Worksheet – Marketing 101: A Guide To Winning Customers

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Worksheet – Marketing 101: A Guide to Winning CustomersMarketing is a topic many entrepreneurs ponder as they begin shaping their business ideas.Use this worksheet to document your thoughts, ideas, and action items as they relate tomarketing in your business. The questions below follow the topics discussed in the course.You can use the fillable PDF form fields or print the worksheet and write in the spaceprovided.A blended marketing strategy - using many different avenues to reachconsumers - is key to acquiring, retaining, and satisfying your customers.Marketing DefinedMarketing is a process that aligns the needs and wants of customers with desired products,goods, and services. Therefore, marketing is a solution-driven process that benefits both thecustomer and the business owner. While advertising is important, it is only a singlecomponent to the entire marketing process which includes: target market research, productpricing, customer and public relations, distribution, media and sales strategies, etc.Why is marketing important to your business?Page 1 of 9Clear Text

Worksheet – Marketing 101: A Guide to Winning CustomersFinding Your Target MarketMarketing and targeting your products and services to a specific area with a real need willprove beneficial and successful for your business. To learn your target market, you mustconduct research in the area in which you plan to open your business. Ask yourself these fourquestions to begin your research. Key phases of the target market research process (STP andStakeholder Analysis model) that align with each question are in parenthesis: Who are your existing customers and potential customers? (Segmentation)How would you describe or profile your customers? (Target Market Identification)Where are your customers located to appropriately position your business?(Positioning)Are you offering the types of products and services customers want --- at the bestplace, at the best price, and in the right amounts? (Stakeholder Analysis)Now that you know the questions, actually conducting the research takes action. A fewmethods to get you started include: Learn demographic information by conducting internet searches, connecting witheconomic development agencies and trade groups, and reviewing Census and LaborDepartment publications.View local maps using the internet to gain perspective of potential sites.Develop customer surveys.Get to know your competition.Clear TextWho is your target market?Page 2 of 9

Worksheet – Marketing 101: A Guide to Winning CustomersMarketing PlanOnce you have identified your target market by completing thorough research of the localpopulation’s demographics and reviewed the surrounding area, it is time to write yourmarketing plan. A marketing plan is the blueprint of strategies to help you win and retaincustomers. Considered the heart of your business, a marketing plan includes detailedinformation about your business location, prices of products and services, promotionalmethods, and the product itself. Including the 4Ps (Place, Price, Promotion, Product) ofMarketing in your marketing plan will help to focus your content. Place - Identify target markets. Describe product location & distribution. Price - Outline pricing strategy. Prepare marketing budget. Promotion - Develop advertising strategy. Identify your business’s competitiveadvantage. Product - Define products/services. Describe product location & distribution. Using the Four Ps, what does your marketing plan look like? Use the space below tooutline your marketing plan.NOTE: A sample Marketing Plan provided by the Wyoming SBDC is available for download from the courseplayer RESOURCES tab in the Marketing 101 course.Clear TextPage 3 of 9

Worksheet – Marketing 101: A Guide to Winning CustomersMarketing StrategiesYour marketing plan is written and money is allocated for marketing purposes. Now what?Focus on how you will present your business and product to the community by developingmarketing strategies that best fit your situation. A strategy is an approach or plan designed toachieve a goal. Strategies that are well planned and well executed usually result in favorableoutcomes. Your goal is to sell your product so align your marketing strategies to support yourgoal.Best practice to developing your marketing strategy is to employ a variety of methods.Focusing on one technique is easier and might prove to work for a while, but blending severaltechniques to reach potential customers from all angles will introduce and showcase yourbusiness to more prospective clients. Combine several of the strategies from the list below toensure a successful marketing solution: Develop surveys and questionnaires.Give freebies and coupons.Offer free seminars or demonstrations.Use effective signs in well-traveled areas.Study and know your competition.Create a website.Start a blog.Incorporate Social Media such as Facebook, Twitter, LinkedIn, Google , etc.What marketing strategies are best for your business?Page 4 of 9Clear Text

