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A Gap in the Market? A Market in the Gap? Keith Burton What we’ll be covering What’s marketing? Why marketing? Questions, questions, questions Applied common sense? Best laid plans? Delivering customer value Value customers Future framework So, what is marketing then? Function or department? Advertising and selling? Approach to doing business? Academics and their definitions… “to attract and retain customers at a profit” (Drucker) “matching a company’s capabilities and the wants of customers in order to achieve the objectives of both parties” (McDonald) “..turning simple ideas into strategy” (Trout) It’s more important than that! It’s the whole business – as seen by the customer: “The only valid definition of a business purpose is to create a customer. What the business thinks it produces is not of first importance … what the customer thinks he is buying, what he considers value, is decisive… (Drucker) A marketing orientation Fundamental focus on customers Understanding them via feedback & research Understanding competitive situation Innovation, adaptation & proactivity Striving for competitive advantage produces better products or services Understanding, controlling & planning your business What fires up the Dragons? Realistic, defensible forecasts Detailed market knowledge – trends, segments, barriers Competitive knowledge – who, how long, shares? Value – company, idea/offer, contacts Pricing strategy, detailed costs, profit potential Product distinctiveness – easy to imitate/ protect? Target customer strategy Risk assessment/ contingency planning You – credibility, experience, passion, listening and that’s all Marketing! Some really good questions … What problem does your idea resolve? Who would be interested in it/ why? What do they currently do/ buy? Why should they change/ try your idea? Where will customers be able to buy? When will they be most interested? How will they get to know about it? How much/ how regularly/ what price? How effective – how likely to come back? Who will copy your idea and when? Towards finding some answers Research your opportunity: 1. Define the target customers - the most likely to be interested - segmentation (avoid going too broad) - describe “bulls-eye” customer in detail 2. Decide if you have a market - secondary data - library, internet, Business Link, Uni 3. Get to know it - influencers/ innovators? - why buy, when, how often, trends? - check out the competition (mystery shop) Towards finding some answers cont. 4. Review all your assumptions Pull apart and reconstruct: - name, presentation, format - price structure - segmentation and target audience - forecast volumes - test? (pros and cons) 5. Evaluation/ on-going assessment - quantified objectives - benchmarking - customer feedback - avoid wishful thinking - be a good listener; commonsense Positioning Segmentation - where company competes Positioning – how it competes About providing customers with a salient reason to choose your offering over a competitor’s – i.e. your competitive advantage. “…it’s what you do to the mind of the prospect.” Positioning maps Luxury X Mercedes X X Lexus BMW Performance Safety X X Audi Volvo X Saab? Used? X Alfa Everyday The Marketing Mix Aim: right product, right place, right price, and right time. Right? Product Price Place Promotion + People Process Physical evidence The marketing mix Product Quality - specification & management Key suppliers Features & Benefits Patents Name, packaging/ presentation, trademarks Range/ sizes On-going development The marketing mix Price Pricing strategy (premium, value etc) Approach - cost plus; competitor, market? Value - not only financial: “cost” of continuing to live with the problem? Cost elements/ value added Monitor competition Trading terms/ discount structure? Easy to lower, harder to raise! The marketing mix Place Segment - geography/market/customer Internet/ e-commerce Direct channels Own retail outlet Own/contract sales Wholesalers, retailers, agents Franchising The marketing mix Promotion – creating a dialogue Objectives, strategy and budget *Advertising *Public Relations *Sales promotion *Direct marketing *Website *Personal selling *Trade fairs *Exhibitions *Letterheads, brochures, business cards *Word of mouth *Testimonials Tone of voice/ imagery? Services marketing mix Services are different: So three more P’s : (intangibility, inseparability, variability, perishability) your people represent the company the way you do business says a lot about the company/ brand your delivery point makes a statement too (address, website, workshop, call-centre, retail shop, company vehicles) Needs integrated approach! Company Internal Marketing Enabling promises Employees External Marketing Interactive Marketing Keeping promises Making promises Customers Building a Brand Your input into Product Place Price Promotion People Process Physical evidence Brand Distinctive reputation Functional & emotional values Consistency and trust Customers’ output from Quality Value Expected performance Differentiation Self image The marketing plan Starts with Mission and Key Objectives Defines scope, activities & aspirations Market focused Defines boundaries Explains purpose States core values Identifies resources required WAWN, WWTB, HWGT SWOT analysis Source Strengths Weaknesses matching strategies conversion strategies Opportunities Threats Internal (controllable) External (uncontrollable) Setting Objectives & Defining Strategy An objective is what you want to achieve A strategy is how you plan to achieve it Objectives should be measurable Strategy should involve: - target markets/ customers - competitors - marketing activity Implementation Plans Develop strategy into action plans Costed, clear targets & time-tabled Any additional resources needed? Dependencies/ contingencies recognised Programmes coordinated Don’t forget post evaluation! Key customer strategies too Who buys? Who’s involved in the decision? How do they buy? What are their choice criteria? Where do they buy? When do they buy? Where can we add value? How can we reach them? Aim to build relationships Life-time value: Knowledge of existing customers Opportunity to cross/up sell Build trust/ social bonds Develop customer loyalty Start & maintain database! Delivering customer value Performance Loyalty Delighted Very satisfied Satisfied Dissatisfied Zone of tolerance Great implementation! Understanding Persuasion Selling Negotiation Conviction Communication Listening Tenacity Execution To summarise… Market/ segmentation analysis Research – not just family and friends! Positioning – how do you want to be regarded? All the P’s – the marketing toolbox Branding – the ultimate aim? Planning – control, evaluation, feedback Customer relationships – building the future Orientation – from day one! Common sense but…seek advice/ creative input Good Luck! Any Questions?