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Small Business Marketing

Transcript: Building Customer Relationships Customer Profile Customer Relationship Management & Technology 2. Support Services Forecasting Process 1. Marketing Decisions 2. Promotional Decisions 3. Distribution Decisions 4. Pricing Decisions Marketing Mix Customer Relationship Management 2. Estimated demand is added up and an estimate on market share is applied 3. A market must contain buying units with unsatisfied needs Small Business Marketing Marketing Strategy Chapter 6 Limitations Limited Entrepreneurial Experience Ingredients of a Market An Evaluation process that encompasses market segmentation, marketing research, and sales forecasting. Sales Forecasting 1. Gather News Information 2. Refer to Data 3. Identify Leaders in the industry 4.Gather Information on trends 5.Research Individual competitors 6.Competitive matrix 7.Enhancing Characteristics A small business can be successful only if an adequate market exists for its product or service. 2. Customers in a market must have purchasing power Describing Small Business 3. Systems to counteract bad experiences Primary & Secondary Data Benefits Poor Understanding of Forecasting Techniques This will allow a clear picture of exactly how a company is intends on reaching its customers, and will be very crucial for possible investors. The elements of a business's marketing that are designed to meet the needs of its customers. The four elements are often called the 4 'Ps' - price, product, promotion and place. Market Analysis New Ventures An estimation of how much of a product or service will be purchased within a market during a defined time period New Type of Product or Technology The Formal Marketing Plan 1. Providing benefits & elements of your product/ and or service. Geographic Variables Psychographic variables Determining target market potential through a detailed analysis of the industry, competition, and potential customers Benefit Variables Personal statistics that include such information as income level, gender, educational level, location, ethnicity, race, and family size. For example, the marketing department of a business might use demographic variables as an important input when formulating target customer profiles. Variables related to how people think and behave. Defining a location by its location, size, or extent. The geographic variables help narrow down your target market and the geographic region you should market to. The parameters used to distinguish one form of market behaviour from another There are four broad sets of segmentation variables, which represent the major areas of a market. These variables include benefit, geographic, demographic and psychographic variables. Customer Satisfaction Target Market Preparing, communicating, and delivering a bundle of satisfaction to the target market Buildup Process: Demographics Analyzing & Evaluating your competition The Market Breakdown Process: A strategy to learn more about your customers needs and behaviours, resulting in stronger relationships 1. A market must have buying units or customers Competition Marketing & methods of forecasting sales Segmentation Variables 1. All potential buyers in the various sub markets are identified 4. Delivering extraordinary services Specific characteristics that distinguish market segments according to the benefits sought by customers Components of a formal marketing plan Estimating Marketing Potential Customer Satisfaction Company-wide business strategy designed to increase profits and customer satisfaction by focusing on highly defined and precise customer groups. Technology & Customer Relationship Management . Identifying a target market Small Business Marketing Begins with a larger scope variable and works down to the sales forecast Customer Relationship Management

