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Smart Marketing Strategies for Tough Times

Smart Marketing Strategies for Tough Times. ABOUT NCCG. Since 1867 NCCG – The Tribune, Greeley Now/La Tribuna, Fort Collins Now, Windsor Now, The Fence Post, Tri-State Livestock News, Farmer & Rancher Exchange. All associated websites. Owned by Swift Communications Family-owned based in Reno

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Smart Marketing Strategies for Tough Times

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  1. Smart Marketing Strategies for Tough Times

  2. ABOUT NCCG • Since 1867 • NCCG – The Tribune, Greeley Now/La Tribuna, Fort Collins Now, Windsor Now, The Fence Post, Tri-State Livestock News, Farmer & Rancher Exchange. All associated websites. • Owned by Swift Communications • Family-owned based in Reno • Mission – Great People Connecting Communities.

  3. TOUGH TIMES – RIGHT?

  4. TOUGH TIMES – RIGHT?

  5. TOUGH TIMES – RIGHT?

  6. WHAT IS MARKETING? • Marketing is the process through which you create – and keep – customers. • It’s the matchmaker between what your business is selling and what your customers are buying. • It’s not about talking to your customers, it’s about talking with them?

  7. TIME TO CUT MARKETING? • When things get tough economically for a business, what’s the first thing to go? • What about Target, AFW and Aims? • What do we need more of in tough times? • What was the definition of marketing? • Why would you cut that part of your business plan? • What would your banker say?

  8. TODAY’S TAKEAWAYS • What’s ahead for Small Businesses in 2009? • What is Marketing? • Customers – know them, love them and find more of them. • The 5 Step Marketing Plan • Shine Jewelers Example • What’s your next step?

  9. What’s ahead for small businesses for 2009? 2009 Small Business Marketing Outlook Ad-ology Research/Sales Development Services, Inc. October 2008

  10. WHAT’S AHEAD FOR 2009? • Look Ahead?

  11. WHAT’S AHEAD FOR 2009? • The economy?

  12. WHAT’S AHEAD FOR 2009? • Growth in a tough economy?

  13. WHAT’S AHEAD FOR 2009? • Best way to market?

  14. WHAT’S AHEAD FOR 2009? • Online marketing?

  15. WHAT’S AHEAD FOR 2009? • Spend more than $1,000 on marketing?

  16. WHAT’S AHEAD FOR 2009? • Spend more or less in 2009?

  17. WHAT’S AHEAD FOR 2009? • Why not invest in marketing?

  18. WHAT’S AHEAD FOR 2009? • What determined how much to spend on marketing?

  19. WHAT’S AHEAD FOR 2009? • What influences what media you use in your marketing?

  20. WHAT’S AHEAD FOR 2009? • Why advertise?

  21. WHAT’S AHEAD FOR 2009? • What media will you use?

  22. WHAT’S AHEAD FOR 2009? • How effective are the media?

  23. WHAT’S AHEAD FOR 2009? • Marketing beliefs?

  24. What do you believe marketing can do for your business? Marketing – the whole is greater than the parts! The Marketing Process

  25. MARKETING BASICS Marketing Wheel of Fortune

  26. SMART MARKETING TIPS • Get to know your target customer and your marketing environment. • Tailor your product, pricing, packaging and distribution strategies to address your customers’ needs, your market environment, and the competitive realities of your business. • Create and project marketing messages to grab attention, inspire interest, and move your prospects to buying decisions. • Go for and close the sale – but don’t stop there.

  27. SMART MARKETING TIPS • Once the sale is made, begin the customer service phase. Work to ensure customer satisfaction so that you convert the initial sale into repeat business and word-of-mouth advertising for your business. • Talk with customers to gain input about their wants and needs and your products and services. Combine what you learn with other research about your market and competitive environment and use your findings to fine-tune your product, pricing, packaging, distribution promotional messages, sales and service.

  28. SMART MARKETING TIPS • Once the sale is made, begin the customer service phase. Work to ensure customer satisfaction so that you convert the initial sale into repeat business and word-of-mouth advertising for your business. • Talk with customers to gain input about their wants and needs and your products and services. Combine what you learn with other research about your market and competitive environment and use your findings to fine-tune your product, pricing, packaging, distribution promotional messages, sales and service.

  29. THE CIRCUS EXAMPLE • Advertising. Marketing. Sales. Promotions. What are the differences? • If the circus is coming to town and you paint a sign saying “Circus Coming to the Fairground Saturday,” that’s advertising. • If you put the sign on the back of an elephant and walk it into town, that’s promotion. • If the elephant walks through the mayor’s flowerbed, that’s publicity. • And if you get the mayor to laugh about it, that’s public relations.

  30. THE CIRCUS EXAMPLE • If, before painting the sign that says “Circus Coming to the Fairground Saturday,” you check community calendar to see whether conflicting events are scheduled, study who typically attends the circus, and figure out how much they’re willing to pay and what kinds of services and activities they prefer, that’s market research. • If you invent elephant ears for people to eat while they’re waiting for elephant rides, that’s product development.

