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brought to you by

Click to edit Master title style A Personal Touch

Member FDIC

Joel K. Bopp Senior Commercial Lender

Vandalia Loan

Production Office 6450 Poe Ave., Ste 101 Dayton, OH 45414

937-898-3380 jbopp@minsterbank.com

We believe the key distinction between banks is the way they serve their customers. Through honesty, hard work and quality customer service, our knowledgeable, friendly staff is ready and willing to assist you. Whether you are banking as an individual, a family or a business, you’ll benefit from sound, strategic advice, flexibility and locally made decisions from people who truly understand your needs.

MinsterBank.com

Entrepreneur Bootcamp Series

Today’s Presenters

Donerik Black, MBA

Small Business Development Center

937.775.4761

3640 Colonel Glenn Hwy, Rike Hall

Dayton, Ohio 45435

donerik.black@wright.edu

www.SBDCWSU.com

RoShawn Winburn, MBA

Minority Business Assistance Center

937.333.1033

371 W. 2nd St., Suite 100

Dayton Ohio 45402

roshawn.winburn@daytonohio.gov

www.DaytonMBAC.org

What is Marketing?

Marketing is NOT Sales!

• Marketing is the management process by which goods and services move from concept to end-user

When planning your marketing program, you need to understand:

• Goal of your campaign (e.g. brand awareness, market penetration, sales, etc.)

• Your target market

• The message that you want to communicate

• The communication channel that makes the most sense.

The Five “P’s” of Marketing

• Product (or service)

• Positioning

• Price

• Place

• Promotion

All Part of the “Marketing Mix”

Your Products / Services

Descriptions should include:

Details about your products / services,

Special benefits / unique features,

Production and delivery,

Suppliers / source,

Limits and liabilities,

Intellectual property, special permits, etc.

Positioning

• Where does your product or service fit into the

universe of similar/alternative products?

• Who or what is it for?

• How does it compare and contrast to others?

• How is it unique?

If you understand and practice positioning, everything else follows.

Price

• Need to cover your cost and stay in business

• Need to be competitive

• Needs to be in line with customer value

• Can often be a cue to quality—i.e. more

expensive is sometimes perceived as better.

Use a variety of Pricing Strategies to maximize profit and manage competition.

Place or Producer Sales Channels

• Where and how your product or service gets to the end user.

• These are often

referred to as “Channels of Distribution”

Promotion

• Communicating the Features and Benefits (FAB)

of your offering

• Influencing prospects to buy.

• This includes a host of activities from advertising

to sales promotion.

Your Business Model

At this point, your business model should be well defined.

• Products (Cookies) sold as individual units (dozen) • Wholesale • Via Distributors • Credit Cards and Check only • Mail order / internet-based

The Competition

Think about your probable

competitors in terms of:

• Features/benefits they offer,

• Pricing strategy,

• Marketing strategy & messages,

• Market presence,

• Business model/efficiency,

• Other relevant factors,

Shakeology Jamba Juice Herbalife Formula 1

Monavie V8 V-Fusion

Protein & Amino Acids Vitamins & Minerals Anti-oxidants

Phyto-nutrients Fiber

Pre-Biotics

Digestive Enzymes

Example Competitive Comparison Chart

Starting Out: Market Research

Primary Research—Information from prospects

• Surveys, focus groups, etc.

• Taste test, test market, use test, etc.

Secondary Research—published sources

• Government and industry statistics

• Journal and published articles

Market Segmentation

• Demographic

Age, sex, race, income, geography, etc.

• User segmentation

Heavy user, casual, knowledgeable, etc.

• Value or Psychographic segmentation

Environmentally conscious, convenience oriented, etc.

Who will be your primary target customers?

Target Market

REVIEW

1. Will you be able to fill target

customer needs?

2. Will it increase your sales +

profit? (consider cost & price)

3. Does it fit with your vision / skills?

4. Is the competitive environment

favorable?

SELECTION

Profile of your customers,

• Key demographics,

• Income level,

• Gender,

• Geographic,

• Buying habits and behavior,

Market size & realistic penetration: growing or declining?

Examples of Channels by Demographic Demographic Possible communication channels

Families with small children

Tend to be interested in health, green-friendly, social groups, kid-friendly environments & businesses, kid event newsletters, magazines, child-friendly events, money-saving offers.

