The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a...
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![Page 1: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/1.jpg)
The Challenge• Their Goal:
– Build bridges to the Hispanic community and connect without creating a cultural divide
• Their Product: – Membership to the organization– Networking opportunities– Business services– Legislative/lobbying services
• The Marketing Challenges:– Acquire new small, medium & large member businesses– Retain existing members year-over-year
• Provide the right “products” mix to satisfy member needs
Increased Revenue leads to increased resource availability
![Page 2: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/2.jpg)
Market Segmentation
• Variables that determined market segments:– Location– Membership benefits/goals– Size of the business
• 4 Segments identified:– Relationship & Service Businesses– Hispanic-Owned businesses in Richmond/NoVA– Hispanic-Owned businesses outside of Richmond &
Northern Virginia – Corporations
![Page 3: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/3.jpg)
Selected Marketing Strategy
Focus on solution for three segments:1. Corporate Sponsors
2. Relationship Members
3. Small Hispanic-owned Business Members
![Page 4: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/4.jpg)
Product: misc (don’t know where this goes)
• Online member database
![Page 5: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/5.jpg)
Price
Consider the following pricing strategies:– Quarterly payment plans
– Multi-year membership plans
– Discounted renewal
– Associate member plans
![Page 6: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/6.jpg)
Promotion: Acquisition
• Direct marketing– Purchase list of Hispanic-Owned Businesses– Send out introduction letters– Follow-up with telephone calls– Expenses can be recovered with one new
member
• Targeted mass media– Virginia Business Magazine
![Page 7: The Challenge Their Goal: –Build bridges to the Hispanic community and connect without creating a cultural divide Their Product: –Membership to the organization.](https://reader036.fdocuments.net/reader036/viewer/2022082818/56649f045503460f94c17c65/html5/thumbnails/7.jpg)
Alternative Marketing Strategies
• Price:– Tiered or Menu pricing structure