Worksheet – Marketing 101: A Guide to Winning CustomersMeasure Your Marketing Strategies’ PerformanceYou’ve researched your target market, written your marketing plan, and implementedmarketing strategies. So now you need to know how well your marketing approachesworking. How do you know if your coupons are bringing in customers? Did you get any newcustomers from the free seminar you hosted? Is the sign/banner on display in front of yourstore notifying potential customers of your existence? Or what about your website? Howmuch new and returning traffic is your website experiencing? These are all valid andimportant questions to ask. Learning the answers to these questions will give insight intomarketing strategies you should continue and those you should stop.Consider these factors to measure marketing performance: Brand AwarenessCustomer Acquisition/Retention/Loyalty/EngagementLead Generation/ManagementSalesWebsite TrafficMetrics, such as Key Performance Indicators (KPI), are used in web analytics to measurewebsite traffic. (If you do not have a website for your business, use surveys that ask questionsabout your brand, give coupons and count how many return, and have conversations withyour customers to measure these factors.) There is no one set of KPIs that all businessesfollow. KPIs are decided upon and uniquely tailored to your business. For example, youmay want to understand how people are finding your website, or how effective your websiteis at fostering an audience based on returning website visits, or the level of engagement ofyour social media campaign, etc. Once you decide what KPIs fit your business situation,establish processes to measure your website traffic using the analytic tools below. Google AnalyticsBit.lyPiwikOpen Web AnalyticsAdWords Grader Plus!Followerwonk (collects Twitter traffic)Page 5 of 9

Worksheet – Marketing 101: A Guide to Winning CustomersReturn on Investment (ROI) is another method to measure marketing performance. ROI issimply how much money you invested in relation to how much money you make. There arethree key factors used in determining ROI: Call to Act (CTA) - What marketing action persuaded the potential customer to becomea paying customer? CTA is determined by using surveys, questionnaires, and analytictools to help you determine what marketing campaign is enlarging your customerbase.Customer Lifetime Value (CLV) – How much revenue will the average customergenerate during their time with you?Customer Acquisition Cost (CAC) – How much did it cost to secure that payingcustomer?Jose and Annette’s Pet ShopUsing the scenario of Jose and Annette’s pet care business, follow these steps to calculatetheir CLV and CAC to determine ROI figures:Jose and Annette own a local pet care business. They have 200 regular, repeat customers whobring in their dogs every month for grooming. The monthly rate is 50 for customers withmemberships. They also have customers who come in irregularly; the fee for those customersto have their dog groomed is 100. Jose believes that by charging more for non-membershipcustomers will encourage those customers to become members.Customer Lifetime Value (CLV)Jose and Annette’s monthly rate for membership is 50 with a one-year contract. Whatis their CLV?Formula:CLV 50 12𝑪𝑪𝑪𝑪𝑪𝑪 𝑨𝑨𝑨𝑨𝑨𝑨𝑨𝑨𝑨𝑨𝑨𝑨 𝒑𝒑𝒑𝒑𝒑𝒑 𝑴𝑴𝑨𝑨𝑨𝑨𝑨𝑨𝑴𝑴 𝑵𝑵𝑨𝑨𝑨𝑨𝑵𝑵𝒑𝒑𝒑𝒑 𝑨𝑨𝒐𝒐 V 600.00Jose and Annette can safely assume that each membership customer will give them 600 a year.Page 6 of 9

