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ENTREPRENEURIAL FRIDAYS SERIES

ENTREPRENEURIAL FRIDAYS SERIES. Facilitator: Erick Mueller. Workshop #2: Marketing & Sales for Entrepreneurs. OVERVIEW . Who is this Erick Mueller bloke? Marketing Sales Erick’s take on it Wrap-up. WHO IS ERICK MUELLER?. 1 of 12 children Founded 5 companies

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ENTREPRENEURIAL FRIDAYS SERIES

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  1. ENTREPRENEURIAL FRIDAYS SERIES • Facilitator: • Erick Mueller Workshop #2: Marketing & Sales for Entrepreneurs Entrepreneur in Residence

  2. OVERVIEW • Who is this Erick Mueller bloke? • Marketing • Sales • Erick’s take on it • Wrap-up Entrepreneur in Residence

  3. WHO IS ERICK MUELLER? • 1 of 12 children • Founded 5 companies • 3 successful, one current, and one flaming failure • Bootstrap • Adjunct Professor, University of Colorado Entrepreneur in Residence

  4. OVERVIEW : MARKETING • Marketing Defined • Marketing: the “4 P’s” • Thirteen marketing secrets • Seven steps to creative marketing • Examples • Let’s do it! – creative marketing • My take on it… Entrepreneur in Residence

  5. MARKETING…HUH? Entrepreneur in Residence

  6. MARKETING…HUH? • Websters : “this is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to satisfy customers” • Cohen : “Is a management process that identifies, anticipates and supplies consumer requirements efficiently and effectively” • Drucker : “The process of finding out what your customers want and then giving it to them” Entrepreneur in Residence

  7. MARKETING: “THE 4 P’S” • Product • What is it you’re selling, exactly • Place • Distribution channels – how are customers going to have access to buying? • Price • How much will the end customer pay? • Promotion • How will you inform people of your product offering? Entrepreneur in Residence

  8. 13 MARKETING SECRETS Entrepreneur in Residence

  9. 13 MARKETING SECRETS • Commitment to marketing program • Marketing is an investment • Marketing must be consistent • Prospects must be confident in you • Must be patient • Marketing is an assortment of weapons • Profits come subsequent to the sale Entrepreneur in Residence

  10. 13 MARKETING SECRETS • Insure customer convenience • Put amazement in marketing • Measure effectiveness of weapons • Encourage customer involvement • Become dependent upon others and they upon you • Be skilled with armaments (technology) Entrepreneur in Residence

  11. 7 STEPS TO CREATIVE MARKETING Entrepreneur in Residence

  12. 7 STEPS TO CREATIVE MARKETING • Find inherent drama in offering • Translate drama into a benefit • State benefits believably • Get people’s attention • Motivate audience to get involved • Communicate clearly • Measure your media against strategy Entrepreneur in Residence

  13. EXAMPLE : CPA • “A CPA wanted to create more business, so he wrote a tax newsletter and sent it every three months, free of charge, to a long list of prospects. By doing so, he established himself as an authority and dramatically improved his business.” Entrepreneur in Residence

  14. EXAMPLE : WATERBEDS • “A waterbed retail store wanted to cast off its counterculture identity, so it relocated to an elegant shopping center, required its staff to dress impeccably, and hired a man with a strong intelligent voice to serve as the announcer on its commercials. The results were excellent.” Entrepreneur in Residence

  15. EXAMPLE : JEWELER • “A jeweler wanted to attract attention to his business during the holiday season, so he invented outlandishly expensive gift ideas, such as a Frisbee with a diamond in the center. Price: $5,000. One was a miniature hourglass that used real diamonds instead of sand. Price: $10,000. The jeweler rarely sold such items, but attracted national attention & sales soared.” Entrepreneur in Residence

  16. EXAMPLE : INSTRUMENTATION • “An instrumentation business was looking tosecure appointments with all VCs in the Rocky Mountain Region. Rather than go through traditional channels, they sent each VC a package that included a bottle of wine and an engaging story. The traditional success rate was <5%. They accomplished a 90%+ success rate.” Entrepreneur in Residence

  17. CREATIVE MARKETING: LET’S DO IT! • Groups of 3 or 4 • Create the “4 P’s” • Think of 2 creative ways to market business • Unique • Low cost • Aligned with business • Effective Entrepreneur in Residence

