Group marketing plan: startup maryland

Group marketing plan:startup marylandPresented By:Ciera LehmanNebil MahdiMichael CohenJacob HollandColleen SimmonsKevin SherrodLeah RichCody Palmer

introductionStartup Maryland was established in 2011 by Michael P. Binko to give entrepreneurs the resources necessary to make their dreams a reality. The company provides entrepreneurs with funding as well as services like attorneys, government agencies, and development agencies in order to take their business to the next level. They also offer the annual Pitch Across Maryland and an entrepreneurial boot camp. Upon its inception, Startup Maryland was a part of Startup America, a White House initiative that was launched to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation (The White House, 2011).

Introduction (contd)Once independent, Startup Marylands CEO realized the company needed to identify its core values. This is how they developed what is now known as The 4 Cs. The most important of these is celebration, which summarizes the companys dedication to telling the story of the entrepreneurs they work so hard to help. Second is coaching, or teaching and training the entrepreneurs so they can live up to their full potential. Helping entrepreneurs to build connections is also an important part of the process. This is where they have the opportunity to build a professional network that may later contribute to the development of their business. The final C stands for capital. There is one last, unofficial C, which stands for community. A new business cant get up and running unless the owners have good relationships within the community and the surrounding areas

Startup Maryland recently made the transition to a for-profit organization. This means that the organization has a clear owner and any profits can be distributed among owners and employees (Jones, 2013). Since the goal of a for-profit is to take in more revenue than it spends, and the entrepreneurs are not charged for the services they receive, Startup Maryland needs a way to attract more high-profile investors to cover the cost of the services provided. Presently, Startup Marylands goals include local entrepreneur retention, a full reconstruction and revamping of their website, and increasing the accessibility of business service professionals for entrepreneurs.

Industry Analysis CompetitorsVirginia, Washington, DC, and Delaware All founded under Startup AmericaNow UP Global Startup Delaware Still in planning stagesShell companies Concrete LLC precedential laws

Startup Virginia Many residents move from MarylandOver $22 million in revenue lostIncrease pressure for MDSegmented in 3 sections

Startup DCNo appointed DC ChampionsDC startups per million 4x larger than Maryland & PennsylvaniaNetworking Potential

Situational AnalysisMarylands reputation scares away potential businessesState Corporate Income Tax Top Rate 0.45% lower than Delaware 1.15% lower than Washington, DC6 million residents37.4% = bachelors degreeHigher than national average60 institutions of higher education$73,548 median MD income$53,046 national average

Situational analysisMD accounts for 2% of all the nations firms and retail sales per capita Eastern-central geographic locationReach 1/3 of the US populationClose to DC Federal agencies Startup Maryland SegmentationMontgomery County = almost $1 millionPrince Georges County = 863,420Baltimore County = 805,029

Marketing objectivesThe main objectives for Start-Up Maryland are to increase sign ups from start ups, increase participation from partner companies, an increase in the amount of revenue streams coming into the company, and an increase in the overall revenue generated. One huge area where Start-Up Maryland is lacking is in brand awareness. They need to reach potential sponsors and/or donors and need to let entrepreneurs know about this free resource. First, by hosting different events, implementing a larger ad campaign, targeting businesses of all sizes with entrepreneurs will place new entrepreneurs, sponsors and business owners together. Second, widen your target market by not only talking with college students but high school students. A lot of high school students become discouraged when the have a business idea because they think that no one will listen to them or guide them in the right direction.

Marketing objectivesThird, support local events. By having a booth at events like the color run, electric run, artscape, hon fest, etc. will show local businesses and Marylanders that you care. Forth, Social Media. Start-Up Maryland needs to make their presence own. Year after year social media becomes a bigger part of everyday life. To expand on what they already have, enhance the YouTube channel. Incorporate Meet Our Team and Revisit Success Stories, as well as pitches. Create different competitions through the social media outlets. Whoever can pitch us their best ideas in 140 characters wins ___! Twitter. Whoever posts the most creative video pitch in 15 seconds wins ___! Instagram.

