Book Review_Group1

8/3/2019 Book Review_Group1

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Group 1Aashish Gupta (F-01)

Anupam Yadav (F-101)

Anubhav Kanodia (F-100)Ashutosh Kaushik (F-14)

Azar Zia (F-15)

Sanchit Sawhney (F-65)

Satyajit Bagchi (F-145)

Book Review

6 Deadly Small Business MarketingMistakes


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David FreyDavid spent five years as a senior business consultant in

Anderson Consulting (now known as Accenture); one ofthe world's largest consulting firms. He was also a formerSenior Vice President for a $500 Million company, and aVice President of Sales and Marketing in the retirement

community industry. David's Marketing Best Practicesnewsletter is read by over 45,000 small businesses in over20 countries worldwide.

Some of Davids other works include bestsellers such asThe Small Business Marketing Bible and InstantReferral Systems.

About the Author


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Mistake #1:

Nothaving a Marke

ting Plan

Many small business owners get into trouble doingthe wrong marketing activities the right way or doing

the right marketing activities the wrong way. If youwant to do the right marketing activities the right

way you must start with a marketing plan.


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STEP 1: Understand your Market and Competition

If you try to sell something that people dont want, they wont buy it People willbuy what they want, not what they need

STEP 2: Understand your Customer (1) Who are your customers (2) What they want (3) What motivates them to buy

STEP 3: Pick a Niche Carve out a niche and dominate it

STEP 4: Develop your Marketing Message It should answer the question What do you do?

STEP 5: Determine your Marketing Medium (s) Choose a marketing medium that gives you the highest return on your marketing

dollar

STEP 6: Set Sales and Marketing Goals Create your goal using SMART formula

STEP 7: Develop your Marketing Budget

Solution #1: The 7-Step Marketing Plan


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What do all these slogans have in common?

They are powerful statements of uniqueness that helped propel

their respective companies to success

Mistake #2:

Not Differentiating Your Business

Fresh, hot Pizza in 30

minutes or less

We try HarderWhen in absolutely,

positively has to be

there


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Why do you need a USP? Its what makes you so unique that people will choose

to do business with you over any of your competitors

Make your USP Crystal Clear Be Specific

How to Identify and Develop your USP Identify Performance Gaps and Provide Solutions

Your USP Doesnt have to be Unique Preemptive Marketing: Be the First to Proclaim

Live Up to your USP

Solution #2: Unique Selling Point


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Missing outon one ofthe simplest, and low cost

ways to generate highest quality customers They are really powerful and indicate and create loyalty

They are free of cost

They are not dependent on customer service augmentation and

improvement

They are not the same as WoM or advertising

Essential for start ups to build a credibility in the market as good

vendors/service providers

Mistake #3:

Not having a systematic referralgenerating programme


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Identify two types of referral programmes Current Customers/business partners

Other influential people

Customer Referral Programme Pay attention to MoTs Thanking, complaining, repurchasing,

demanding etc Essential for delivering superior customer service

Centres of Influence Tier 1 referrers Sponsor their gatherings, involve them in your

meetings, invite for lunches, gift them information about marketingtheir product etc

Tier 2 referrers Explain your business, invite for social gatherings

Endorsements from well known people

Cross Promotions Ex# Video rental + Pizza Place, Jewellery Store +Wedding Supply

Solution #3: Referral Programme


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Understand the potential ofcurrent customers

in bringing returns to your business

The real gold mine lies in back end sales to existingcustomers rather than front end sales or first sales

More money is required to be spent on acquiring new

customers than retaining old ones

Long term relations and business credibility is heaviliydependant on retention of existing clients.

Their repeat purchases reflect confidence and trust on your

organisation

Mistake #4:

Neglecting Marketing to your currentCustomers


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Develop Contacts with Customers and build relations Focus on best customers

Apply 80/20 rule to list best customers

Identify the levels of loyalty and build loyalty programme forthe most valuable clients

Reduces marketing costs, makes message more focussed, bringsmore efficiency

Invitational Marketing Invite your customers to do business with you repeatedly

Involves thanking for previous deal, feedback for improvement

and assurance for a better experience next time Also keep them updated of new investments made

If a client is a giant and very important and also deals withyou on a periodic basis, try to augment your offering tobecome a full service provider to that client

Solution #4: Effective Marketing


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Many small businesses do not look beyond their wallsof own businesses to see the vast opportunities in JVs

A business can access new prospects with thepermission and cooperation of the business thatacquired them first.

Common customer is the center of JV marketing.Results in a win-win situation for all. Example: A Sportstrainer tying up with a Nike showroom

Example: A mens apparel seller can approach local drycleaners to display their store coupons while they offerdry cleaning coupons to the store visitors

Example: Mc Donald's and Coke

Mistake #5


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Uncomfortable with ones customers being controlled by

some one else

Doubt regarding getting the payments

Doubt regarding whether itll actually bring one more money

Objections

y Show them the money!: How they can gain without anyadditional risks, efforts or investments

y Need to assure that your products are not competing with

their and instead is complimentingy Also need to ensure that the JV wont erode their profits and

that they wouldnt have to invest anything extra

y Provide unconditional guarantee for all your products soldthrough them and have all orders routed through them for

verification and auditing purposes


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Solution #5

1. Understand the numbers2. Make a list of complimentary/related products andservices

3. Make a list of businesses that sell those.Communicate with them

4. Present a compelling fact-based case for a JV. Tellthem that you are also considering its rivals aspartners

5. Deliver on what you promise with integrity,honesty, ethics and enthusiasm

6. Stop thinking of the competitor and start thinkingof the opportunity!


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Any fool can make a soap, It takes a clever manto sell it!

For a small business you need cash flow, for that

you need customers, and for that you must sellyour products/services

Do things differently!

- Change the contents of the daily to-do list

- Allocate and prioritize the time differently- Consider a change of roles in the organization

- Change the process of employee selection

- Change the training programs for the employees

Not realizing that you are in the business

of MARKETING your products or services


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Solution #6 Create High Value Activities

- Create something unique in your product/service- Attend direct response marketing conferences

- Meet the mastermind marketing group

- Build your personal marketing swipe file

- Find low cost targeted advertising opportunities

- Study the marketing strategies of rivals and other businessesoutside of your industry

- Network with owners/reps of businesses that target your samemarket

- Test your advertising and marketing to improve your current

response rates- Write for newsletters/journals/magazines etc

- Write sales letters and manage your direct mail marketingcampaigns

- Train employees on current offers and how to present them to

customers

Documents

Book Review_Group1