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Marketing Ohio Outback Economic Development Roundtable Julie M. Fox Program Director Business & Economic Development Network The Ohio State University South Centers http://southcenters.osu.edu Overview What Is Marketing Market Research & Planning Marketing Strategy & Implementation Resources Marketing Is … According to the Dictionary of Marketing Terms, 2d edition, published by the American Marketing Association, c1995, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Transaction for a Profit Marketing Is… EVERYTHING you do to promote your business from the moment you conceive of it to the point at which customers buy your product or service and begin to patronize your business on a REGULAR basis. - Jay Conrad Levinson, Guerrilla Marketing Name & Image of your business Location Packaging … Colors, sizes, shapes of your product Advertising & Public Relations Marketing Strategies Sales Presentations How you handle telephone calls How you present yourself Marketing Is… Marketing recognizes that people don’t buy a product or service, they buy expectations or solutions to their problems. Traditional Approach Product – customer needs and wants/satisfy and solutions Place – making available and convenient to customer Price – to reflect the marketplace … profit Promotion – communicating, creating desire & developing relationships A Market Is … a group of people who are willing and able to become and to remain your customers. Getting Your Message to Market 260,000 Billboards 11,520 Newspapers 11,536 Periodicals 27,000 Video Outlets (+ cable and dish) 40,000 New Book Titles each year in US (300,000 worldwide) 60 Billion Pieces of Direct Mail 100 Million Computers 13.2 seconds for a page to load 51 seconds looking at page Source: Digital Aboriginal, Mikela Tarlow with Phillip Tarlow Market Research Know Customers – To Reach & Serve Them Customers: foundation of a successful business. Know Market Area – To Focus Efforts & Measure Results Know Competition – To Compete Know Industry – To Make Informed Decisions What is Market Research …The Process of Learning about potential customers, their opinions, habits, trends and future plans. Defining a marketing problem or opportunity. Collecting/analyzing information to generate, re-define and evaluate marketing activities. Why – Ask & Answer Your Questions Make Profitable Decisions & Reduce Risk Market / Business Plan A. Industry Description B. Target Markets/Customers & Trade Area Opportunity C. Product / Service (includes Price, Packaging) Size, History/Life Cycle, Trends, Key Drivers, “Fit” in the Industry Solution D. Distribution (Place) E. Customer Relations Management F. Competitive Advantage (Overall Industry Attractiveness) G. Marketing & Sales Strategies (If doing ONLY marketing plan – SWOT, Finance …) Industry Analysis Associations Publications Events (Trade Shows) Other Resources Key Contacts Suppliers Buyers Competitors (direct, indirect) Other Target Market & Trade Area Analyzing Customers Who uses product/service, decides to buy, actually buys, influences purchasing … Demographics Reflect physical characteristics as the basis for segmenting people. Age, Gender, Income Level, Education, Marital Status, Household Type, Location, Occupation… Target Market & Trade Area How they behave (where buy, when, how, why) Psychographics Needs (security, esteem, love, acceptance, understanding, good health, beauty) Values (security, status, success, greed, simplicity) Buying Styles (price, fads, quality, latest technology, luxury, convenience) Where do they get information to buy -- influence? Cultures (modern, religious, liberal, conservative, artistic, environmental) Interests/Hobbies (sports, reading, fitness, workaholic, cooking, gardening) Expectations Target Market & Trade Area Business-to-Business Markets Profiles Annual Sales Number of Employees Legal Structure Type of Business Who Handles Purchasing Where do they get information to buy Procedures for buying Target Market & Trade Area Secondary & Primary Data Gather Primary Information Through: Phone, Fax &/or Internet Surveys Personal Interviews Intercepts Mail and Inserts Observations Focus Groups Cup of Coffee Method Comparison Basis of Comparison Mail, Internet, &Fax Surveys Telephone Surveys Personal Interview Surveys Cost per completed survey Usually the least expensive, assuming adequate return rate Moderately expensive, assuming reasonable completion rate Most expensive because of interviewer’s time and travel expenses Ability to probe and ask complex questions Little, since selfadministered format must be short and simple Some, since interviewer can probe and elaborate on questions Much, since interviewer can show visuals, probe, establish rapport Opportunity for interviewer to bias results None, since form is completed without interviewer Some, because of voice inflection of interviewer Significant, because of voice and facial expressions of interviewer Anonymity given respondent Complete, since no signature is needed Some, because of telephone contact Little, because of face-to-face contact Target Market & Trade Area Where Ohio - http://www.osuedc.org/current/main.php U.S. - http://www.esribis.com/ Global - http://www.export.gov Business-to-Business – http://www.census.gov http://www.lib.umich.edu/govdocs/statsnew.html Target Market & Trade Area Analyze Are there enough/too many target buyers? Are they able and willing to spend $? Consumer