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Flying Start Rally 2006

Flying Start Rally 2006. Basics of Marketing John McMillan, McMillan Technology www.mcmillantech.co.uk. Marketing. If you have the right team and get the marketing right, you will succeed If the marketing is wrong, you won’t. Marketing.

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Flying Start Rally 2006

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  1. Flying Start Rally 2006 Basics of Marketing John McMillan, McMillan Technology www.mcmillantech.co.uk

  2. Marketing • If you have the right team and get the marketing right, you will succeed • If the marketing is wrong, you won’t

  3. Marketing • Marketing is like an iceberg – 90% is below the surface • The essence of marketing is having the right product for the right customers

  4. When Should I Start Marketing? • Most new companies start marketing too late • You need to start on day 1 • If you design your product around the market you are much more likely to succeed

  5. Step 1 – Get the Product Right • Who needs the product? • How badly do they want it? • Casual interest • Want it (desire) • Want it badly (strong desire) • Can’t live without it • The demand can be latent • (They don’t know they want it)

  6. The Product and Supplier • Can we realistically bring this to market? • Why would they buy from us? • What is different about us? • The Unique Selling Proposition (USP) • What is the competition? • Now and in the future?

  7. Why Do Customers Choose a Supplier? • (The 4 Ps of marketing) • Promotion • i.e. how they get to know about it • Product • Think of a house • Price • Place • “Where do I buy it?”

  8. Market Segments • You almost certainly can’t sell to the whole world • HUGE marketing budget • Tiny market share • Tiny brand and reputation • So … • Shrink your market

  9. Market Segments • A segment must be • Different • Relevant • Significant • (something special about its needs) • Accessible • Suitable size • Ideally about 5 - 10 times your target turnover

  10. Example segments • Geographic • Town, County, Region • Ideal for retail and professions • Industry or profession • Consumer interest • e.g. disco, koi carp, classic cars

  11. Market Segment • A good segment would have some sort of “community” • List of “members” can be found • Journals exist • Other forums exist – clubs, exhibitions • They talk to each other

  12. SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats

  13. SWOT for small business • Strengths • Flexibility • No chain of command – no need to approve • Close to customers • Comfort from small customers • Weaknesses • Few resources

  14. Market Research • You should really do this before committing • Talk to prospective customers • How much to they like it, what are their problems, how much will they pay? • Research • Internet • Reference library

  15. Marketing Methods • Advertising • Expensive • Whole campaign needed • 1 ad is never effective • Needs targeted media • Local papers • Magazines • Posters • Web sites

  16. Marketing Methods • Mail shots • You have high control • Fairly slow, several needed • 2 seconds before it goes in the bin • Can put out a lot of information • Email • Cheap and rapid • Problems with spam

  17. Marketing Methods • Point of sale • Great for retailers • On site boards • Vans • Exhibitions and shows • Expensive • Mixed targeting • Make sure you follow up

  18. Marketing Methods • Web site • Vast potential to give information • The user can select what he wants to read • Ability to distribute demos and samples • Easy to keep up to date • How do they find the site? • Search engines • Links from club sites &c • A web site can be used to back up other methods

  19. Marketing Methods • Telesales • Dealers, Distributors and Agents • Easier to find than end customers • They will want a cut, but will this cost more than finding customers yourself? • You lose a lot of control • People who can introduce you to customers

  20. Marketing Methods • Be Creative • There are many ways to market on a budget • Word of mouth • It’s how Google got there • Networking • Get out and meet people • Mutual help • “You scratch my back …”

  21. Creative Marketing • Sponsorship • It’s not a donation, it’s advertising • Visit exhibitions • Be cheeky, hand out your card • Press articles • Write articles, become an expert • Conduct master classes!

  22. Branding and Reputation • Branding is about the way customers see you • Aim to be the first company a customer checks • Reputation is vital • Rather a good reputation is • Word of mouth is the most powerful marketing tool

  23. Finally • Marketing is like an iceberg • Define your: • SWOT • USP • Market segment • Start on day 1 • Select your methods • Be creative www.mcmillantech.co.uk

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