Young men, 18-35 Keep messages simple, show important features or design elements. Social networks, online gaming, search engines & reviews, men’s magazines, clubs, peer reviews, smart phone ads, sports in general.

Women, senior citizens

Relationship marketing important. Growing use of certain social media (Facebook), traditional print ads (large font), newsletters, magazines, associations like AARP, programs rewarding referrals & word-of-mouth recommendations.

Marketing Communication

Traditional New Media Alternatives

Publications Websites Sponsorships

Radio / TV Social Media Events

Billboards / Signs Email Endorsements

Telephone Mobile Education / Workshops

Direct Mail Search Optimization Speaking engagements

Face-to-Face Blogs

Collateral

There are many options for you to use to reach your target

customers, or to bring them to your website.

The New Media: Social

Pros:

-Affordable and accessible to all

-Low production cost, can offer layers of info

-Interactive & direct

Cons:

-Crowded—lots of clutter

-Not well understood—new field of endeavor

-Often done by amateurs for amateurs

Effective Management of Social Media • Decide which platforms you will be active on

• Set aside 15-30 min. time chunks …..3–5 times per week,

• Keep content fresh & current,

• Support referral sources,

• Respond to relevant questions,

• Thank new followers and/or fans,

New Media Basics

How do we do that…

• Need to create content that is interesting to the

target customer—draw him/her in repeatedly

• Need to engage vs. “sell”

• Put yourself in the shoes of the prospective

customer.

Marketing Budget

How much should you spend on your Marketing Budget?

• Many businesses allocate a % of gross revenues:

• 2-3% for ongoing marketing

• 3-5% for start-up marketing.

• But during the early brand-building – up to 20% of sales.

• ROT: Split expenditures between:

• Brand Development Costs (website, blogs, collateral, etc.)

• Promotional Costs (campaigns, advertising, events, etc.).

Your Marketing Expense Plan Could Look Like This….

Item Month 1 Month 2 Month 3 Month 4 Month 5 Month 6

Website $500 $50 $50 $50 $50 $50

Grand Opening $2,000 -- -- -- -- --

Social Media $100 $100 $200 $200 $100 $100

Direct Mail $600 -- -- $600 -- --

Yellow Pages $150 -- -- -- -- $150

A-frame sign $120 -- -- -- -- --

Printing $100 $100 $100 $100 $100 $100

TOTALS $3,570 $250 $350 $950 $250 $400

Good Marketing Practices

• Always ask new customers how they heard about your business

and document responses.

• Is your business achieving the goals that you had established?

• Ongoing programs (repeat advertisements, discount programs,

seasonal sales, etc.) should be assessed regularly for

effectiveness

• Ensure that you monitor and assess each periodic marketing

program to determine whether the program was effective,

needs revision, and how often it should be repeated?

• Make required changes (structure, duration, timing, details,

etc.), or other improvements, and implement.

• Decide if program should be repeated and, if so, how often?

• Never be satisfied or complacent. Assume that your

competitors are snapping at your heels.

DENISE SWICK

CEO | DENISE SWICK & COMPANY

• Nationally respected real estate broker

• Over three decades of working in the area;

evolved over time, going from one woman on a

mission to developing a team of like-minded

individuals.

• Active in civil life, lending insights and energy to a

variety of local charities and causes.

• Added her “Performance outsells Promises”

philosophy to the book Cracking the Real Estate

Code, a book published as an aid to home buyers

and sellers alike as they prepare to change homes.

28

RE/MAX Performance Broker/Owner

318 Regency Ridge Dr Centerville, OH 45459

937-619-7447

performance@deniseswick.com

The Marketing Process

Products & Services

Business Model Details

The Competition

Target Audiences

Marketing Messages

Marketing Strategies

Marketing Plan

Execute, Assess, Adjust

Some Final Thoughts..

• Start with the conceptual

• Move to the tactical

• Have a clear positioning

• …and let that guide your strategy and tactics.

Don’t try to be all things to all people.

Please give us feedback by…

1. Completing a survey

2. Sending an email to

bootcamp@minsterbiz.com

Registration is live for the next

bootcamp on June13th.

Reserve your spot & tell a friend!

Help Us, Help You

Click to edit Master title style Contact Us

Member FDIC

Vandalia Loan Production Office

6450 Poe Ave., Suite 101

Dayton, OH 45414

937-898-3380

jbopp@minsterbank.com

MinsterBank.com

Joel K. Bopp Senior Commercial Lender