Worksheet – Marketing 101: A Guide to Winning CustomersCustomer Acquisition Cost (CAC)Jose and Annette’s total marketing budget is 10,000 and they have attracted 200membership customers. What is their CAC?Formula:𝑪𝑪𝑨𝑨𝑪𝑪 𝑻𝑻𝑨𝑨𝑨𝑨𝑻𝑻𝑻𝑻 𝑴𝑨𝑨𝑴𝑴 𝑩𝑩𝑨𝑨𝑩𝑩𝑴𝑴𝒑𝒑𝑨𝑨 𝑵𝑵𝑨𝑨𝑨𝑨𝑵𝑵𝒑𝒑𝒑𝒑 𝑨𝑨𝒐𝒐 𝒑𝒑𝒑𝑴𝑴CAC 10,000 200CAC 50.00Jose and Annette are acquiring a customer for 50 and the customer is paying them 600. Remember you don’t want your CAC number to be more than 10% of your CLVnumber!Return on Investment (ROI)Now let’s determine Jose and Annette’s ROI for their marketing efforts. Remembertheir CLV is 600.00; they have 200 membership customers; and their total marketingbudget is 10,000.Formula:𝑹𝑹𝑹𝑹𝑹𝑹 (𝑪𝑪𝑪𝑪𝑪𝑪 𝑵𝑵𝑨𝑨𝑨𝑨𝑵𝑵𝒑𝒑𝒑𝒑 𝑨𝑨𝒐𝒐 𝒑𝒑𝒑𝑴𝑴 𝑻𝑻𝑨𝑨𝑨𝑨𝑻𝑻𝑻𝑻 𝑴𝑨𝑨𝑴𝑴 𝑩𝑩𝑨𝑨𝑩𝑩𝑴𝑴𝒑𝒑𝑨𝑨) 𝑻𝑻𝑨𝑨𝑨𝑨𝑻𝑻𝑻𝑻 𝑴𝑨𝑨𝑴𝑴 I ( 600 200 10,000) 10,000ROI ( 120,000 10,000) 10,000ROI 110,000 10,000ROI 11.00Jose and Annette are making 11.00 on every dollar spent!Page 7 of 9

Worksheet – Marketing 101: A Guide to Winning CustomersClear CalculationsYour TurnYou can find your CLV by multiplying the amount per month that a customer pays you by thenumber of months h/she is your customer. 1.00(Amount per Month) 1(Number of Months) 1.00(Customer Lifetime Value)You can find your CAC by dividing your total marketing budget by your number of customers: 1.00 1 (Total Marketing Budget) (Number of Customers) 1.00(Customer Acquisition Cost)You can find your ROI by first multiplying your CLV by the number of customers and thensubtracting that number from your total marketing budget. Finally, divide by your totalmarketing budget. 1.001 1.001. (CLV)(# of Customers) (Use for step 2) 1.002. 1.00 (Answer from 1) (Total Marketing Budget)3. Return on Investment (ROI) 0.00Page 8 of 9 1.00(Total Marketing Budget)

RESOURCES: Worksheet – Marketing 101: A Guide to Winning CustomersThis worksheet is intended to help you document your ideas and possible solutions tocommon challenges small businesses face daily. You are not alone! If you would like talk tosomeone about your business, the SBA has a broad network of skilled counselors andbusiness development specialists waiting to help your business start, grow, and succeed.Below is a short description of our resource partners: Small Business Development Centers: Achieve your dream of business ownership andremain competitive in an ever-changing global economy with assistance from your localSBDC. Access free counseling and free or low-cost training on topics like regulatorycompliance, technology development, and international trade. Find an SBDC adviser atsba.gov/sbdc. SCORE: Join the ranks of other business owners who have experienced higher revenuesand increased growth thanks to SCORE, the nation’s largest network of volunteer businessmentors. Experienced executives share real-world knowledge to fit your busy schedule.SCORE mentors are available for free as often as you need, in person, via email or overvideo chat. Find a mentor at sba.gov/score. Women’s Business Centers: Women entrepreneurs receive essential business counselingand training from this national network of community-based centers. Each center tailorsits services to help you navigate the challenges women often face when starting orgrowing a business. To learn about SBA resources for women visit sba.gov/women. Veterans Business Outreach Centers: Veteran and military entrepreneurs receive businesstraining, counseling, and referrals to other SBA Resource Partners at a Veterans BusinessOutreach Center, sba.gov/vboc. Receive procurement guidance to better compete forgovernment contracts. VBOCs also serve active duty service members, National Guard orReserve members, veterans of any era, and military spouses. The SBA has over 60 District Offices located throughout the country to help you start andgrow your business.Find all your local resources in one place using our handy zip-code tool:www.SBA.gov/local- assistancePage 9 of 9

A marketing plan is the blueprint of strategies to help you win and retain customers. Considered the heart of your business, a marketing plan includes detailed . outline your marketing plan. NOTE: A sample Marketing Plan provided by

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