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CHAPTER Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 Building a Guerrilla Marketing Plan !! Marketing !! The process of creating and delivering desired goods and services to customers. !! Involves all of the activities associated with winning and retaining loyal customers. !! National Federation of Independent Business Study !! 55% of small business owners say they do not need marketing because their products and services sell themselves. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-2 Building a Guerrilla Marketing Plan Guerrilla marketing strategies: !! Are unconventional, low-cost, and creative marketing techniques that allow a small company to realize a greater return from its marketing investment than do larger rivals. !! Do not require large amounts of money to be effective – just creativity. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-3 A Guerrilla Marketing Plan 1.! Pinpoints the specific target markets the company will serve. 2.! Determines customer needs and wants through market research. 3.! Analyzes a firms competitive advantages and creates a marketing strategy to build a competitive edge. 4.! Helps to create a marketing mix that meets customer needs and wants. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-4 Pinpointing the Target Market !! !! !! One objective of market research: Pinpoint the company's target market, the specific group of customers at whom the company aims its products or services. Marketing strategy must be built on clear definition of a companys target customers. Examples: Harrahs Casino Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-5 Pinpointing the Target Market !! Target customer must permeate the entire business – merchandise sold, background music, layout, décor, and other features. !! Without a clear image of its target market, a small company tries to reach almost everyone and ends up appealing to few. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-6 Market Research !! !! !! Market research is the vehicle for gathering the information that serves as the foundation for the marketing plan. Never assume that a market exists for your companys product or service; prove it! Market research does not have to be time consuming, complex, or expensive to be useful. Web-based market research – online surveys !! Trend-tracking !! Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-7 Market Research How to Conduct Market Research: 1.!Define the objective. 2.!Collect the data. !! Individualized Ch. 8: Building a Powerful Marketing Plan (one-to-one) marketing Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8-8 How to Become an Effective One-to-One Marketer Identify your best customers, never passing up the opportunity to get their names. Collect information on these customers, linking their identities to their transactions. Enhance your products and services by giving customers information about them and how to use them. See customer complaints for what they are - a chance to improve your service and quality. Encourage complaints and then fix them! Successful One-to-One Marketing Calculate the long-term value of customers so you know which ones are most desirable (and most profitable). Make sure your companys product and service quality will astonish your customers. Know what your customers buying cycle is and time your marketing efforts to coincide with it - just-in-time marketing. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Source: Adapted from Susan Greco, The Road to One-to-One Marketing, Inc., October 1995, pp. 56-66. 8-9 Market Research (continued) How to Conduct Market Research: 1.! Define the problem. 2.! Collect the data. !! Individualized (one-to-one) marketing !! Data mining 3.! Analyze and interpret the data. 4.! Draw conclusions and act. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 10 Relationship Marketing (Customer Relationship Management) In addition to the text Involves developing and maintaining long-term relationships with customers so that they will keep coming back to make repeat purchases. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 11 Relationship Marketing (Customer Relationship Management) In addition to the text Steps: !! Collect meaningful customer information and compile it in a database. !! Mine the database to identify best customers. !! Use the information to develop lasting relationships with best customers. !! Attract more customers who fit the best customer profile. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 12 Guerrilla Marketing Principles !! Find a niche and fill it. !! Use the power of publicity !! Dont just sell; entertain! !! Entertailing !! Strive to be unique. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 13 Guerrilla Marketing Principles (continued) !! Connect with customers on an emotional level. !! Build trust !! Define a unique selling proposition (USP) Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 14 Unique Selling Proposition A key customer benefit of a product or service that sets it apart from its competition. !! Answers key customer question: Whats in it for me? !! Consider intangible or psychological benefits as well as tangible ones. !! Communicate your USP to your customers often. !! Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 15 FIGURE 8.1 The Connection between Branding and a USP Source: Based on Brandsavvy, Highlands Ranch, Colorado Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 16 Guerrilla Marketing Principles (continued) !! Create an identity for your business through branding. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 17 Building a Brand Relevance High In addition to the text Antes Drivers Features that are important to customers but all competitors provide them Features that are both important to customers and are highly differentiated from those of competitors Every company in the market must ante up on these features. These are the attributes on which a company must focus to build its brand.1 Neutrals Fools Gold Features that are irrelevant to customers Features that are unique to your company but do not drive customers loyalty to your product and services These features are useless when it comes to branding. Low Low Dont make the mistake of trying to build a brand on these features! Differentiation Source: What Really Matters in Plan Building a Brand,The 2004, www.mckinseyquarterly.com/newsletters/chartfocus/2004_05.htm Ch. 8: Adapted Buildingfrom a Powerful Marketing CopyrightMcKinsey © 2011Quarterly, PearsonMay Education, Inc. Publishing as Prentice Hall High 8 - 18 Guerrilla Marketing Principles (continued) !! Create an identity for your business through branding. !! Embrace social networking. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 19 Guerrilla Marketing Principles (continued) !! Create an identity for your business through branding. !! Embrace social networking. !! Start a blog. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 20 Blogging An estimated 113 million blogs exist with 5,000 of them from businesses. !! Economical and effective online communication. !! Blog Guidelines: !! !! Be honest, balanced, and interesting. !! Post blog entries consistently so that readers have a reason to return. !! Ask customers for feedback. