Grow Your Business! Marketing Essentials to Attract More Customers

1. Grow Your Business!Marketing Essentials to Attract More Customers

2. The SCORE Foundation would like to thank for showing their support of America’s small businesses by sponsoring this series. The content provided in the Grow Your Business! materials is intended as a business resource only and does not guarantee a successful outcome when applied to individual business use. To find additional resources on growing your business, visit www.score.org and www.openforum.com

3. A Special Thanks to Our Local Sponsors

4. Classroom Safety – Argosy U Emergency Exits Restrooms Please do not wander around the building! You are HERE

5. Classroom Safety–ComCenter Emergency Exits Restrooms Please do not wander around the building! You are HERE

6. About SCORE • Successful and experienced business owners and executives acting as volunteers • Free ongoing mentoring: • One-on-one • E-mail • Signup on our website – Mentoring Tab • Seminars and workshops • Resources for small business: manasota.score.org Douglas S. Cavanaugh

7. Assessing Your Business The SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgw It will help you assess the current state of your business in 5 key areas: • Management • Marketing • Sales • Finance • Operations Review with your mentor to help you: Decide what additional workshops to attend Develop a customized business improvement plan

8. Workshops - Business Focus Areas Customers – Impacted by All Functions in Your Business Marketing Essentials to Attract More Customers Marketing Focus on Customers to Increase Your Sales Sales Customer Service Service Delivery Improve Your Services and Gain Productivity Distribution Purchasing / Manufacturing Finance Find Ways to Improve Cash Flow and Profits Business Owners / Management - responsible for Business Performance

9. During this workshop we will discuss: • Identifying your marketing goals • Evaluating your marketing options • Effective advertising methods • Using social media • Online marketing methods • Public relations strategies • Using event marketing • Using cause marketing • Retaining customers Marta E. Maxwell 9

10. Let’s Get Started Briefly tell us about you: • Your name • Your business (30 second “elevator” speech) • Do you already have a SCORE mentor? • What you hope to achieve during and after this workshop Katrina Markoff 10

11. Marketing 11

12. Marketing What is Marketing? The 4P’s Product / Service Pricing Promotion Place (Distribution) Marketing Examples / Functions Market Research Merchandising Advertising Product Planning Sales Promotion Public Relations Karen Bevels 12

13. Marketing Today, think about . . . Where does your business stand today? Where you need to take it? How do you get there? . . . as we go through the workshop Karen Bevels 13

14. Identify Your Marketing Goals 14

15. Identify Your Marketing Goals Have Your Business Needs Changed? • Target customers • Existing customers • New customers • Product or service mix • Pricing approach • Promotion Success • Budget • Sales channels Karen Bevels 15

16. Market Research Understand your target market • Size • Income level (for consumers) • Sales - Business to Business (B2B) and Business to Consumer (B2C) • Purchasing habits • Demographics • Purchasing channels • Geographic locations • Industry / Geo-Political Trends Surendra N. Kumar, Ph.D. 16

17. Market Data Sources Industry analysis using the NAICS number to find info about your business segment (North American Industry Classification System) • Website searches • Customer surveys SurveyMonkey.com, Zoomerang.com • Social media Facebook, LinkedIn, Twitter, YouTube….. • Focus groups • Personal Contacts 17

18. Market Data Sources • Trade associations • Census data - to extrapolate information • American FactFinder (http://factfinder.census.gov) • EconomicIndicators.gov • Fedstats.gov • National Bureau of Economic Research (www.nber.org) • Harris Infosource (www.harrisinfo.com) • Hoover’s (www.hoovers.com) • ThomasNet (www.thomasnet.com) • Public Library 18

19. Understanding Market Share • Measured by dollars, units or percentage • Monitor market share regularly • Adjust marketing strategy accordingly 19

20. Pricing Decision Approaches You can vary prices in accordance with the market’s expectations to achieve your profit goals Where do you stand now? Market – Premium – Discount Do you have changes in your costs? Do you have pricing power? Do you have alternatives? – packaging, features, services, etc 20

21. Is Your Brand Clear? Branding is not the same as marketing. Branding is the image, logo and positioning of the product or service. Three steps to brand creation: • Identify unique selling proposition (differentiation) • Understand target market • Communicate brand consistently Douglas S. Cavanaugh 21

22. Competitive Analysis Analyze the marketing methods or strategies used by your competition. What is working for you and what is not? Would similar methods work for you? Are there niche openings to exploit? 22

23. Exercise 1 – Target Market Assessment / Goals Use the Worksheet in your folder. Fill in your EXISTING target market and then potential NEW target markets you might pursue for growth Fill-in your thoughts about pros and cons of each area list below: Customer Demographics Customer Location(s) Customer Spending Habits / Behaviors Distribution Channel 10 minutes to work and 10 minutes to discuss 23 23

