PNC Bank
Building Your Marketing Plan
Loren Foxx, wedüMay 17, 2011
PNC Bank
PNC Bank
What did this video accomplish?
• Increased sales (600% increase in consumer market, year 1)
• Increased name recognition• Positioning their product• Building a brand• Marketing without “traditional” marketing – viral
campaign
Copyright 2010 wedü,inc. PNC Bank
So, why do you need a marketing plan?
• Learn more about your business• Learn more about your customers• Learn more about your competitors• Set budgets for the coming year• Set new goals• Position your company
Are there any other reasons?
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Setting Your Company’s Goals
• S – Specific• M – Measurable• A – Attainable• R – Realistic• T – Timely
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
What type of goals will you set?
• Sales• New business • Brand awareness• Customer loyalty• Lead generation• Personal development
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Positioning
What is positioning?• Pricing – economy vs. luxury• Packaging• “Free Prize Inside”?• Who is your target audience?• What is your unique value proposition?• Elevator Pitch
Copyright 2010 wedü,inc. PNC Bank
PNC Bank Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Positioning
So...
What’s your company’s positioning statement?
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
A positioning statement answers the question: What do we stand for?
• It’s a promise you make to your customers.
• Your singular distinction among competitors.
Positioning
PNC Bank
How to write a positioning statement:
To: Your target audience
My company is the… ___________________________________ category
that…________________________________________________ key benefit – statement of need fulfillment
because…____________________________________________ relevant support
Positioning
PNC Bank
To: Safety Conscious Car Buyers
“Volvo is the… automobile manufacturer that… keeps you and your family safe because… all of our research, technology and planning are focused on protecting drivers and their passengers.”
Singular distinction: Safety
Positioning
PNC Bank
Understanding Your Place in the Market
• Strengths• Weaknesses• Opportunities• Threats
How can you use this information to your advantage?
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
How can you do this analysis?
• Focus Groups• Google• “Have someone else do it for you”• Ask employees• Trade organizations• Market research• Survey your customers
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Developing Your Strategy
Who’s your target market? And why is this important?• Dictates your geography• Dictates the media you will use
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Developing Your Strategy
How do you build a budget?
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Which Media Will You Use?
• “Traditional media”• Radio• Print• TV
Your budget dictates where you’ll place your media, and what you’ll produce
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Which Media Will You Use?
• Interactive Media• Web• Online Advertising• Email• Viral Videos and Commercials• Facebook Apps• Smartphone Apps
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
Which Media Will You Use?
• “Different” Media• In-Store• Experiential / Event Marketing• Frequent Shopper• Discount Program
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
What Will Your Message Be?
• This is the hard part...• Tying how you want to be perceived into your messaging• What will make customers buy?• What will result in increased leads or sales?
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
How Will You Measure Your Success?
• Accounting Metrics• ROI• Profitability• Total Sales• Sales per Rep• Sales compared to previous period / similar period• Sales per Transaction• Sales of Specific Products
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
How Will You Measure Your Success?
• Other ways?• Website traffic / visits• Facebook fans / interactions• Store visits• Frequent shopper signups / rewards program• New customers?• ZIP Codes?• Eyeball test
Copyright 2010 wedü,inc. PNC Bank
PNC Bank
What’s Next?
• Do Your Research• Set Your Goals• Write Your Plan• Learn Your Markets• Make it Happen• Celebrate Your Success
Copyright 2010 wedü,inc. PNC Bank