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Startup Boot Camp Kick Starting Success for California’s Retail, Restaurant and Service Entrepreneurs! Day 3 — Session 1 REVIEW/QUESTIONS From Day 2 Let’s discuss any questions you have from last week – What sources of market research have you found? – What questions do you have regarding . . . . • Estimating sales • Startup vs. operating costs • Developing cash flow projections 3 “People don't need to necessarily see me in the jersey to understand who I am and what message I'm trying to get across with the things that I'm marketing.” – Dwyane Wade MARKETING BASICS Importance Of Marketing Marketing pulls it all together Marketing is more than placing an advertisement – It’s about developing the right product(s) or service(s), at the right price, at the right place, in the right quantities at the right time and offering it to the right customer Marketing drives sales Sales drive profits 5 The 4Ps of Marketing Product: Whatever you are selling Price: The amount of money asked for, or given in exchange for your product Place: Distribution channels (where will your customers find the product/service) Promotion: An activity designed to encourage the purchase of a product And don’t forget . . . . People! 6 Marketing Mix Definition? How the 4Ps are combined is known as the Marketing Mix. It’s the coordination of product/service design, pricing decisions, distribution, and promotional decisions to form a consistent and effective marketing program. 7 What’s The Marketing Mix? Product? Price? Place? Promotion? 8 What’s The Marketing Mix? Product? Price? Place? Promotion? 9 What’s The Marketing Mix? Product? Price? Place? Promotion? 10 Product Remember your target customer, their needs and wants Tailor your product/service to your customer 11 Price Must make sense given the: – – – – Markets served and the target customer Products/services offered Operational costs/method of distribution Competition/perceived competitive advantage 12 Place Where will your customers find you? 13 Promotion Methods a company uses to communicate its message to its target market and Brand its product or service – 5 Promotional Strategy Methods (eMarketing tools discussed separately): • • • • • Advertising Sales Promotion Public Relations Personal Selling Direct Marketing 14 Branding Branding (positioning) – The battle for your customers’ minds. – Who will the customers think of first, when making a decision on your product/service type? 15 The Message Lends itself to multiple media From t-shirts and hats to cable ads Shorter is better Distinctive Memorable Examples: – – You Deserve a Break Today The Ultimate Driving Machine 16 Advertising The message(s) and what it says about your company and products The mediums used and how they are perceived by different audiences The mix of media combined with the message(s) Can reach masses of geographically dispersed buyers Message must be repeated many times to move customers to take action Impersonal one-way, one-to-many communication Can be very costly 17 Media Choices Yellow pages Newspaper Other print Radio TV/Cable Press Releases The business systems and collateral materials The Internet 18 Yellow Pages Everyone’s favorite — sold hard by the phone company Mass market reach Low cost per thousand but expensive overall Most over use with diminishing effects Web based version often a better value Is your business really that mass market driven? Some exposure is good — keep it small and focused 19 Newspaper Run of press is also mass market Classified ads and retailing driven Has lost ground to all other media Older readership Consider alternative papers Consider special editions & sections: – Directories – Home repair guide – Real estate Sunday section Best used by local retailers to drive traffic with deals, sales and coupons 20 Other Print Specialty magazines Chamber of Commerce newsletters Industry Associations Use depends on the product and customer Can be high cost per thousand Hard to measure and control Keep use small and focused 21 Radio Lots of very targeted media choices Radio stations have detailed information about their customers’ demographics Great for campaigns where high frequency is a plus Ads are typically not expensive to produce 22 Cable TV Lots of choice by market and system Good for targeted marketing with a TV flair Companies have in-house production resources Many day/time choices Easy to measure and track — use a unique URL and phone number in the ad Excellent viewer-ship information Immediate if it works well Lots of choices and deals 23 Promotion Wide assortment of tools Attracts consumer attention Offers strong incentives to buy Invites and rewards quick consumer response Use to generate immediate sales 24 Promotion Public relations Events Sponsorships Pricing Innovative sales and promotions Good works 25 Promotion Examples Samples Coupons Rebates Cents-off Deals Premiums Advertising Specialties 26 Patronage Rewards Point-of-Purchase Promotions Contests Sweepstakes Games Promotion Ideas The following 7 slides contain examples of potential promotion ideas for you to consider as you formulate your marketing plan. Always carry business cards. Give them freely and ask permission to leave them in places your target market may visit Print the products you sell or services offered on the back of your business cards Create a calendar for customers with your shop's name and address on it Join a trade association or organization related to your industry 27 Promotion Ideas (cont’d) Collect your customers’ email and mailing addresses by offering your customers an additional % on their next sale (which you will email to them to confirm the email address) Have a drawing for a product or a gift certificate. Use the entry forms to collect customers' mailing addresses Develop a brochure of services your shop offers Conduct monthly clinics about a product or service you offer 28 Promotion Ideas (cont’d) Print a tagline for your business on letterhead, fax cover sheets, e-mails and invoices Develop a website. Use a memorable URL Include customer testimonials in your printed and online literature Promote yourself as an expert Submit to the local newspaper, trade journal or other publications Host an after-hours gathering for your employees and their friends/relatives 29 Promotion Ideas (cont’d) Provide free t-shirts with your logo to your staff to wear Create an annual award and publicize it Create a press kit and keep its contents current Use an answering machine or voice mail system Distribute specialty products such as pens, mouse pads, or mugs with your store's logo Give a speech 30 Promotion Ideas (cont’d) Sponsor an Adopt-a-Highway area in your community Donate your product or service to a charity event or auction Maintain your on-line presence Advertise in creative locations such as park benches, buses, and popular Web sites Improve your building signage 31 Promotion Ideas (cont’d) Create window displays in locations away from your shop. Airports, hospitals, and large office buildings occasionally have display areas they rent to local businesses Cross-market with local non-competing businesses Team up with a non-competing business in your area to offer a package promotion Pick the slowest day to hold a 1-day sale 32 Promotion Ideas (cont’d) Create a loyalty program to reward existing customers Send hand-written thank you notes to important customers every chance you get Use brightly colored envelopes and unique stationary when sending direct mail pieces Show product demos or related videos on a television on the sales floors during store hours Book a celebrity guest for an event at your store 33 Public Relations Very believable Reaches people who avoid salespeople and ads Can dramatize a company or product Tends to be used as an afterthought Planned use can be effective and economical 34 Public Relations Cheaper to get them to write about you than to write about yourself Worth a PR firm’s cost if you are doing something noteworthy and different Many angles to play for all companies A PR Agent will network you into the correct channels to get press 35 Examples Of Public Relations News Speeches Special events Buzz marketing Mobile marketing Written materials Editorials 36 Audiovisual materials Corporate identity materials Public service activities Web sites Blogs Public Relations “Kit” Biography of You Fact Sheet (bullet points which answer –who, what, where, when, why) Business Information (Biography about the business) Pictures of the business and product/service An article about something newsworthy & amazing that the business has done Public Relations Kit 37 Direct Marketing 4 characteristics of Direct Marketing: – – – – Nonpublic (private) Immediate Customized Interactive Benefits – – – – – Powerful tool Can be highly targeted Can tailor offers to individual needs Can be timed to reach prospects at just the right moment Low-cost and efficient 38 Direct Marketing Examples Examples of Direct Marketing – – – – – Telemarketing Direct-Mail Marketing Catalog Marketing Direct Response TV Marketing (i.e. infomercial and shopping channels) Kiosk Marketing 39 Personal Selling Personal interaction between two or more people Allows relationship building Most expensive promotion tool 40 Sales Product/service knowledge — the more knowledgeable a salesperson is about a product, the easier it is for her/him to explain it to others Training is important Make sure they know what to say and have the tools to say it well 41 Is This A Salesperson? 42 Your Elevator Pitch Whether you are trying to raise capital, promote your company, or promote yourself, it’s essential to have an “elevator pitch.” You must communicate your main message quickly, clearly, and distinctly to someone who doesn’t even know you. A good pitch takes planning and practice to deliver quickly, on the spot, and under pressure. 30 seconds to a maximum of 1 minute! You — your business name — what you do — any special/unique capabilities — what kind of customers can benefit from your business and how you help them. If time, include an example of something great you have done that helped a customer Example: “If you're a restaurateur and can't keep your regulars coming back, you're lost. Using proprietary online and offline survey techniques, Trey Research will find out how you can stop the losses and start generating profit.” 