24. Exercise 1 – Target Market Assessment / Goals 10 minutes to work and 10 minutes to discuss 24 24

25. Your Marketing Options 25

26. Is the Strategy Right for You? Not every marketing strategy is right for every business When evaluating the options, ask: • Will this help achieve my goals? • Will this reach my target customers? • Does this fit my budget? • Do I have adequate staff to implement? 26

27. Your Marketing Mix Options Promotion Topics: Advertising Online Marketing Social Media Public Relations Event Marketing Cause Marketing Marie Seipenko 27

28. Advertising 28

29. Advertising What are the desired outcomes of advertising? • Builds awareness • Product / Service information • Helps customers find you • Builds credibility • Drives sales 29

30. Traditional Advertising Options • Print (newspapers, magazines, community publications) • Radio • TV • Direct mail (postcards, letters) Erma Kubin-Clanin & Dr. Rene Clanin 30

31. Online Advertising Options Every business should have a web presence • Web pages • Link exchanges • E-mail newsletter advertising • Pay-per-click (PPC) • Banner ads Web marketing options continue to evolve 31

32. Online Marketing 32

33. Benefits of a Business Website If you don’t have a web presence, you need one! • Online company / product information • Customer service • Additional sales channel • National / global reach • E-commerce capability 33

34. Developing an Effective Website 34

35. Elements of Your Website • Domain name or URL (www.yourbusiness.com) • Web hosting service • Business goals for your website • Website design • Company email addresses (xxxx@yourbusiness.com) Company and employees Gmail, Yahoo, or AOL email addresses do not convey a “business” message Many providers offer package options that include everything: GoDaddy.com IMSMB.com NetworkSolutions.com Web.com Hosting24.com 35

36. Principles of Web Design • User-focused • Simple to navigate • Direct users to take action • Privacy Policy • Consistent with your marketing message John Christakos, Maurice Blanks & Charlie Lazor 36

37. Search Engine Optimization (SEO) SEO = driving traffic to your site via organic search results • Create quality content • Use targeted keywords • Measure results Dr. Lynn McMahan 37

38. Web Analytics Web analytics can measure: • Number of visitors • Average visit length • Most popular site entry pages • Where users come from (sites or search engine phrases) • Conversion rates Use analytics to determine if your site is achieving your goals Google and Bing offer free analytics 38

39. E-mail Marketing Ways to get e-mail addresses: • Opt in • Sign up in-store • Offer incentives • Barter or buy lists E-mail examples: • Newsletter (monthly, weekly, daily) • Sales or specials: Weekly or as needed • Announcements • Event invitations Rupa Bihani Shah 39

40. Legal Issues of E-mail Visit the FTC website (www.ftc.gov/spam) for information and resources on legal issues 40

41. Mobile Marketing Mobile marketing = using cell phones and other mobile devices to market to customers • More than 20 percent cell phones are smartphones** and the percentage is growing • Good for local businesses • Reach customers on the move **Source: ComScore Joe Jackson 41

42. Mobile Marketing Methods • SMS or MMS marketing • Mobile banner advertising • Mobile local search – geo location • Mobile apps • Mobile paid search Is your website mobile-friendly? Check at www.mobiReady.com 42

43. Social Media Marketing 43

44. Social Media and Your Business Social media facts: Fastest-growing communication technology among consumers and business users Projected 3.6 billion users by 2014**Source: Radicati Group Doug Zell 44

45. Marketing With Facebook Users: • Biggest social network (over 500 million users) • Wide age range • Majority women Good for: • Consumer businesses • Products that inspire “fans” • Building community • Targeted ads 45

46. Marketing With LinkedIn Users: • Professionals • Focused more on individuals, less on companies Good for: • Business-to-business (B2B) contacts • User groups for market intelligence • Getting known as an expert • Prospecting for customers or employees 46

47. Marketing With Twitter Users: • 8 percent of U.S. Internet users* • Young, affluent, urban • Influencers Good for: • B2B and B2C • Timely news/deals • Mobile users • Brand building • Promotions *Source: Pew Internet and American Life Project Social Media Marketing 47

48. Online Ratings and Reviews Sites to Get Started Bing Local CitySearch Google Places Insider Pages Local.com Merchant Circle RatePoint.com Yahoo! Local Yelp! Claim your listing and optimize it with: • Photos • Description of business • Maps/directions • Coupons/special offers • Tracking/analytics David Lomakin 48

49. Group Site Deals Group Site Deals • Groupon • LivingSocial • SocialBuy • Local sites in your community 49

50. Social Media Time Commitment • Decide if social media, is appropriate, and which one(s) • Time requirements ! ! ! • Management of updates – current and timely is better • Frequent changes required • Learning curve for effective use 50