  18. MY TAKE ON IT… • Marketing is THE most important aspect of a business • Best companies in each industry = Marketing co’s – Nike, Microsoft, Dell, Coca-Cola • PLAN! • Create a marketing plan and integrate it! • COMMITT! • The cold feet syndrome • The boulder analogy Entrepreneur in Residence

  19. MY TAKE ON IT… • A place NOT to bootstrap = Creative • Enable customers to drive messaging, packaging, content, distribution • Ask ‘em!…but always follow your instinct • Advertising is ONE, small part of marketing • Best marketing?…RESULTS! • Have fun with it! Entrepreneur in Residence

  20. OVERVIEW: SALES • Sales plan • Sales process • Secrets to bootstrap selling • My take on it… • Selling baby! Entrepreneur in Residence

  21. WHAT IS SELLING? Entrepreneur in Residence

  22. WHAT IS SELLING? “Selling is a process, including a transaction that adds value to the buyer by meeting their needs and results in mutual benefit for the seller and buyer.” Contemporary Marketing Wired (1998) by Boone and Kurtz. Dryden Press Entrepreneur in Residence

  23. SALES PLAN • Create one! • Sales strategy : Ex = “Make Real Measure products as easy to purchase as they are to use” • Answer : who, what, where, when? • Prospect, distribution/channels, buying cycle, ID influencers & buyers, etc. (assuming this has already been covered in b-plan or other classes) • Create and develop the sales process • ID all actions/tasks and flow chart • Integrate : Real Measure example Entrepreneur in Residence

  24. Uninterested Interested Involved Convinced Committed SALES PROCESS Customer Salesperson • Opening benefit • Investigate • Demonstrate • Obtain Commitment • Get Order Entrepreneur in Residence

  25. SECRETS TO BOOTSTRAP SELLING • Know and develop YOUR style • Asking questions! • Listen! • Provide/offer solutions • Two words : thank you • Referrals, referrals, referrals Entrepreneur in Residence

  26. YOUR STYLE • “Styles” (4 of many) (http://www.beilby.com.au/BKP/131.aspx) • Ra-ra Thinker • Rapport builder Closer • There are numerous ways to sell… • DO NOT force yourself into a mold • Most important = be yourself and genuine then “add” selling skills & techniques Entrepreneur in Residence

  27. ART OF THE QUESTION • Close-ended (No-no’s) • Yes/no questions • Tend to shut-down conversation • Ex = “Do you like this product?” • Open-ended (Now we’re talking!) • Tend to promote discussion • Probing – enable solutions to objections • Ex = “What do you like about this product?” Entrepreneur in Residence

  28. LISTEN! • You know the cliché : “two ears, one mouth” • A skill that can be learned • Cited by leaders as #1 skill to successful selling • Enables connecting and problem solving…which leads to higher sales Entrepreneur in Residence

  29. PROVIDE/OFFER SOLUTIONS • Simple : ID customer’s pain (probing questions) and demonstrate product/service as the solution • DO • Inform/educate the customer • Offer a selection of solutions • DO NOT • Force/push a sale • Manipulate data to deceive Entrepreneur in Residence

  30. THANK YOU! • Two very powerful selling words • Opportunities to say, “thanks” • Networking • Prospecting • Post-appointment • Post-purchase • Referrals • Whenever someone helps you and your business! Entrepreneur in Residence

  31. REFERRALS, REFERRALS, REFERRALS • Build a book of business • Farm/mine customer base for additional sales • Ask for others who might be interested • Discount promotion • Benefits • Very little money – bootstrap! • 5x better closing ratio • Less cold-calling • More fun! Entrepreneur in Residence

  32. MY TAKE ON IT… • Ask for the business! • #1 error by all salespeople = they don’t ask for the sale!? • LOVE what you sell • If you’re not enthusiastic about what you’re offering, how will anyone else be? • Present enthusiastically Entrepreneur in Residence

  33. MY TAKE ON IT… • DO NOT separate Sales & Marketing • You’re always selling…so study it and become amazing • Your idea • Your business • Your employees • Your product/service • Your vision Entrepreneur in Residence

  34. MY TAKE ON IT… • Be disciplined • Focus on SOLVING PROBLEMS, not “selling” • Uncover and use your style • Study it! • Closing techniques Art of asking questions • Rapport building IDing buyer types • If not your core competency, fill the gap Entrepreneur in Residence