Marketing - Small Business

Transcript: SHELTON ANSLEY Digital Marketing and Public Relations for Today's Entrepreneur KENTUCY INNOVATION NETWORK - LONDON OFFICE Why Facebook Pages 1. Increased exposure to customers - 1.9 Billion 2. Lead generator - Contests, giveaways, newsletters 3. Cheap Marketing 4. Facebook Insights - Good Analytics 5. Build Brand Loyalty 6. Increase Your Web Traffic 7. Easy to be Mobile Ready 8. Reach a Targeted Audience through Ads Why Facebook Pages Top Benefits Facebook Pages Facebook Pages 1. Click: Create a Page 2. Give it a Name & Blurb about your business 3. Choose a profile photo (logo) and cover photo (store, product, etc.) 4. Option: Call-to-action button. Contact through messenger, shop, start food order, or book a service 5. Publish page when complete 6. Start posting BEFORE promoting it 7. Turn on Messenger to connect with customers 8. Use Insights to see how customers engage with your page How to set it up: Why Facebook Ads Facebook Ads 1. Organic reach continues to be reduced: New focus on "meaningful social interactions". 2. Medium for video ads - HOT! 3. Minimal investment 4. Targeted audience Top Benefits: Facebook & Instagram Ads 1. Choose your marketing objective: 3 Categories - 11 Options Awareness, Consideration, Conversions 2. Select your audience 3. Decide where to run ad 4. Set your budget 5. Pick your format 6. Place your order 7. Measure then manage ad Facebook & Instagram Ads How to set it up: Why Instagram for Business Why Instagram for Business Top Benefits 1. 25+ Million business profiles worldwide 2. 33% of the most viewed stories are from businesses 3. 200 Million users visit 1+ business profile daily 4. 80% of Instagramers follow a Business 5. 30% purchased a product discovered on Instagram 6. Maximized for mobile 7. 59% of 18-29 Y.O. use Instagram 8. Realtime metrics 9. It's where the people are at Instagram for Business Instagram for Business How to set it up: 1. Go to your profile and tap . 2. Tap Switch to Business Profile. 3. Select the Facebook Page you'd like to associate with your Business Profile. 4. Set profile to Public. Private accounts can't switch to Business Accounts. 5. Review your business's contact information, make any changes and tap done. Instagram Hashtags (#) Instagram Hashtags (#) Tips: 1. Posts with at least one hashtag average 12.6 percent more engagement 2. Numbers are allowed in hashtags. Spaces and special characters (@ * %) are not 3. You can only tag your own posts. You can't tag other people's photos/videos. 4. You can use up to 30 tags on a post. More than 30 tags and comment won't post. (Word on the street: #shadowban: Too many hashtags will decrease your views.) New value on "tight" hashtags that are not "spamish" 5. Check out what hashtags your competitors are using. 6. Use hashtags that influential people in your industry are using. 7. Double check to make sure that hashtag means what you think it means 8. DO NOT USE: #followme, #like4like, #follow4follow, #tagsforlikes, etc. 9. Try: #tbt, #fbf, #ManicMonday, #WisdomWednesday, #FridayFunday, #nofilter An Instagram hashtag is a word or phrase comprised of letters, numbers, and/or emoji preceded by what was once referred to as the pound symbol (#). Instagram Stories Instagram Stories Benefits: 1. Behind-the-scenes content 2. A potential way to beat the algorithm 3. Takeovers 4. Opportunity for 1:1 communication 5. Live, timely content New Feature: 1. Highlights: Extremely valuable addition to Instagram business profile, because it allows brands to easily curate and showcase the content they want users to see first. Websites & Blogs Be the Authority Be the Authority Margaret River Discovery Co. 1. Sean is the go to guy for info on events and tourism infomation in Western Australia. 2. #1 of 15 Ranking by TripAdvisor for Tours in Margaret River 3. Publishes across multiple channels. Stop, Collaborate and Listen! Stop, Collaborate and Listen! Apple + Nike 1. Imitate co-branding model 2. One brand+ One brand (can) = One AMAZING EXPERIENCE 3. Boost awareness 4. Break into new markets Public Relations FAM Tour FAM(iliarization) Tour 1. Traditional media: newspapers, tv and magazines 2. Online: blogs, videos, podcasters, influencers 3. Group tour organizers 4. Domestic and Foreign Set High Goals Make Friends in High Places 1. Organic relationships matter. 2. National Geographic & Florida State Parks - Started with Ad in National Geographic Traveler Magazine. 3. Collaborated on joint project: World Famous National Geographic Map - Suwannee River Wilderness Trail & Dedicated online section for 2+ years on

Small Business Marketing

Transcript: Revive Your Efforts Content Marketing You don't have to be on every social network, but do a kick-ass job on the ones you are on. Make sure your website projects the professionalism and the message that is a true representation of your business. Use compelling and engaging copy online. Set up alerts so that you know when consumers are talking about you or looking for your product or service. Write, write and write some more. Successful Small Business Tips A 7-Step Process Brainstorm the Big Idea Review it Thoroughly Enhance the Concept Push the Idea Further Design is Key Print it Well Distribute it Creatively Top 10 Points of Influence Marketing Basics Product Marketing Value of a Referral Program Take a look at your marketing message, how are you competing? Do you provide services to residential customers? Stay in touch with customers on a consistent basis. Position your business as an expert in your industry. Lead Q&A webcasts inviting consumers to join you and ask questions. Be consistent. Content isn't just text. Don't judge the success metrics of your content until you've spent a year building content. Write as if you are having a conversation Spend most of your time on evergreen content Demographic bases Geographic bases Behavior bases Psychographic bases Market Segmentation Online & Digital Marketing Rules for Small Business Success Business Card Search Engine Marketing Interactive Marketing Make It Easy on the Eyes Use Vivacious Visuals Close the Sale Be Easy to Find Give Your Brochure Longevity First Steps Four different ways: Acquiring more customers Persuading each customer to buy more products Persuading each customer to buy more expensive products or up selling each customer Persuading each customer to buy more profitable products Local Marketing Strategies Importance of referral marketing How to make the referral program good: Make it worth your customers time Be creative, be generous, and be reliable Make sure what you offer has value to your customers Promotional plan for your referral program Know your market. Use social sites Product Evaluate your marketing channels collect reviews and ratings on your product Participate in LinkedIn Groups Don't forget the 80/20 rule Ask for referrals. Measure your marketing When stuck sit down with a notepad or idea journal. Powerful Printed Brochure General Marketing Service Marketing Target Be Different Build a Team Be Fast Say Thank You Be Consistent Smile Fanatical Optimism Sell Soft Leave You Comfort Zone Small Business Marketing Thank You Good Flyers Marketing Types Marketing continue to evolve, and we are being introduced to new types of marketing strategies every year. Video Marketing Data Driven Marketing Email Marketing Personalized Marketing Social Media Engagement Marketing Influencer Marketing Cross Device Marketing add logo here

