Marketing Basics (Shrinked)

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Marketing Basics &Their Impact onYour Company

Agenda What is Marketing4 Ps of MarketingIdentifying Your Target MarketAfter MarketingPower of Branding5 Marketing MistakesRecommended Reading

What isMarketing

What is MarketingMarketing is the process of planning andexecuting the conception, pricing, promotion anddistribution of ideas, goods and services tosatisfy the needs and wants of customers.

Differentiating Marketing from Sales Sales: selling what you have Focus is on creating demand for a productMarketing: having what you can sellon producing products that will satisfy needs Purpose of good marketing is to make selling moreeffective Focus

Knowing Your Target MarketCan you describe your target audience? Company sizeRevenueIndustry# of employeesRegionEtc.

4 PsofMarketing

Understanding the 4 Ps of MarketingProductPriceCustomerPlacePromotion

ProductProduct Individual goods, products or services Does it fulfill customer needs/wants? Tactics: features, benefits, packaging, branding,etc.

PricePrice How much are your customerswilling to pay? Both producer and customer profits(Win/Win) Tactics: discounts, allowances andincentives, strategies, membershiporganizations

PlacePlace Available at the right place, at theright time, at the right quantities Distribution of product or service Warehousing, fulfillment, shipping,installation, etc.

PromotionPromotion Process of informing and educating the target group Newspaper, Internet (email), advertorials, radio, directmail, flyers, events, etc.

Marketing MixQualityFeaturesOptionsStyleBrand ngMixProductList pricePriceDiscountsAllowancesPayment periodCredit ationsInventoryTransportationAdvertisingPersonal sellingSales promotionPublicityDirect Marketing

4Ps of Marketing You control the 4 PsImpacted by budget, creativity,etc.Your responsibility is toinfluence, manage, andproperly execute themHaving the right mix will makeyou successful!ProductPriceCustomerPlacePromotion

Why is marketingimportant to thesuccess of yourbusiness?

Importance of Marketing Increases your exposure in the marketplace Builds awareness and generates leads Stay top of mind among your target audience Increases sales revenue and profitability

Importance of Marketing Effectively positions your company in themarketplace Gives you a competitive advantage over yourcompetition You don’t get lostPeople forget FAST!!Takes 5-8 times to see ad before someoneremembers it

Who Should BeAware of YourMarketing

Who Should Be AwareOf Your Marketing? EmployeesCustomersProspectsLead Sources (Birddogs)MediaMarketing internally is just as important asmarketing externally

“After Marketing”Customer Retention Requires shift in focus by organization Placeemphasis on top of mind retention vs. newcustomer acquisition Establishing and maintaining a detailedcustomer base “Blueprinting” customer contacts Conducting customer satisfaction surveys

“After Marketing”Customer Retention Analyzing informal customer communications Formulating & managing formal communicationsprograms Hosting special customer events or programsIdentifying and reclaiming lost customersWhere most companies fall short

Monthly/Quarterly Email Newsletter Example of howUnitel used theTax Relief articlein their QuarterlyEmail Newsletter

Direct Mail NewslettersInvoice StuffersC-TAP PressRelease

Direct MailNetworkcarPressRelease

Power ofBrandingForbes Top 25

What is a Brand? A brand is more than a logoA brand is more than a façade or imageA brand is the life of an organization, defined by Brandpositioning Brand promise Brand traits or core values Brand story

What comes to mind when you thinkof these brands?

