Download Kings Cross Business Forum`s Business Improvement Seminar

Welcome to Kings Cross Business Forum’s
Business
Improvement
Welcome
to Kings Cross
Business Forum’s
Seminar
Business
Advanced
Marketing
Strategies
Improvement Seminar
Thursday 16 October 2008
Funding your
business
Tuesday 28 April 2008
Supported by:
Supported by:
Advanced Marketing
for Micro-Businesses
What is ‘marketing’?
•
•
•
•
Sales !!
Advertising !!
PR !!
Er… that’s it !!
• “Business has only two functions marketing and innovation.” Peter Drucker
Marketing is:
• The process of planning and executing the
conception, pricing, promotion, and distribution
of goods, services, and ideas to create
exchanges that satisfy individual and
organisation objectives.
In English
• Providing goods and services to satisfy
customer’s perceived needs, at a profit.
• First and every time.
Outcomes of Marketing
• Acquire more customers
• Persuade each customer to buy more
products
• Persuade each customer to buy more
expensive products or up selling each
customer
• Persuade each customer to buy more
profitable products
The Four P’s
•
•
•
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Product
Price
Promotion
Place
Product Breakdown
Guarantee
Augmented
Product
Branding
Actual
product
Core
product
Features
After sales
Core
Product
Price
• The price to be charged for products and
services should be determined in the light
of the prospect's likely cost-benefit ratio
and the financial ability to pay according to
the payment terms.
Promotion
• ‘Promotion’ is the toughest section in any
marketing strategy, given the information
explosion and the reduced time purchasers have
to consider any documentation.
• Segmentation is important to avoid a ‘scatter
gun’ approach
Place
• ‘Place’ deals with the distribution channels
by which your prospects will be able to buy
and receive your products and services.
Segmentation
• The process of dividing the total market
for a product or service into smaller,
more manageable subsets or groups
of customers.
• www.healthadvantage-hmo.com
Considerations
• Measurable
– Can the buyers be identified
• Substantial
– Are there sufficient numbers to target
• Accessible
– Can this segment be contacted
• Relevant
– Is the product relevant to this segment
Targeting
• Using demographics and related
information in a customer database to
select the most appropriate recipients for a
specific campaign
• www.isoft.com
Buyer’s Behaviour
• Who buys (the decision maker)
• How do they buy?
• When do they buy?
• Where do they buy?
• Why do they buy?
• The challenge is to understand how customers might
respond to the different elements of the marketing mix
that are presented to them.
Marketing Communications
• Informing potential customers of your
organisation’s marketing using a number
of different methods know as the
marketing communications mix
Marketing Communications Mix
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•
•
•
•
•
•
Press
Radio
TV
Direct mail
WOM
Promotion
Branding
Advertising
Say what you mean
Direct Mail
• Mail shots
• Must have the right list (usually
quantitative research based)
• Use a broker or buy direct
• Make your own list
• www.royalmail.com
Word of Mouth
• Advertising that occurs when people share
information about products or promotions
with friends.
• How can the marketer control WOM?
• Influence key decision makers
• Create a ‘niche’ must have product
• Appeal to a particular group (green issues)
Branding
A name, term, sign, symbol or design,
or a combination of these, intended to
identify the goods or services of the
seller or group of sellers, and to
differentiate them from a competitor.
E- marketing
• Marketing via the Internet.
• Entry cost barriers are lowered.
• National borders are removed.
Internet
• Email
• Web presence
• Maintenance
Email
• [email protected]
• [email protected]
Web presence
• Design (message) not an IT function
• Message strategy – what do you want to
say to them
• Targeting the audience – whom are you
trying to reach?
• Search engine optimisation
Maintenance
• Regular updating.
• Be careful not to leave out of date
information on your web site.
• Layout can become dated very quickly.
Buyer’s behaviour in a downturn
• Buyer’s will be more receptive to money
saving opportunities (cost cutting)
• Brand loyalty becomes even more
important
• Feel good for less
• High ticket priced items need to have
flexible payment terms
• It is important to remember that business
does not stop during a down turn
Marketing during a downturn
• Adapt your message to push the right
buttons
• “will save you money”
• “free delivery or add on”
• During a downturn buyers will not stop
buying. They will be looking for added
value
Businesses that do well in a
downturn
• Supermarkets – people still want to eat
and drink out. During a recession they do
it home
• Food take away – same as above
• DVD suppliers
• Money saving alternatives
Remember
• Advertisings is usually the first budget to
be cut.
• This means that you can get better rates
• Companies that do well in a downturn are
quite aggressive with their marketing
www.centa.co.uk
Join
King’s
Cross
Jointhe
the
King’s
Cross Business
Business Forum
Forum:
Contact:
Contact:
Business
Initiatives
Business
Initiatives
T:
6019
T:020
0207974
7974
6019
E:
E:[email protected]
[email protected]
W:
W:www.camden.gov.uk/kxbf
www.camden.gov.uk/kxbf
Key networking
event:
Next
event:
KXBF
directory
KXBFbusiness
business
improvement seminar
08/09 launch
Tuesday 28 October 2008 12:00pm – 2:30pm
Thursday 22 May 2008: 18:00
the London
Credit Crunch: Workforce
–Surviving
20:00pm: New
Solutions
Architecture
The British Library Business & IP Centre
Supported by:
Supported by: