Marketing - in a Monkey nutshell

Unltd, 8 May 2007

Rob Greenlandrob@socialbusinessconsulting.co.uk

www.socialbusinessconsulting.co.uk

www.thesocialbusiness.co.uk

07905 800 710

Why monkey business?

• Some really good marketing in the music business

• Arctic Monkeys - use of myspace.com (by a customer) and free downloads

• Four Day Hombre - asked fans to invest in a record label

• All about building relationships - without much money

The five stages for developing a plan

• Identify your market• Research your market• Segment your market• Develop a marketing mix for each

segment you will target• Work out how you’ll develop a

relationship with each group of customers

What is marketing?

• Every contact you make with

customers, suppliers and staff

• The whole business seen from the

customer’s point of view

• Building relationships with customers

Why is marketing important?

• Because a lot of organisations aren’t very good

at marketing

• You’re in competitive markets

• Part of the cultural shift towards building your

business around customers - not funders.

• Because you are not your customer!

What is a market?

• A set of all existing and potential buyers of a product or service

or

• The total value of products or services which satisfy the same customer need

How do you decide what market you’re in?

• Ask what the customer needs

Market research

Become a Zulu in your chosen market

How to organise your market research

• Big picture - size of the market, trends, etc

• Customers - who are they? What you can you find out about them?

• Competitors and partners • Then analyse your research- and make

some decisions based on what you’ve found out.

Market segmentation

• Division of a market into different

groups of customers who have

broadly similar characteristics

• Why is it important to do this?

Because customers aren’t all the same!

• Different customers have different

needs

• If you understand that, you can tailor

your services to meet their needs

• No prizes for guessing what happens

when you do treat everyone the same

A two-minute market segmentation

Now, you start to tailor your service

• Develop a marketing mix for each group

- a unique combination of:

– Product

– Price

– Promotion

– Place

An effective marketing mix

To recap

• Be clear about what market you’re in

• Research your chosen market

• Segment your market

• Develop your marketing mix - product, price, promotion and place

• Only then, think about spending money on “marketing”

Things that can work well for social entrepreneurs

• PR - particularly stories in your local media

• Partnerships - with other organisations which

are established in your chosen market

• Word of mouth - your own mouth and your

customers’ mouths!

• Great service - surprise people!

• Story-telling - you have a good story.

And finally…

Listen to your customers