The Ultimate DrivingMachineHighest quality ofCustomer Servicedelivered with a sense ofwarmth, friendliness,individual pride, andCompany Spirit.Advancing YourBusiness ThroughEducation andCooperative Effort

Brand Positioning Describes what the organization does andfor whom Identifies key benefit to customers who purchaseyour products or services Demonstrates “unfair” advantage overcompeting brands

Brand Promise The Brand Promise is the single most important thing that theorganization promises to deliver to its customers Consider what customers, employees, and partners should expectfrom EVERY interaction with you. It is your UNIQUE value proposition! Weigh every business decision against this promise to be sure that it fully reflects the promise at the very least does not contradict the promise made

What is Branding? The process of creating and enhancing thebrand assets Leveraging an organization’s personality to create a customerrelationship Delivering what’s promised, or more, butnever less Differentiation from competition Built over time

Why Brand? Provides Value to Customers by: Easy interpretation of what you do Increased confidence in purchase decisionProvides Value to Company by: Improving efficiency and effectiveness ofyour Marketing Increases profitability potential Established competitive advantage Builds company equity or worth

Consistency is the Key to Marketing Marketing is REPETITION. It’s an ongoing educationprocess. You must be CONSISTENT! Audit regularly for compliance Review your communications and activities regularly Poll your customers, partners, and employees at least once aquarterBrand management requires a long-term commitmentand willingness to invest in understanding the customerand market

Consistency ExerciseLogo and tag line Stationery (e.g. businesscards, envelopes, etc.) Brochures Web Site Emails Invoices Flyers Ads Signage Etc.

Concepts Applies Regardless of Your Size

Top 5 MarketingMistakes CompaniesMake

#1 Marketing Mistake Marketing without a strategy in place Believing your product does everythingYour target market is anyone who has money to spendYou don’t have competitionSolution Stop everythingReview your audience’s needsUnderstand your strengths & weaknessesSelect your marketing vehiclesDevelop a planBRAND!!!

#2 Marketing Mistake Being inconsistent with your brand Changing your company’s positionMarketing vehicle usedPerson delivering itCauses CONFUSION!Solution Clearly define who you are and what you offerDifferentiate yourself from the competitionMake sure you develop a clear and concise messageLaunch it internally first

#3 Marketing Mistake Not integrating marketing with sales efforts Developing marketing programs or materials that fizzle out in thesales processMaterials never get usedMixed messages and are not consistent with salesSolution Get the sales team involved in marketing planningSales and marketing visit customers togetherWithout unification your strategies are only realizing ½ of theequation

#4 Marketing Mistake Marketing something you don’t have operationally Marketing a new product or service that hasn’t been validated orNOT availableMarketing team is getting the word out but it’s not backed up orable to deliver on the “brand promise”Solution Realign marketing and operationsAssess what needs to happen to fulfill the new businessdemandsPresent a united front working together to fulfill needs

#5 Marketing Mistake Not using the marketing mix effectively Fixating on ONLY one marketing vehicle to promote a company(e.g. magazine ad)Putting all of your eggs in one basketMessages and vehicles not consistent with audienceSolution Touch customers from all anglesChoose activities that cater to the target marketIntegrate the marketing mix

Conclusion Touched on the Basics of Marketing Build a Foundation Next Steps

Recommended ReadingGuerrilla Marketing : Secretsfor Making Big Profits fromYour Small BusinessOverpromise and Overdeliver:The Secrets of UnshakableCustomer Loyalty-Jay Conrad Levinson-Rick Barrera

"Marketing is not an event, but a process. Ithas a beginning, a middle, but never an end,for it is a process. You improve it, perfect it,change it, even pause it. But you never stopit completely."- Jay Conrad Levinson

"Customers and potential customers are moving so fast andmaking decisions so rapidly that they may or may not noticeyour efforts to please.By aligning your TouchPoints so that the experienceCASCADES from one exceptional TouchPoint to the next, youcan build a branded experience that captures customers’attention and differentiates you from your competitors.When you align your brand promise as well, success is all butassured."- Rick Barrera

Marketing Basics & Their Impact on Your Company. Agenda What is Marketing 4 Ps of Marketing Identifying Your Target Market After Marketing Power of Branding . Newspaper, Internet (email), advertorials, radio, direct mail, flyers, events, etc. Marketing Mix List price Discounts Allowances Payment period Credit Terms Target Market

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