  31. THE CIRCUS EXAMPLE • If you create an offer that combines a circus ticket, an elephant ear, an elephant ride, and a memory-book elephant photo, that’s packaging. • If you get a restaurant name Elephants to sell your elephant package, that’s distribution. • If you ask everyone who took an elephant ride to participate in a survey, that’s customer research.

  32. THE CIRCUS EXAMPLE • If you follow-up by sending each survey participant a thank-you note along with a two-for-one coupon for next year’s circus, that’s customer service. • And if you use the survey responses to develop new products, revise pricing, and enhance distribution, then you’ve started the marketing process all over again.

  33. All about Customers. Know your customers – love them, find more of them! Your Customer Profile

  34. ALL ABOUT CUSTOMERS • Every marketer mulls the same questions: • Who are my customers? • How did they hear about me? • Why do they buy from me? • How can I reach more people like them? • Remember, business owners don’t work for themselves, they work for their customers.

  35. ALL ABOUT CUSTOMERS • Anatomy of a Customer • Geographics – where they come from. • Demographics – age, gender, education, income, etc. • Psychographics – segmenting by lifestyles, purchasing behaviors, beliefs about themselves, families and society • Geodemographics – a combo of all three of the above – lifestyle marketing.

  36. ALL ABOUT CUSTOMERS • Collect data on your customers • Checks, Credit Cards, Letters, Zip Code Data • Surveys • Observation • Contests • Track response to your ads • Web reports • Focus Groups

  37. ALL ABOUT CUSTOMERS • Ask NCCG to help! • NCCG’s Consumer Database • Customer Profile Tool • What is it? • How does it work? • What does it tell you?

  38. ALL ABOUT CUSTOMERS • How the NCCG Customer Profile Tool Works • Excel or Access Database • Provided to MSG (3rd Party) • MSG matches records and then overlays demographic data we know about each record. • NCCG Advertiser in Windsor Example • 600 records on database provided from customer • 76% match rate – 412 records.

  39. ALL ABOUT CUSTOMERS

  40. ALL ABOUT CUSTOMERS • The majority (52%) of your customers fall within the 45-64 age range. 35-44 is a key secondary audience. Source: 2009 MSG Customer Profile

  41. ALL ABOUT CUSTOMERS • 9 out of 10 or your customers own their own homes. Source: 2009 MSG Customer Profile

  42. ALL ABOUT CUSTOMERS • Over 60% of your customer base is married. Source: 2009 MSG Customer Profile

  43. ALL ABOUT CUSTOMERS • About 25% of your customers have at least one child at home. Source: 2009 MSG Customer Profile

  44. ALL ABOUT CUSTOMERS • Your customer base is largely mid to upper income with nearly 42% making over $100,000 annually. Source: 2009 MSG Customer Profile

  45. ALL ABOUT CUSTOMERS • You have a good mix of both newcomers and long-term residents as customers, but those living here seven years or less command the biggest segment. Source: 2009 MSG Customer Profile

  46. ALL ABOUT CUSTOMERS • Your customers’ primary lifestyle groups tend to be more mature, but again you have a strong secondary group that you serve that are younger with children still at home. Source: 2009 MSG Customer Profile

  47. ALL ABOUT CUSTOMERS • Mid-Life Munchkins • Average HHI - $71,000 • Average Age of Head – 55 • Demo Profile - Children or grandchildren present, homeowners, white collar, high education, mail responsive • Interests - Pets, business travel, home furnishings, collectibles, investing, charities, camping, multiple credit cards • IRA Spenders • Average HHI - $91,000 • Average Age of Head – 67 • Demo Profile - No children living at home, retired, home owners, long length of residence, mail responsive • Interests - Home furnishings, audio equipment, art, antiques, golf, gardening, casino gambling, multiple credit cards

  48. ALL ABOUT CUSTOMERS • Kiddie Kastles • Average HHI - $73,000 • Average Age of Head – 43 • Demo Profile - Homeowners, children in household, white collar, college graduates, mail responsive • Interests - Computers, video cameras, kids items, fitness, outdoor activities, automotive work, multiple credit cards • Diamonds to Go • Average HHI - $123,000 • Average Age of Head – 48 • Demo Profile - Home owners, high home values, kids, white collar, mail responsive • Interests - Home furnishings, stocks, computers, gourmet cooking, gardening, travel, multiple credit cards

  49. ALL ABOUT CUSTOMERS • Opportunity • Primary customers are women, 45-64, HHI of $100,000 or more with a mix of long and short term residence in NoCo. • Secondary customers are women, 25-34, with HHI of $50,000 to $75,000 with kids at home. • We know there are 600 of these customers who shop your store. • Are there more out there and how do we find them?

  50. OPPORTUNITY • Opportunity • Record Counts in Windsor • IRAs and Mid-Life – 1,576 • Kiddies and Diamonds – 2,076 • Let’s put a plan together for ’09 to acquire these new customers.

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