  35. SALES ROLE-PLAYING • “NOTHING HAPPENS UNTIL SOMETHING IS SOLD….” Entrepreneur in Residence

  36. Uninterested Interested Involved Convinced Committed SALES PROCESS Customer Salesperson • Opening benefit • Investigate • Demonstrate • Obtain Commitment • Get Order Entrepreneur in Residence

  37. SALES ROLE-PLAYING • Demo in class • Role-play • Pair-up • 10 minutes • 5-7 minute pitch • 3-5 minutes of feedback • Switch – salesperson becomes customer • Feedback on: • Overall effectiveness • Probing questions • Listening • Enthusiasm Entrepreneur in Residence

  38. WRAP-UP • Who is this Erick Mueller bloke? • Marketing • Sales • Erick’s take on it • Wrap-up Entrepreneur in Residence

  39. MOVING FORWARD… • Next Friday: Funding Options • Contact me to meet: • Erick.Mueller@colorado.edu • Erick.Mueller@rmit.edu.au • Mobile: (04) 1765 4936 • Office: (03) 9925 1419, office 112.3.26 • Presentation & resources @ website: leeds.colorado.edu/faculty/muellee Entrepreneur in Residence

  40. “Choice, not chance, determines one’s destiny.” • --Unknown Entrepreneur in Residence

  41. RESOURCES • 1.            Brodsky, "The truth about selling," (http://www.inc.com/magazine/19960201/1543.html) INC Magazine, 1996. • 2.            Carroll, "The art of salesmanship is the absence of  salesmanship," (http://www.inc.com/articles/1998/06/15333.html) INC Magazine, 1998. • 3.            Stansell, "Hire a sales rep to peddle your wares," • (http://www.inc.com/articles/2000/07/20157.html) INC Magazine, 2000. Entrepreneur in Residence

  42. RESOURCES • 1.Susan Greco, "Marketing: 1+1+1 = The New Mass Market", Inc Magazine, Jan, 2003 (about White Wave, Boulder) (http://www.inc.com/magazine/20030101/25025.html) • 2.M. Dana Baldwin, "Marketing: A key to long-term success, Inc Magazine, April 3, 2002(http://www.inc.com/articles/2002/04/24065.html) • 3.Osborne, D.M., "Bootstrap Marketing: Taking on Proctor & Gamble" Inc Magazine, Oct. 2000 (http://www.inc.com/magazine/20001001/20439.html) Entrepreneur in Residence

  43. WIN PEOPLE TO YOUR THINKING • The only way to get the best of an argument is to avoid it. • Show respect for the other person's opinions. Never say, "You're wrong." • If you are wrong, admit it quickly and emphatically. • Begin in a friendly way. • Get the other person saying "yes, yes" immediately. • Let the other person do a great deal of the talking. • Let the other person feel that the idea is his or hers. • Try honestly to see things from the other person's point of view. • Be sympathetic with the other person's ideas and desires. • Appeal to the nobler motives. • Dramatize your ideas. • Throw down a challenge. Entrepreneur in Residence Dale Carnegie, How to Win Friends and Influence People, 1936

  44. 6 WAYS TO BE LIKED • Become genuinely interested in other people. • Smile. • Remember that a person's name is to that person the sweetest and most important sound in any language. • Be a good listener. Encourage others to talk about themselves. • Talk in terms of the other person's interests. • Make the other person feel important - and do it sincerely. Entrepreneur in Residence Dale Carnegie, How to Win Friends and Influence People, 1936

  45. WHAT IS SELLING? Entrepreneur in Residence

  46. WHAT IS SELLING? “Selling is a process, including a transaction that adds value to the buyer by meeting their needs and results in mutual benefit for the seller and buyer.” Contemporary Marketing Wired (1998) by Boone and Kurtz. Dryden Press Entrepreneur in Residence

  47. WHAT IS MARKETING? Entrepreneur in Residence

  48. WHAT IS MARKETING? • “MARKETING is a PROCESS that includes identifying unmet needs; producing products and services to meet those needs: and pricing, distributing, and promoting those products and services to produce a profit.” Contemporary Marketing Wired (1998) by Boone and Kurtz. Dryden Press Entrepreneur in Residence

  49. DIFFERENCE BETWEEN SALES & MARKETING? Entrepreneur in Residence

  50. DIFFERENCE BETWEEN SALES & MARKETING? • Both PROCESSES • Marketing focuses on the process and Sales focuses on the transaction Entrepreneur in Residence

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