43 MARKETING EXECUTION Elements Of A Sound Marketing Plan The market research is done The heavy user group identified The message is clear, concise and tested The marketing mix well thought out and consistent with the product and target market Spending is within budget Feedback systems allow tracking and measurement Willingness to change and adjust based on results 45 Marketing Budget What the business can afford What it needs to spend to be competitive Fixed or Variable Cost model Total communication costs New businesses: – – – – Always spend more Need to get known Build a client base Make mistakes while trying media 46 How To Spend The Money Driven by the business plan and the target market Reach your “heavy user” as often as possible Budget by the month Structure marketing campaigns Manage costs by the campaign 47 How Much To Spend A function of: – – – – – – The business model Your profit vs. growth objectives Stage of the company Gross margins Competition Cash 5% is about as little as one can spend 12% is about the maximum Averaged over the year — seasonal peaks and valleys Fish all day when they are running — don’t waste money when they’re not 48 Spending Levels Model could be something like this: – $1.00 – .55 – .45 – .09 – .09 – .09 – .05 – .13 Net Revenue Cost of Goods Sold Gross Margin Occupancy/Web Costs G&A Sales and Marketing Interest and other cash Profit before Taxes 49 Spending Levels Higher Gross Margins means more $$$ for Marketing Sometimes you must over spend to launch a new business, new product, stay competitive or grow Make sure you monitor costs and results frequently 50 Measurement Systems Need to measure results Gauge results quantitatively Track leads and conversion to sales Use the results to adjust future spending Fund winners Kill losers 51 Measurement Systems Some ways to track results: – – – – – Special phone numbers Web site landing pages Web based surveys Questions when people call Coupon codes Simple tracking systems are the best Use the data to adjust spending 52 The Marketing Plan The schedule of all the planned marketing activities to be performed over a period of time 53 Example Take out a blank sheet of paper. Remember the bicycle shop: Take 3 minutes and write down marketing ideas it should pursue 54 EXERCISE: Marketing Plan Take out the 7th sheet labeled “Marketing” and fill in ideas you tend to consider for the various elements of your marketing plan. 55 “People share, read and generally engage more with any type of content when it’s surfaced through friends and people they know and trust.” – Malorie Lucich, Facebook eMARKETING Traditional Marketing “One to Many” Company Message Messages Audience 57 Online Marketing Or “eMarketing” “Many to Many” Audience Newsletters Audience Website Company Message SEO 58 Audience Social Media Audience Goals of eMarketing eMarketing provides an additional set of tools to communicate with your customers to: Create Brand Awareness Strengthen Customer Loyalty Generate New Opportunities 59 Effective eMarketing Is Built On . . . 60 Find Your Online Audience What Are they Looking For? Where are they on the Internet? How Do they Find You? What are Your Competitors doing? Develop a set of questions to survey your current or perspective clients Do your research! 61 Tracking & Analysis The Key Benefit of Online Marketing is the ability to track and analyze results, then quickly iterate and adjust for optimal performance 62 Your eMarketing Toolkit Categories of eMarketing tools: Website, Blog, Newsletter – Your online message! Online Directories – e.g., Google/Yahoo Local – How they’ll find you Review Site – e.g., Yelp – How they will verify the quality of your services Social Networks – e.g, Facebook – Developing your online community 63 Your eMarketing Toolkit (cont’d) Micro Blogging – e.g., Twitter – Build a flowing Rich Media – e.g., YouTube – A picture says a 1,000 words Mobile Apps – e.g., FourSquare – Community building; quick hitting specials/deals Industry Specific – e.g., your local news website – industry, geography, grouping specific Event Promotion – e.g., MeetUp – Get people out for your next event 64 Website And Blog Control the content – A chance to tell your story Define a clear message. – What do you offer? Create a medium for contact – Invite feedback/questions Provide links to other content/other content links back to website where you control the message – FB, Twitter, etc. Strategically update 65 Google ranking, Alexa ranking, SEO, Wordpress, Blogger, Typepad Website – The Hub Of Your Online Strategy 66 What And Why SEO/Keyword Advertising? Why? It helps your customers find you online! SEO = Search Engine Optimization – free – dictates when you show up and how high you show up in the listing generated by an internet search User selected “keywords” to associate with your business Helped by the degree of your online presence and your activity SEM = Search Engine Marketing – paid advertising – advertisement shows up in a special area of the page – pay per “click” 67 eNewsletter Goal: Keep Customers Connected/Informed 68 eNewsletter Basics Build an email list – Include subscription on your website – Ask customers for their email address (in the store) – Build the list at any events you attend Create a newsletter that your audience will value – Perhaps include an incentive 69 Online Directories Search yourself – The power of Google! Look for similar businesses – If you’re not listed, someone else is! Display correct contact info – Location, phone #, hours/directions MUST be correct Add a photo 70 Google Local/Maps, Yahoo Local, Yellow Pages, CitySearch Google Search vs. Places Google Search – Website scanned and indexed by search engine robots – Use SEO techniques to improve ranking RESULT: Customers find business on Google Search Google Places www.google.com/places – Need Google account to claim your listing – Requires verifiable address – Can fill in