Marketing objectivesAnother area Start-Up Maryland needs to focus is user accessibility. By creating an entrepreneur and sponsor database with specific customizable search attributes, so its less challenging for them to find each other. Start-Up Maryland could profit for of this database if they charged membership fees to sponsors to join database. But before Start-Up Maryland can implement the database, it is curial that the website is remodeled. The website must be organized with a constantly updated links to sponsors, entrepreneurs, FAQ, mission statement, accomplishments, boot camp information that leads to online purchase/ registration, tour dates that includes tour summary and sign-up Sheet. The website could also have a Top-Ten link that takes the user to the top ten businesses that they work with.

Marketing objectivesLast objective and bottom line, increase revenue. A lot of the ideas that are stated above sound like they take whole lot of money to accomplish, but you have to spend money to earn money. Start-Up Maryland has investment opportunities which by increasing sponsor donations and sponsorship, the companies will invest. Also, partnering up with venture capitalist, selling sponsorships to large companies in the state, being open to smaller donations, and as mentioned above database fees are all opportunities to increase revenue.

Target marketsThe first of the two major markets which Start-Up Maryland is looking to target is start-up companies within the state of Maryland. The company is designed to help fledging businesses to get going and start to expand, with hopes of trying to keep the company Maryland based. Start-Up Maryland should be looking to add new start-ups of all sizes to their list in the effort of making signing with the company a natural step of starting a business in Maryland. They should be especially motivated to create relationships with potentially high-earning companies and all efforts should be performed to try to gain these companies.

Target marketsThe other major target of Start-Up Maryland is the Partner companies. This is not one particular market but consists of business to business service providers, suppliers and any other company that offers something of value to Start-Up companies. The partner companies should be based in Maryland and have a reputation for quality service and it is beneficial if they have a history of being active in their community. These businesses are secure financially but are trying to expand or at least sustain in very competitive industries and are looking to find inexpensive ways to add value to their company and create long lasting relationships with new clients. The last major target market is very similar to the last and are also considered to the Start-Up Maryland as Partners, but consist of the various investors. These include private equity firms, venture capitalists, angel investors, and any other type of capital facilitator. These groups or individuals are looking to make large returns by investing in companies they believe will have large growth. They are looking for the best options available and have a need to be connected with the best and brightest new companies that are in their beginning: something that can be very difficult since once there is buzz surrounding a new company many times it is too late. These groups and individuals are enthusiastic about the entrepreneurial spirit and motivated to get the ball rolling.

Marketing mix-productThe By entrepreneurs, for entrepreneurs mentality is at the very heart of Start-up Maryland. Start-up Maryland offers a rallying network of entrepreneurs, supporters, and innovators to businesses and individuals who wish to grow and expand, but who may not know how. They also offer classes and workshops with leading business professionals. At the same time, Start-up Maryland offers a way for investors to get in on the ground floor with new companies and start-ups. In summation, their service is that of an intermediary between those who wish to grow their ideas, and those who can help them.

Marketing mix-promotionIn order to expand brand awareness, Start-up Maryland must first enact a large ad campaign. This can be done using funds already acquired, and should target businesses of all sizes. They must implement social media, print advertisements, email, and even fliers. This should be used to highlight the services Start-up MD offers, as well as their user benefits, the 4 Cs. They must also connect with the economic development departments in various counties throughout Maryland. Going county by county segments a very large population. This will help them reach into more regional and hometown locations. These kinds of small town players are an untapped resource, and reaching them would be very valuable.

Marketing mix-distributionStart-up Maryland already has a presence on several social media sites. However, it is a small one that must be increased. Social media is the future of advertising, and it must be used to its full advantage. Start-up MD can not only advertise themselves and build brand awareness, but they can also reach out and speak directly with current and potential consumers. Their website must also be completely remodeled and, more importantly, completely updated. Links must work, information must be current, and calendars must be updated. This must also be the site of the Start-up Maryland Entrepreneurial Database.

