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Click to edit Master title style
brought to you by
Click to edit Master title style A Personal Touch
Member FDIC
Joel K. Bopp Senior Commercial Lender
Vandalia Loan
Production Office 6450 Poe Ave., Ste 101 Dayton, OH 45414
937-898-3380 [email protected]
We believe the key distinction between banks is the way they serve their customers. Through honesty, hard work and quality customer service, our knowledgeable, friendly staff is ready and willing to assist you. Whether you are banking as an individual, a family or a business, you’ll benefit from sound, strategic advice, flexibility and locally made decisions from people who truly understand your needs.
MinsterBank.com
Entrepreneur Bootcamp Series
Today’s Presenters
Donerik Black, MBA
Small Business Development Center
937.775.4761
3640 Colonel Glenn Hwy, Rike Hall
Dayton, Ohio 45435
www.SBDCWSU.com
RoShawn Winburn, MBA
Minority Business Assistance Center
937.333.1033
371 W. 2nd St., Suite 100
Dayton Ohio 45402
www.DaytonMBAC.org
What is Marketing?
Marketing is NOT Sales!
• Marketing is the management process by which goods and services move from concept to end-user
When planning your marketing program, you need to understand:
• Goal of your campaign (e.g. brand awareness, market penetration, sales, etc.)
• Your target market
• The message that you want to communicate
• The communication channel that makes the most sense.
The Five “P’s” of Marketing
• Product (or service)
• Positioning
• Price
• Place
• Promotion
All Part of the “Marketing Mix”
Your Products / Services
Descriptions should include:
Details about your products / services,
Special benefits / unique features,
Production and delivery,
Suppliers / source,
Limits and liabilities,
Intellectual property, special permits, etc.
Positioning
• Where does your product or service fit into the
universe of similar/alternative products?
• Who or what is it for?
• How does it compare and contrast to others?
• How is it unique?
If you understand and practice positioning, everything else follows.
Price
• Need to cover your cost and stay in business
• Need to be competitive
• Needs to be in line with customer value
• Can often be a cue to quality—i.e. more
expensive is sometimes perceived as better.
Use a variety of Pricing Strategies to maximize profit and manage competition.
Place or Producer Sales Channels
• Where and how your product or service gets to the end user.
• These are often
referred to as “Channels of Distribution”
Promotion
• Communicating the Features and Benefits (FAB)
of your offering
• Influencing prospects to buy.
• This includes a host of activities from advertising
to sales promotion.
Your Business Model
At this point, your business model should be well defined.
• Products (Cookies) sold as individual units (dozen) • Wholesale • Via Distributors • Credit Cards and Check only • Mail order / internet-based
The Competition
Think about your probable
competitors in terms of:
• Features/benefits they offer,
• Pricing strategy,
• Marketing strategy & messages,
• Market presence,
• Business model/efficiency,
• Other relevant factors,
Shakeology Jamba Juice Herbalife Formula 1
Monavie V8 V-Fusion
Protein & Amino Acids Vitamins & Minerals Anti-oxidants
Phyto-nutrients Fiber
Pre-Biotics
Digestive Enzymes
Example Competitive Comparison Chart
Starting Out: Market Research
Primary Research—Information from prospects
• Surveys, focus groups, etc.
• Taste test, test market, use test, etc.
Secondary Research—published sources
• Government and industry statistics
• Journal and published articles
Market Segmentation
• Demographic
Age, sex, race, income, geography, etc.
• User segmentation
Heavy user, casual, knowledgeable, etc.
• Value or Psychographic segmentation
Environmentally conscious, convenience oriented, etc.
Who will be your primary target customers?
Target Market
REVIEW
1. Will you be able to fill target
customer needs?
2. Will it increase your sales +
profit? (consider cost & price)
3. Does it fit with your vision / skills?
4. Is the competitive environment
favorable?
SELECTION
Profile of your customers,
• Key demographics,
• Income level,
• Gender,
• Geographic,
• Buying habits and behavior,
Market size & realistic penetration: growing or declining?
Examples of Channels by Demographic Demographic Possible communication channels
Families with small children
Tend to be interested in health, green-friendly, social groups, kid-friendly environments & businesses, kid event newsletters, magazines, child-friendly events, money-saving offers.