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 21 Guerrilla Marketing Principles (continued) !! Create an identity for your business through branding. !! Embrace social networking. !! Start a blog. !! Create online videos. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 22 Online Videos Study: 19% of Internet users watch online videos every day. !! Online video guidelines: !! !! !! !! !! !! Think edutainment. Be funny. Connect with current events. Involve customers. Keep it short. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 23 Guerrilla Marketing Principles (continued) !! Create an identity for your business through branding. !! Embrace social networking. !! Start a blog. !! Create online videos. !! Focus on the customer. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 24 Focus on the Customer Only 6% of customers who experience a problem contact the company to complain. !!31% tell family members, friends, and colleagues about their negative experience. !!6% of those people tell their horror stories to six or more people. !!For every 100% of customers who have negative experiences with a business, the company stands to lose 32 to 36 current customers or potential customers. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 25 Focus on the Customer (continued) !! Because 20% of a typical companys customers account for about 80% of its sales, no business can afford to alienate its best and most profitable customers and survive! !! Research shows that repeat customers spend 67% more than new customers. !! Attracting new customers costs the typical business seven to nine times as much as keeping existing customers. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 26 Focus on the Customer (continued) Companies that are successful at retaining their customers constantly ask themselves (and their customers) four questions: 1. What are we doing right? 2. How can we do that even better? 3. What have we done wrong? 4. What can we do in the future? Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 27 Guerrilla Marketing Principles (continued) !! Create an identity for your business through branding. !! Embrace social networking. !! Start a blog. !! Create online videos. !! Focus on the customer. !! Be devoted to quality. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 28 How Do Americans Define Quality in a Product? !! Reliability (average time between breakdowns) !! Durability (how long an item lasts) !! Ease of use !! Known or trusted brand name !! Low price Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 29 How Do Americans Define Quality in a Service? Tangibles - equipment, facilities, people !! Reliability - doing what you say you will do !! Responsiveness - promptness in helping customers !! Assurance and empathy conveying a caring attitude !! Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 30 Guerrilla Marketing Principles (continued) Create an identity for your business through branding. !! Embrace social networking. !! Start a blog. !! Create online videos. !! Focus on the customer. !! Be devoted to quality. !! Pay attention to convenience. !! Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 31 Attention to Convenience The average U.S. work week is 42.5 hours, an increase from 37.5 hours in 2003. !!Is your business conveniently located near customers? !!Are your business hours suitable to your customers? !!Would customers appreciate pickup and delivery services? !!Do you make it easy for customers to buy on credit or with credit cards? Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 32 Attention to Convenience (continued) !! !! !! !! !! Are your employees trained to handle business transactions quickly, efficiently, and politely? Does your company offer extras that would make customers easier? Can you bundle existing products to make it easier for customers to use them? Can you adapt existing products to make them more convenient for customers? Does your company handle telephone calls quickly and efficiently? Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 33 Guerrilla Marketing Principles (continued) !! Concentrate on innovation. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 34 Concentration on Innovation !! Innovation !! The key to future success. !! One of the greatest strengths of entrepreneurs. It shows up in the new products, techniques, and unusual approaches they introduce. !! Entrepreneurs often create new products and services by focusing their efforts on one area and by using their size and flexibility to their advantage. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 35 Guerrilla Marketing Principles (continued) !! Concentrate on innovation. !! Be dedicated to service and customer satisfaction. !! Survey: 25% of customers have walked out of a store within the past year because of poor service. !! Survey: 80% say they will never return to a business after a negative customer service experience. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 36 Dedication to Service Goal: To achieve customer astonishment! !! Listen to customers. !! Define superior service. !! Set standards and measure performance. !! Examine your companys service cycle. !! Hire the right employees. !! Train employees to deliver superior service. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 37 Guerrilla Marketing Principles (continued) !! Concentrate on innovation. !! Be dedicated to service and customer satisfaction. !! Emphasize speed. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 38 Emphasis on Speed (continued) Re-engineer the process rather than try to do the same thing - only faster. !! Create cross-functional teams of workers and empower them to attack and solve problems. !! Set aggressive goals for production and stick to the schedule. !! Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 39 Emphasis on Speed (continued) !! Rethink the supply chain. !! Instill speed in the company culture. !! Use technology to find shortcuts wherever possible. !! Put the Internet to work for you. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 40 FIGURE 8.2 Five Characteristics of a Great Product Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 41 The Product Life Cycle FIGURE 8.3 The Product Life Cycle Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 42 Price !! A key factor in the decision to buy !! Focus attention on non-price competition !! Free trial offers !! Free delivery !! Lengthy !! Money Ch. 8: Building a Powerful Marketing Plan warranties back guarantees Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 43 Promotion !! Goal: To inform and persuade. !! Through advertising and other communication techniques. !! Create an image. !! Marketing is not a battle of products; it is a battle of perceptions. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 44 Conclusion !! A guerrilla marketing plan offers the entrepreneur significant benefits. !! Target marketing is key. !! Create a competitive and edge through customer focus, quality, convenience, innovation, service and speed. Ch. 8: Building a Powerful Marketing Plan Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 8 - 45