basics first, then add detail later RESULT: Business listing shows on Google Maps 71 Google Places: Scream Sorbet 72 Claim Your Google Places Listing Click on the name of your business in the search results in the left-hand panel of Google Maps In the information box that appears, click “more info” next to your business’s name In the right hand menu, scroll down to IS THIS YOUR BUSINESS? And click on “Manage this page” Three options appear: You can Add, Edit or Suspend the listing. For each of these options, Google will ask you to verify that you are the business owner. You can chose to receive a PIN by phone, SMS or by Post Card. Once you receive the PIN you can complete the verification process. See Google Places Support for more information: http://support.google.com/places/ 73 Yelp, Zagat, Chow, Lawyers.com Review Sites Rely on word of mouth – People trust personal accounts more than ads Offer additional information. – Yelp is a mobile tour guide Respond to reviews – Thank those who provide feedback, positive an negative Learn from your reviews – Don’t make the same mistake twice! 74 Social Networks Communicate with clients – Be involved with the conversation Connect – Associate your business with related pages and people Establish a following. – Invite past clients/customers to view/like your page 75 Facebook, Linkedin Twitter, Friendfeed Micro Blogging Interact with daily events – Relate to what’s happening Remind everyone about events – Update information leading up to the event Invite new customers. – Friend of a friend of a friend… 76 Youtube Videos, iTunes Audio PodCast, Flickr Pictures Rich Media Appeal to the senses – The eyes are drawn to an image/video first! Attract new customers – If the website quality is great, then people assume the business quality is great, as well Entertain your audience – Get creative with images and video 77 FourSquare, Urbanspoon, Yelp, iPhone, SMS Text Mobile Apps Stay in contact – People are ALWAYS on their smartphones Solidify your relationship – Make the client feel special for receiving extra attention Go the extra mile. – This shows that you’re following through 78 Industry Specific Network within the group. – Get the scoop on what’s the latest and greatest in your industry, geography, etc. Surround yourself with what you want to become – Hang out with likeminded businesses Help those who help you – You’ll never know when you’ll need something 79 East Bay Express, San Francisco Chronicle, DiabloMag.com Event Promotion Promote what you’ve got – An event can attract more business Collaborate with others. – Get other businesses involved Feature your calendar – The internet is a great way to publicize! 80 Meetup, Zvents, Constant Contact Events, PlanCast Getting Started Get with your SBDC Business Advisor and develop a plan! Build a website (many options with a variety of costs – the SBDC can help you decide) Claim yourself on Google Places and Yelp – regularly monitor comments Research and identify what tools your target market uses Experiment strategically – figure out where to spend your time Create profiles on other tools over time (helps increase your search engine ranking) 81 Time Management Don’t let managing your online presence become all consuming. Do what you like and what shows results 3 days a week; 15 minutes a day 82 Internet Marketing References Resource Description Web Address www.blogger.com Blogger Free Blogging Platform CoffeeCup Website Design Software Email Marketing Service www.coffeecup.com Email Marketing Service www.cooleremail.com Dream Template Website Templates www.dreamtemplate.com Elance Freelance Internet Consultants Social Media Platform www.elance.com Constant Contact Cooler Email Facebook 83 www.constantcontact.com www.facebook.com Internet Marketing References Resource Description Web Address www.google.com/analytics Google Analytics Google Places Free Website Analytics Service Free Online Directory www.google.com/places Homestead Website Hosting Service www.homestead.com HP Logoworks www.logoworks.com iContact Graphics & Website Design Service Email Marketing Service LinkedIn Social Media Platform www.linkedin.com Mail Chimp Email Marketing Service www.mailchimp.com 84 www.icontact.com Internet Marketing References (continued) Resource Ning Odesk Open Web Analytics Twitter Vertical Response vWorker Description Social Website Design Service Freelance Internet Consultants Open Source Web Analytics Micro-blogging Social Media Platform Email Marketing Service Freelance Internet Consultants 85 Web Address www.ning.com www.odesk.com www.openwebanalytics.com www.twitter.com www.verticalresponse.com www.vworker.com Internet Marketing References (continued) Resource WebSort (cardsorting) Wordpress Wordtracker Yahoo Small Business Description: Web Address: www.websort.net Website Design Application/Service Website Content Management Application SEM Application & Service Website Hosting Service 86 www.wordpress.com www.wordtracker.com www.smallbusiness.yahoo.com SEM Resources Keyword & SEO Research Resources Google AdWords Main Page: http://adwords.google.com Wordtracker Keyword Research and SEO Tools http://www.wordtracker.com Google’s Search Insights Tool http://www.google.com/insights/search 87 Startup Boot Camp — LUNCH “I haven't trusted polls since I read that 62% of women had affairs during their lunch hour. I've never met a woman in my life who would give up lunch for sex.” – Erma Bombeck