Embed Size (px)
DESCRIPTION
Use for part 3 of your marketing plan
Citation preview
Marketing Plan-Part 3
Marketing Tactics to accomplishmarketing strategies--use these for next assignment
1. Collateral Material—print/electronic tools2. Advertising3. PR4. Direct Mail Marketing5. Company website6. Internet marketing and social media7. Word of mouth©Blue Sky Marketing Consulting LLC
Collateral materials
•Product support literature•Capability brochure--company overview•Case studies--testimonials•Newsletters•Videos
©Blue Sky Marketing Consulting LLC
Advertising--upside
•Great for awareness, build rep•Enables some targeting of audiences•Paid placement guarantees desired
schedule•Supports integrated communications
campaign•Media will work with you•May supply PR placement©Blue Sky Marketing Consulting LLC
Advertising--downside
• Big bucks--once is not enough• Can’t guarantee placement location• Not for information intensive messages• “Noise” factor• Difficult to measure success• PR has challenged effectiveness of ads
©Blue Sky Marketing Consulting LLC
What will $1,000 ad budget buy?
•3-5 60-second radio commercials•30-second TV spot reaches 40,000•1-column X 3-inch B&W ad in major
newspaper•100,000 online impressions with
banner ad•Magazines/billboards--$$$
Public Relations•Has grown in importance•Build your credibility among customers•3rd party endorsement aspect•Foster relationships among
media/customers•Very low-budget tool•Electronic component•Supports integrated campaign©Blue Sky Marketing Consulting LLC
PR includes:
•Press releases--print/electronic
•Events and tradeshows–Build awareness –Builds relationships and leads--Supports product intros--Promotional items
•Sponsorships--builds relationships©Blue Sky Marketing Consulting LLC
Direct Mail Marketing
•Good tool to reach small businesses•Excellent for lead generation•Allows for precise targeting of audiences•Contributes to customer database—gather
information•Relationship building element•Softens customer for salesperson contact•Postcards, letters, amenities, etc.
©Blue Sky Marketing Consulting LLC
Company Website
• Critical marketing tool• Expected by customers today—Gen X• Good for lead generation• Electronic product info source• Easy point of contact• Order taking• Media section, newsletters, white papers• Supports integrated marketing
communications©Blue Sky Marketing Consulting LLC
Internet Marketing•Email blasts--lead generation•Customer surveys•Advertising, banners•Social media
--blogs
--myspace, facebook, facebook fan
--youtube
©Blue Sky Marketing Consulting LLC
SOCIAL MEDIA STATS
• Biggest users: Australia, U.S. UK
• 24 of 25 largest newspapers decline in circulation
• Advertising: 70% users trust peer recs vs. only 14% trust ads
www.socialmediatoday.com
Google and Facebook
Google•1+ billion searches/daily•20% for local info•Maps guided users 12 billion miles in 2010
Facebook•#1 visited site•500+ million members; spend 55 minutes/day•200+ million access via mobile device•Average user generates 90 pieces of content/monthwww.socialmediatoday.com
Blogs
• 181 million blogs
• 34% post opinions about products/brands
• 18-44 years—major users
• 2/3rds are males
• 14% are corporate accountswww.socialmediatoday.com
• 200+ million users
• 40+ tweets/year
• 140 million/day
• 80% use on mobile device
www.socialmediatoday.com
Inc. 500 and Social Media
• 71% of companies have Facebook page• 59% have Twitter accounts• 50% have corporate blog• 44% believe Facebook is most efficient SM tool• 56& think SM very important to marketing strategy• 83% use at least one SM tool
Center for Marketing Research
University of Massachusetts Dartmouth Center
Word of Mouth Marketing
•Trendsetters to carry message•Form network hubs •Suits products that are innovative,
personal experience required, complex, expensive, exciting or
observable•Reaches hubs/creates “buzz” through cross-promotions, place-based promos, sponsorships•Rose,Emanuel, The Anatomy of Buzz.
Integrated Marketing Communications (IMC)
•Tie all elements of promotional mix together to insure consistent message•Graphic look is similar•Copy supports all pieces•Synergy created•Usually produced as a campaign©Blue Sky Marketing Consulting LLC
Setting the budget
4.Affordable method--accomplish what you can with budget you receive from company
•Most often used by new or small firms
•Track results so that can demonstrate need for appropriate increase next year
Break-even Analysis (p. 271 in text)
1. Determine (est.) Fixed costs to include rent, insurance, executive salaries
2. 3. Est. price of your product (one unit)
4. Est. total cost of your product (one unit)
5. Plug into formula = BEP©Blue Sky Marketing Consulting LLC
Break-even ExampleThe Robert Company’s fixed costs for
year are $200,000. Its product sells for $250. The variable cost per unit is $200.
What is the break-even point?
BEP = total fixed cost= ? Units
Unit price - unit variable cost©Blue Sky Marketing Consulting LLC
Break-even Example
BEP = $200,000 = 4,000 units
$250-$200 =$50.00
©Blue Sky Marketing Consulting LLC
Marketing Plan-Part 3
• Develop and describe 3-4 promotional strategies to use with the target customer profiles you identified; why did you chose them?
• Choose a marketing budget method—why you chose it—see class PPT
• Provide a BEP for one of your products• Write one-page summary of your total plan
