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Target Marketing “Sell more stuff to more people more often”

Target Marketing “Sell more stuff to more people more often”. - Jeff Bliss, The GWU School of Business/The Javelin Group -Roy Turner, Board Retailers Association. Agenda. Take-away Market Overview Market Impact/Challenge Target Consumer Target Marketing Strategies

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Target Marketing “Sell more stuff to more people more often”

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  1. Target Marketing“Sell more stuff to more people more often” -Jeff Bliss, The GWU School of Business/The Javelin Group -Roy Turner, Board Retailers Association

  2. Agenda • Take-away • Market Overview • Market Impact/Challenge • Target Consumer • Target Marketing Strategies • Target Marketing Tactics • Summary

  3. The GWU/SIA Program • What: • A series of certificate courses focused on helping winter sports retailers and suppliers grow their business. • Includes Retail Marketing, Retail Financial Management, Target Marketing and guerilla Marketing • Where: • Both in classroom and on-line offerings

  4. Take-Away/Objective • At least one “Ah ha!” • One target marketing concept that you will execute this year to make your businessmore profitable

  5. Market Overview • Accelerating changes • Economy/global events • Changing consumers • Consolidation • Stagnant industry growth • Value equation

  6. Consumer Spending

  7. Spending Trends

  8. Industry • Consolidation Bifurcation • Retailer =direct sourcing • Supplier =direct selling • Giant vs. Specialty • 80/20 Rule • Price vs. value • Narrow/deep vs. Broad/shallow • Share vs. margin • All vs. Segment

  9. Challenge Who are you?

  10. Consumers Who are they?

  11. Consumers

  12. Target Consumer Who do we want?

  13. Target Marketing • What is it? • Focusing your limited resources on your most profitable customers • Objective: • Become the “trusted authority”

  14. Target Marketing Strategies Focus: • Consumer-centric • Products/Brands • Resources • Service • Differentiated positioning “Nobody can beat you on the relationship you have with your customers”. - Wally Bock, retail consultant

  15. Target Marketing Tactics • Product/Service • Price/Value • Place/Distribution • Promotion/Advertising • Public Relations/Media

  16. Product/Service • Exclusives • New Suppliers • Technical • Service/Maintenance • Education/Instruction

  17. Price • Perceived Value • Exclusives • Add Value vs. Discounting • Upsell • Margin vs. share

  18. Place • In-store • Off-site • Community Events • Schools • On-mountain • Online

  19. Promotion • Targeted Advertising • Customer knowledge systems • Partnerships • Community activities • Strategic use of public relations • Promotional events • Recognize your best customers • Jack Stanyon, President of EDGE

  20. Advertising • Traditional print media • Newspapers • Magazines • Newsletters • Trade publications • Direct mail • Electronic media outlets • Radio • TV • Cable • Internet • Mobile • Outdoor • Billboards, signage

  21. Advertising • Targeted Media • Efficiency • Effectiveness • Competitive clutter • Partnerships • Targeted Message • Target Consumer’s Needs • Support store’s differentiated positioning • Be consistent!

  22. Public Relations vs. Advertising • Advertising: • purchase of media to communicate to a target audience • Public relations: • use of media to inform and persuade target markets • Major difference: • PR is non-paid and non-controllable

  23. PR=Media & Community • Media Relations: • Shape favorable opinion via the mass media • Community Relations: • Deliver outreach programs to enhance public understanding and support

  24. Local Public Relations • Public Relations programs • Local media resource

  25. Cause Marketing • “(A) strategic positioning and marketing tool that links a company or brand to a relevant social cause or issue for mutual benefit.” (Brand Spirit, How Cause Related Marketing Builds Brands, 1999)

  26. Cause & Effect • $1B in 2004 (IEG) • 70 percent of consumers are influenced by citizenship record • 56 percent of consumers said they would likely stop doing business • 81% of consumers would likely switch brands • Influence that customer’s perception and buying behavior

  27. Local Cause Marketing • Examples: • SIA Winter Feels Good • Ski Skoot Scholars/B&G Clubs

  28. Measure • Regularly measure the impact of your plan • Survey your key customers and prospects • Adjust accordingly • Measure again

  29. Summary • Find a viable niche • Develop ongoing relationships with your most profitable customers • Develop/execute target marketing plan • Measure; measure again • Revise your plan accordingly What is your “Ah ha”?

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