21
Success Strategies for Business Owners Marketing The Big Picture

Marketing The Big Picture

  • Upload
    sinjin

  • View
    35

  • Download
    3

Embed Size (px)

DESCRIPTION

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

Citation preview

Page 1: Marketing The Big Picture

Success Strategies for Business Owners

Marketing

The Big Picture

Page 2: 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

Page 3: Marketing The Big Picture

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

Page 4: Marketing The Big Picture

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

Page 5: Marketing The Big Picture

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

Page 6: Marketing The Big Picture

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

Page 7: Marketing The Big Picture

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

Page 8: Marketing The Big Picture

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

Page 9: Marketing The Big Picture

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

Page 10: Marketing The Big Picture

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

Page 11: Marketing The Big Picture

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

Page 12: Marketing The Big Picture

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

Page 13: Marketing The Big Picture

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

Page 14: Marketing The Big Picture

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

Page 15: Marketing The Big Picture

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?

Page 16: Marketing The Big Picture

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

Page 17: Marketing The Big Picture

Success Strategies for Business Owners 17

Exercise – Market Strategy Assessment / Goals

10 minutes to work and 10 minutes to discuss

17

Page 18: Marketing The Big Picture

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

Page 19: Marketing The Big Picture

Success Strategies for Business Owners 19

Business Needs Assessment - Marketing

Page 20: Marketing The Big Picture

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!

Page 21: Marketing The Big Picture

Success Strategies for Business Owners 21