Young men, 18-35 Keep messages simple, show important features or design elements. Social networks, online gaming, search engines & reviews, men’s magazines, clubs, peer reviews, smart phone ads, sports in general.
Women, senior citizens
Relationship marketing important. Growing use of certain social media (Facebook), traditional print ads (large font), newsletters, magazines, associations like AARP, programs rewarding referrals & word-of-mouth recommendations.
Marketing Communication
Traditional New Media Alternatives
Publications Websites Sponsorships
Radio / TV Social Media Events
Billboards / Signs Email Endorsements
Telephone Mobile Education / Workshops
Direct Mail Search Optimization Speaking engagements
Face-to-Face Blogs
Collateral
There are many options for you to use to reach your target
customers, or to bring them to your website.
The New Media: Social
Pros:
-Affordable and accessible to all
-Low production cost, can offer layers of info
-Interactive & direct
Cons:
-Crowded—lots of clutter
-Not well understood—new field of endeavor
-Often done by amateurs for amateurs
Effective Management of Social Media • Decide which platforms you will be active on
• Set aside 15-30 min. time chunks …..3–5 times per week,
• Keep content fresh & current,
• Support referral sources,
• Respond to relevant questions,
• Thank new followers and/or fans,
New Media Basics
How do we do that…
• Need to create content that is interesting to the
target customer—draw him/her in repeatedly
• Need to engage vs. “sell”
• Put yourself in the shoes of the prospective
customer.
Marketing Budget
How much should you spend on your Marketing Budget?
• Many businesses allocate a % of gross revenues:
• 2-3% for ongoing marketing
• 3-5% for start-up marketing.
• But during the early brand-building – up to 20% of sales.
• ROT: Split expenditures between:
• Brand Development Costs (website, blogs, collateral, etc.)
• Promotional Costs (campaigns, advertising, events, etc.).
Your Marketing Expense Plan Could Look Like This….
Item Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
Website $500 $50 $50 $50 $50 $50
Grand Opening $2,000 -- -- -- -- --
Social Media $100 $100 $200 $200 $100 $100
Direct Mail $600 -- -- $600 -- --
Yellow Pages $150 -- -- -- -- $150
A-frame sign $120 -- -- -- -- --
Printing $100 $100 $100 $100 $100 $100
TOTALS $3,570 $250 $350 $950 $250 $400
Good Marketing Practices
• Always ask new customers how they heard about your business
and document responses.
• Is your business achieving the goals that you had established?
• Ongoing programs (repeat advertisements, discount programs,
seasonal sales, etc.) should be assessed regularly for
effectiveness
• Ensure that you monitor and assess each periodic marketing
program to determine whether the program was effective,
needs revision, and how often it should be repeated?
• Make required changes (structure, duration, timing, details,
etc.), or other improvements, and implement.
• Decide if program should be repeated and, if so, how often?
• Never be satisfied or complacent. Assume that your
competitors are snapping at your heels.
DENISE SWICK
CEO | DENISE SWICK & COMPANY
• Nationally respected real estate broker
• Over three decades of working in the area;
evolved over time, going from one woman on a
mission to developing a team of like-minded
individuals.
• Active in civil life, lending insights and energy to a
variety of local charities and causes.
• Added her “Performance outsells Promises”
philosophy to the book Cracking the Real Estate
Code, a book published as an aid to home buyers
and sellers alike as they prepare to change homes.
28
RE/MAX Performance Broker/Owner
318 Regency Ridge Dr Centerville, OH 45459
937-619-7447
The Marketing Process
Products & Services
Business Model Details
The Competition
Target Audiences
Marketing Messages
Marketing Strategies
Marketing Plan
Execute, Assess, Adjust
Some Final Thoughts..
• Start with the conceptual
• Move to the tactical
• Have a clear positioning
• …and let that guide your strategy and tactics.
Don’t try to be all things to all people.
Please give us feedback by…
1. Completing a survey
2. Sending an email to
Registration is live for the next
bootcamp on June13th.
Reserve your spot & tell a friend!
Help Us, Help You
Click to edit Master title style Contact Us
Member FDIC
Vandalia Loan Production Office
6450 Poe Ave., Suite 101
Dayton, OH 45414
937-898-3380
MinsterBank.com
Joel K. Bopp Senior Commercial Lender