Marketing mix-priceIn order to become more financially secure and stable, Start-up Maryland must increase revenue. They must first put in place monthly database fees to access their growing network of entrepreneurs as well as investors. This gets money coming in every month. We suggest a monthly fee of around $30, with different price point catered to different levels of the database. We would call this the Expedia-Model. Just as Expedia lets a traveller book hotel, taxi, and plane reservations all with one platform, Start-up Maryland would offer entrepreneurs the ability to reach out and network with different levels of the Start-up MD Database. Subscription plans could therefore be tailored to exactly what a client needs and what is in their price-range. Sponsorship deals can also be worked out to have entrepreneurs and investors, etc. advertise on the Start-up MD bus, website, and promotional materials.

Financial analysis

Financial analysis

Implementation strategyEnact a large integrated marketing campaign to increase brand awareness. Start-Up Maryland will use a phased approach, commencing with building brand awareness. The first step is to complete an integrated marketing campaign strategy. The marketing department will be responsible for this processin this case; an outside firm can be hired. The goal is to reach businesses of all sizes, including entrepreneurs starting up. The marketing campaign includes social media (perhaps a competition that leads to Start-Up Marylands website or other parts of the campaign, which eventually lead viewers back to the website). In addition, personal selling, sale promotion, public relations, and direct marking will be utilized. The message has to be consistent throughout and highlight the services they offer, including their user benefitsthe 4 Cs.

Implementation milestones

Implementation milestones

How will implementation be achieved? Add staff members and interns and divide into functional teams. Use Mike or other administrator to schedule and organize the functional teams.Team 1: Web DevelopmentThis team is dedicated to updating and maintaining the website and database. They will be giving the website a near overhaul and will be developing the entrepreneur-partner database. Members should have experience with web development and gave a firm understanding of companys mission and goals.Team 2: Sales and Relationships ManagementThis team focuses on signing up new start-ups and partner companies. They will be developing relationships with both parties and expressing the value of becoming affiliated with Start-Up Maryland. Members should have good interpersonal skills and should have a deep understanding of the Expediamodel and the value it adds. Members should also have past experience with partner companies and investors in the Maryland area.Team 3: Social Media This team will focus on expanding brand awareness through social media and developing a recognizable and integrated campaign. Members should be active on social media and have a deep understanding of social media marketing

evaluationLook at sales (fee) income. Ask clients or customers. Does advertising and/or promotional activity produce direct responses? Check the conversion rate. Does the plan have a positive return on investment (ROI)? Advertising efficiency. Sales closure rate. Direct marketing. Web analytics. Social media metrics.

Implementation controlSet targets ideally these is integrated into overall marketing planning.Sales AnalysisExpense AnalysisFeedback from Consumer Response SurveyObservation of Competitor ActivitiesThese must be analyzed and monitored on a monthly basis by each of the departments. Predetermining the method of measurement- performance appraisalMeasured results are compared with the predetermined targets and corrective action if required is undertaken

summaryIn short, the first implementation of these marketing tips is to gain revenue. Donations are always accepted, walk ins and online. As stated above, having new partnerships form and with those funds can help new start-ups. We want your big sponsors to feel like their money is going to good use, so incentives are key. Provides paid training in courses that teach people how to start a business. Using and charging the resources to their full potential; for example Good analytics and sell advertising space on existing or new businesses websites.The second implementation of these marketing tips to gain exposure. Using social media to their full potential. Make the brand recognizable to everyone; Twitter, Facebook, Instagram, and more. Attend business events; conventions and job fairs. Flyers at all business schools in Maryland, all funding institutions, all government agencies. We want everyone to know what Start-Up Maryland is and what we do. By entrepreneurs, for entrepreneurs."

Thank you!