Download Marketing - Urban Innovation21

Urban Innovation21 Small
Business Grant Competition
Marketing Strategy
Homewood
Marketing
Marketing is the process of communicating the value of a
product or service to customers, for the purpose of
selling that product or service.
There are four components to a Marketing Strategy, they
are:
• Product or Service, what you are selling;
• Place, the people who will buy your product or service,
otherwise known as the Market;
• Price, the amount customers are willing to pay for your
product or service;
• Promotions, how you reach and communicate with your
customers, TV, Radio, Internet Marketing, etc.
Product
Your product or service offers a solution or value
proposition. For example, you don't buy a drill
because of its color. You purchase a drill based
on its ability to make the kind of hole you need.
You are buying a solution to make a hole.
What solution does your business offer it's
customers?
Place
Place is also known as the Market, or your
customers for example; certain businesses
appeal to women only, some businesses appeal
to young women only, some businesses may
appeal only to young African American women.
Who is your market or what are your market
segments?
Price
Price is what your product or service is worth to
your customers. Customers determine the
market value of your product or service. Are
they willing to pay $5 for a cup of coffee? Or is
the price point $1.50.
The price point of your product is determine by
your competition and customers preferences.
Promotion
Promotion is the message and the means you
use to reach your customers. Are you going to
use a billboard? Or a mobile phone app? What
works best for your type of market?
What kind of message really sells your
customers? Is it about price or quality or
convenience?
Market Research
• Using keywords is important for example:
industry, trends, edu, research, etc.
• Qualify the sources of your information not all
is credible. For example using; edu is for
academic research.
• Always check the source of the study, you are
looking for credible sources for example:
industry associations, academics or
government sources.
Marketing Strategy Example
What a participant submitted:
“will create a marketing mix that includes
competitive price packaging; incentive referral
promotions; website TIPS registration, repeat
promotions through social media tools including
LinkedIn, Facebook, YouTube and Twitter. Effort
will be made to reach the seven touch rule with
potential customers.”
Marketing Strategy Example
Be Specific / Simplify / Substantiate / Organize
Customers can purchase our services as a package
for example 7 days for $250 and receive discounts
based on frequency, for example, 8th day is free;
If a customer sends a referral that becomes a
customer than they can choose to receive one free
day or 25% on the package of their choice;
Product, Place, Price, Promotions
Questions and Answers
Please complete workshop evaluation form