiring
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©2009www.mycleardirections.com
Preceded by a known sequence of events, or hierarchy
How humans buy a product/service
Awareness
Attention
Evaluation
Trial
Use
©2009www.mycleardirections.com
Selling emphasizes existing products◦ If a product is not selling, more aggressive
measures must be taken to sell it — e.g., cutting price, advertising more, or hiring more aggressive salespeople
Marketing focuses on getting consumers what they seek, regardless of whether this means creating entirely new products
Selling vs. Marketing
©2009www.mycleardirections.com
Before you create a marketing campaign, you must SToP: Segment, Target, and Position (SToP for DirectionsSM)
Three-stage process• Determine which kinds of customers exist• Select which ones we are best off trying to
serve• Implement our segmentation by optimizing our
products/services for that segment and communicating that we have made the choice to distinguish ourselves that way
After Product Concept,You Need to SToP!
SToP for Directions SM
©2009www.mycleardirections.com
Segmentation: what is it?◦ Involves finding out what kinds of consumers with
different needs exist◦ “You can’t be all things to all people”◦ Riches are in the Niches
Entities that specialize in meeting the needs of one group of consumers over another tend to be more profitable
Segmentation: A Key Wire in Your Engine
SToP for Directions SM
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Demographics◦ Personal statistics such as income, gender, education, location
(rural vs. urban, East vs. West), ethnicity, and family size Lifestyle and values
◦ Some consumers want to be seen as similar to others, while a different segment wants to stand apart from the crowd
◦ How they spend their free time and what they emphasize in their lives
Behavior◦ Some consumers are “brand loyal”— e.g., they tend to stick with
their preferred brands even when a competing one is on sale◦ Some consumers are “heavy” users while others are “light” users
Benefits sought◦ Bypasses demographic explanatory variables – e.g., some prefer
scented soaps over unscented soaps
How Can We Segment?
SToP for Directions SM
©2009www.mycleardirections.com
Target your “best” segments◦ How well are existing segments served by other
manufacturers, service providers? Go for those whose needs are not being met or met well
◦ How large is the segment, and how can we expect it to grow? Beware of rapidly growing segments as competition will
be fierce◦ Do we have the strengths as a company that will help
us appeal particularly to one group of consumers? Be sure your reputation, if you have one, matches your
target’s perceptions
How Do We Target?
©2009www.mycleardirections.com
As entrepreneurs, transform your passion into your positioning
Implement your segmentation by optimizing your product/service for the needs of that segment and communicating how you meet their needs best◦ Create your image of what your company stands
for and what your product/service does Define it clearly for your company or
someone else will!
How Do We Position?
SToP for Directions SM
©2009www.mycleardirections.com
Price Quality Service Distribution Packaging
Factors That Form Positioning
SToP for Directions SM
©2009www.mycleardirections.com
Produce more effective marketing campaigns with higher ROI
Better use of all resources (money, time, energy) Allow for proper planning of future investments
◦ For example, new products are usually initially adopted by a few consumers and only spread later to the rest of the population, we learn that companies that introduce new products must be well financed so that they can stay afloat until their products become a commercial success
It makes running a business much more fun when “all pistons are firing”
The Importance of Wiring Your Marketing to Your Audience
©2009www.mycleardirections.com
"Grant me the serenity to say no to the requests that are mere distractions, the courage to act on the ones that are truly
opportunities, and the wisdom to the know the difference."
The Entrepreneurs Serenity Prayer
One for the Road…
©2009www.mycleardirections.com
Denise StillmanPrincipalClear Directions, LLC
[email protected]+1.708.638.8891
Your source for marketing services, business planning and strategy
development.