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Marketing The Big Picture. About SCORE. Successful and experienced business owners and executives acting as volunteers Free ongoing mentoring: One-on-one E-mail Signup on our website – Mentoring Tab Seminars, workshops and Meetup Group - PowerPoint PPT Presentation
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Success Strategies for Business Owners
Marketing
The Big Picture
Success Strategies for Business Owners 2
2
About SCORE
Douglas S. Cavanaugh
• Successful and experienced business owners and executives acting as volunteers
• Free ongoing mentoring:One-on-oneE-mailSignup on our website – Mentoring
Tab
• Seminars, workshops and Meetup Group
• Resources for small business: manasota.score.org
Success Strategies for Business Owners 3
3Introductions . . . Your Expectations?
• Introduce yourself• What business are you in?• What are your expectations for the meeting today?• Record . . .
End of the meeting feedback:
Expectation
Outcome Gaps
Success Strategies for Business Owners 4
Marketing
What is Marketing? The 4P’sProduct / ServicePricingPromotionPlace (Distribution)
Marketing Examples / FunctionsMarket Research Merchandising
Advertising Product Planning
Sales Promotion Public Relations
Karen Bevels
Success Strategies for Business Owners 5
Today, think about . . .
Where does your business stand today?
Where you need to take it?
How do you get there?
. . . as we go through the session
Karen Bevels
Marketing
Success Strategies for Business Owners 6
Identify Your Marketing Goals
Have Your Business Needs Changed?• Target customers
– Existing customers– New customers
• Product or service mix• Pricing approach• Promotion Success• Budget• Sales channels
Karen Bevels
Success Strategies for Business Owners
• Fills target customer needs • More profitable
(considers cost and price)• More sales• Minimum channel conflict• Favorable competitive
environment• Fits my vision and skills
Target Market Comparison and Selection
7
Success Strategies for Business Owners 8
Identifying Target Markets
Who will you sell to? – Channel position– Profile
• Key demographics• Income level• Gender• Geographic
– Buying habits and behavior– Market size and realistic
penetration: growing or declining
8
Success Strategies for Business Owners
Descriptions should include:• Special benefits• Unique features• Limits and liabilities• Production and delivery• Suppliers• Intellectual property,
special permits
Products and Services
9
Success Strategies for Business Owners 10
Pricing Decision Approaches
You can vary prices in accordance with the market’s expectations to achieve your profit goals
Where do you stand now?Market – Premium – Discount
Do you have changes in your costs?Do you have pricing power?Do you have alternatives? – packaging, features, services, etc
Success Strategies for Business Owners 11
Promotion Methods and Tools
• Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages
• Public Relations: print, radio, TV• Collateral: business cards, tri-folds,
stationery, flyers• Websites, e-mail, social networks,
blogs, newsletters• Product samples, special offers• Customer surveys• Presentation material, signage
Success Strategies for Business Owners 12
Typical Channels / Distribution
• Direct Sale: Business to Business
• Producer to Distribution to Retailer
• Direct Sale to Final Consumer• Internet• Associate Networks for
Services
Success Strategies for Business Owners 13
Understanding Market Share
Market Share
Portion of the
Market That Your Business Obtains
• Measured by dollars, units or percentage
• Monitor market share regularly • Adjust marketing strategy
accordingly
Success Strategies for Business Owners
Compare the competition for:• Features/benefits of offering• Pricing strategy• Annual sales size• Marketing strategy• How they reach target
customers• Business model/efficiency
Competitive Data Analysis
14
Success Strategies for Business Owners 15
Is the Strategy Right for You?
Not every marketing strategy is right for every business
When evaluating the options, ask:
• Will this help achieve my goals?• Will this reach my target customers?• Does this fit my budget? • Do I have adequate staff to implement?
Success Strategies for Business Owners 16
Exercise – Promotion Strategy Assessment / Goals
Using the Worksheet in your folder, fill in your EXISTING Promotion Strategy and then potential new target markets. What new promotion strategies may be able to help grow your business?Fill-in your thoughts about pros and cons of each area list below:
How will this help achieve my goals?How will this reach my target customer/s?Does this fit my budget?Do I have the necessary staff?
10 minutes to work and 10 minutes to discuss
16
Success Strategies for Business Owners 17
Exercise – Market Strategy Assessment / Goals
10 minutes to work and 10 minutes to discuss
17
Success Strategies for Business Owners 18
Assessing Your BusinessThe SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgwIt will help you assess the current state of your business in 5 key areas:
1. Management2. Marketing3. Sales4. Finance5. Operations
Decide what additional sessions to attend Develop a customized business improvement plan
Success Strategies for Business Owners 19
Business Needs Assessment - Marketing
Success Strategies for Business Owners 20
Help Us, Help You
Please fill out the session evaluation form
Your feedback is important to help us improve our programs!
Success Strategies for Business Owners 21