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Marketing To Start

Marketing To Start. 1 million new businesses open each year. Only 200,000 will survive the first 5yrs. Only 40,000 enjoy the second 5 yrs. Truth donated by the Dept. of Commerce. But what is Marketing?.

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Marketing To Start

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  1. Marketing To Start 1 million new businesses open each year. Only 200,000 will survive the first 5yrs. Only 40,000enjoy the second 5 yrs. Truth donated by the Dept. of Commerce

  2. But what is Marketing? “The process or technique of promoting, selling, and distributing a product or service” ~ Merriam Webster The Umbrella of Marketing Customer Service Advertising Events Sales Design Interactive Public Relations Word Of Mouth Networking

  3. Some Stats to Crunch On • 50 million non-english speaking individuals (over half speak Spanish) • There are more millionaires then individuals unemployed in the U.S. - US Census Bureau • Women earn 1 trillion and spend 2 trillion - “Don’t think pink” Lisa Johnson • The longest drumming marathon by an individual lasted 84 hours. - Guinness World Records

  4. Where to Start • Define Your Business: • Scope of services/products? • Industry? • Core Assets/Capabilities? • Define The Market Place: • Social, Legal, Technical Influences? • Competitors? • Economy Conditions?

  5. Define Target Audience Demographics: Lifestyle, Geographical Region, Age Group, Gender, Ethnicity, Profession, Income, Social Status, Education Questions: • What are their likes / dislikes? • What are their needs? • Their expectations of price, quality and service? • What are their reasons for purchasing?

  6. Age Groups Baby Boomers (43-62) 80 million strong,28% of U.S. population Earn 2 trillion yearly 50 years and older control 70% of $ in the marketplace Generation X (28-42) 61 million in number Entrepreneurial & Practical in nature Generation Y (10-27) 75 million in number Have 1 trillion dollars at disposal Emerging Markets 3% Other 4% Asian 15% African American 21% Hispanic 57% White Remember to target a focused group but remain appealing to the general group More on Audience From the U.S. Census Bureau

  7. Four Steps To Develop A Marketing Plan

  8. Step One: SWOT Analysis Analyze the Strengths, Weaknesses, Opportunities and Threats of your business & your competitors

  9. Strengths • What do you, your management and your staff contribute to the business? • How does the location affect business? • What is the Unique Selling Position of your business? • What are the benefits to your employees, your customers? • Is your pricing strategy, sales and distribution effective?

  10. Weaknesses • What do you, your management and your staff lack? • What are the complaints & how are they handled? • Where can you improve? • Sales • Operations • Cash flow?

  11. Opportunities • What needs are unfilled that match business strengths? • How can you capitalize on competitors weaknesses? • How can the brand be best positioned in the marketplace? • How can the business be enhanced?

  12. Threats • Competitors: Price wars, Marketing Messages • Market Place Conditions: Economy, Inflation, Stocks • Location: Future Growth, Current Conditions • Overhead expenses: Justified, Relation to Profit • Breakeven Point: Number of clients in relation to the average volume per client • How are PR, Advertising and Promotions positioning your company? • Can your business stand behind its marketing message?

  13. Step Two: Marketing MixProduct, Price, Place, Promotion Price Strategy? Will target market like price point? Product Benefits? What needs are satisfied? Promotion? Budget? Objective? Place / Location Convenient? Appropriate? Known? Be Sure to Define your Business Goals and Marketing Budget Rule of Thumb is to spend about 10% of Gross Revenue on Marketing

  14. Promotion Mix Promotion of your business may have 3 different objectives Branding:Combination of a name, term, sign, symbol, design & combination to identify and differentiate a business Direct Response:Facilitation of the phone ringing Interactive: Utilizing a medium that requires response from the audience

  15. Business Cards & Stationary Online Presence Media Kit Events Word-of-Mouth Networking: Memberships Non-Profit Groups Business Groups Loyalty and Discounts programs Direct Mail, Newsletter Advertising: Directory Newspaper, Radio, Television, Magazines Outdoor: Mobile, Billboards Samples Telemarketing Promotion Options

  16. Use a Professional to maximize the dollar Be Creative Example: Sensory Marketing According to Martin Lindstrom in “Brand Sense” The purchasing behavior of consumers can be influenced through their 5 senses. Research shows the following degree of importance 58% Sight / Appearance 45% Scent 41%Sound 31% Taste 25% Touch Step Three: Decide on the tools, materials and techniques

  17. Step Four: Annual Marketing Plan • Identify your industry & business seasonal cycle • Implement an annual marketing plan that includes monthly execution plans • Develop measurement techniques for all promotions

  18. Last Always remember it is Okay to ASK Ask for help, Ask other business owners, Ask your competitors, Ask your clients, Ask your friends, Ask family and Ask yourself According to Sarah Endline founder of Sweet Riot: MBA from Harvard Business School and National Recognition for Company’s Business Plan “Hold true to your values, trust your heart, live with passion and from that derive your driving energy on the road to success.”

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