Expenditure Survey, www.bls.gov/cex Product / Service Target Market & Trade Area (opportunity) Product & Benefit (solution) Determining product lines and appropriate product mix (depth and width) New product development … Life Cycle Price - market, skim, penetrate Place (Distribution) – customer convenience Wholesalers, retailers, distributors, agents, brokers, cooperatives Product Life Cycle Sales revenue or profit Stage of the product life cycle Introduction Growth Maturity Decline Total industry sales revenue + 0 – Total industry profit Marketing objective Gain Awareness Stress differentiation Maintain brand loyalty Harvesting, deletion Competition None Growing Many Reduced Product One More versions Best sellers Price Skimming or penetration Gain share, deal Full product line Defend share, profit Promotion Inform, educate Stress competitive differences Reminder oriented Minimal promotion Place (distribution) Limited More outlets Maximum outlets Fewer outlets Stay profitable Pricing Considerations What are the costs? Raw Materials, Labor, Overhead, Taxes, Marketing (package, promotion, distribution, service) What What What What What will customers pay? image do you want to convey? does competition charge? will the market bear? other challenges? Why Analyze the Competition? Learn More About What the Customer Wants/ Doesn’t Want. Discover un-served/underserved niche markets. Get ideas for advertising, merchandising, pricing, product mix, customer service… Obtain valuable advise, support, information (from remote competition – identify questions). Determine your competitive advantage. Competitive Analysis/Advantage Who Are Your Competitors? Direct (similar or substitute product/service) Indirect Competitors (same dollars) Future How Many? What are the number of firms that handle your service in the area you have chosen to locate in? How many new in the last 1-2 years? How many failed/couldn’t compete? Why? Future? How Do They Compete? Products, Price, Packaging, Quality, Selection Customer Service, Reliability, Expertise, Promotion Image/Reputation, Location, Store Layout Appearance, Sales Method, Credit Policy Availability, Management, Longevity/Stability, Customization – Customers/Creation – Product Develop Competing for Customers Thinking Like a Customer As a customer what attracts me to a business or product? What do I expect from the businesses who serve me? What must a company do to earn and keep my business? How are my customers like/unlike me? How do other businesses: Welcome, Thank, Educate? Attract, Interact, Act Satisfaction, Loyalty, Commitment Thinking Like A Customer Dig deeper into the "mind of the market“. Despite the time and money spent on market research, 60% to 80% of new offerings fail. When it comes to buying, 95% of our decision making takes place in the subconscious mind, yet traditional marketing methods barely scratch the surface of this information gold mine. Consider how the mind, body, and environment interact to drive our buying decisions. – Gerald Zaltman, How Customers Think Marketing Knowledge Industry Customers & Trade Area / Opportunity Product /Solution Customer Relations Competition Action … STRATEGY & IMPLEMENTATION Marketing & Sales Strategy Selecting A Market Segment/s • 2. 3. 4. 5. Size: The estimated size of the market to determine whether or not it is worth going after. Expected Growth The size of the market may be small, but if it is growing significantly it may be worth going after. Competitive Position: The less competition the more attractive the market – Market Share Cost of reaching the market: Is the market accessible to a firm’s marketing actions? If not it should not be pursued. Compatibility with the organization’s objectives and Marketing & Sales Strategy Company Image/Identity The business name should reflect the nature of the business “Joe’s Accounting” describes the business “Joe and Associates” leaves you guessing The logo should be professionally designed to convey a desired identity Use your logo consistently on all visual business items Business cards, letterheads, signage, advertising and promotional materials Business cards allow your customers to contact you easily-make them consistent with your logo Location - Signage should lead the customer to your place of business, Buildings should be inviting, clean, safe Brand Image – Packaging, Self & Employees Marketing & Sales Strategy Consider Customer Communication Options Newspaper, Magazines, Direct Mail Yellow Pages & Other Directories Thrifty Shopper Billboards Radio Cable TV Specialty Advertising(caps, pens …) Brochures, Catalogs, Newsletters (print) Shows / Events Signage (front and in-store), Uniforms … Packaging Inserts Other - Internet, Telephone, Door-to-Door, … Market Research … Marketing Strategies Who? Right Audience – customer profile / target market What? Right Message Elements: offer, benefit, proof, call to action Headline, Illustration, Text/Benefits, Close – Action/Contact When Right Time, Frequency (4-9x), Consistency Where Right Place, Media Choices How Much Right Budget – leftover money, % of sales, comparative Next Steps Balance Planning & Managing Plan Focus Analyzing Ideas/Information Action What Matters Integrate Changes Purpose Why Act Interpret & Evaluate Measure & Compare Gain Perspective on Variances Tell the Story/Benefits Create the Experience Recognize - Life Changes … Ongoing Act Keep Informed –Stay in touch with industry, customers, trade area, competition