Small Business Marketing

Transcript: The Truths that will set you Free! Why “Marketing” doesn’t work Traditional marketing is for big business Advertising and media are out to win awards Build brand, get name out there, top of mind Millions and TIME Can’t be measured and they love it 7 Rules 1. Lead nurturing may be more important than lead generation 2. Customer buying habits and motivations are still a mystery to most of us 3. Content is the new currency that drives customer and sales acceleration 4. Current customers can’t be neglected any longer 5. Social media is required to have a positive ROI (and we have the tools to prove it) 6. Sales, marketing and customer support need to tell the same story to be effective 7. Some old school marketing still works 7.5. If you are B to C local must have mobile/places What matters most? PRODUCT? It’s often assumed that the highest-quality and best product wins. Not true. What’s the No. 1 restaurant in the world? McDonald’s. What’s the No. 1 wine? Franzia (the stuff that comes in a box!). MANAGEMENT? The next assumption is that management makes the competitive difference. Countless “dream teams” have failed miserably (think Enron, the movie Oceans 12 and the 2004 Olympic basketball team, comprising nothing but NBA stars, ending up third, losing to Lithuania. Ouch.).MARGINS?Certainly your accountant and CFO would wish for the highest margins. Tell’em margins don’t matter at all if the product never sells. “The use of focused, relevant, frequent communications to effectively and efficiently get people with similar needs, wants, pains and fears to know, like, and trust you.” Attract the right Ideal Prospect Repel the wrong prospects What are your company’s revenue goals over the next 12 months? Break it down further Leads, conversion, new net accounts, etc. Goals (Clarity) = Actions (Focus) = Execution Marketing Is: “We are all trying as hard as we can – so why not try different?” Marketing Lies MARGINS? Certainly your accountant and CFO would wish for the highest margins. Tell’em margins don’t matter at all if the product never sells. Seth Godin More Lies Person who knows how to get, keep and cultivate a customer gets paid the most. Period. Ultimately, like it or not, the one thing that matters most in determining whether your business succeeds or fails miserably is marketing. “Fast, gigantic leaps come from only one place: sales and marketing.”- Dan Kennedy If you want to be the best in the world, make your world smaller” Seth Godin Who is the exact target market that will purchase your products and services? (Ideal Customer) Lies about Marketing Good Customer Service Quality Reputation Good Results Our Employees Knowledgeable Staff Consistent Management Responsiveness Innovativeness Trust “To grow I need to expand my “market” “More cold calling” “I can’t afford to do more marketing” “Business is down because the phone isn’t ringing” “Lower prices will boost my business” “Everyone buys on price” Tablestakes “I just need to get my name out there” “It is all about frequency” “ All I need a Superstar Salesperson “ “Marketing costs too much” “There is no way to know if it is working” “I tried that and it didn’t work” “My market is different” “ All I need is more leads” Marketing/Sales We have to start with goals? What needs, wants and fears/pains does your “Ideal Customer” have when they purchase products/services like yours? What solutions does your company provide to cure the pains? How are your solutions remarkable enough to start a buzz and set you apart from your competitors? What is your Differentiator?

Small Business Marketing

Transcript: Zoom out for more assets Asset library Giving people what they want Greenville Daily Photo, 2019 SCSSAPICS, 2008 Chi Dat, Truong, 2007 Cost Effective 1. Sponsoring posts on social media 2. Buying items for a giveaway Dmihnea, 2006 Social Media Marketing Customer Interaction In this presentation Jazmin Gallardo 1 09/05/2023 Cost effective 2 Establish branding Brock, Adam (2006) Rose, Arneta (2023) Cost Effective Reach target audience 3 Establish branding Reach target audience References Greenville Daily Photo. (2019). Construction [Photograph]. Flickr. SCSSAPICS. (2008). Business Team [Photograph]. Flickr. Chi Dat, Truong. (2007). Brand Recognition [Photograph]. Flickr. Dmihnea. (2006). Share [Photograph]. Flickr. Rose, Arneta. (2023). Social Media Management [Photograph]. Flickr. Brock, Adam. (2006). Network [Photograph]. Flickr. Upadhyay, Y., et al. (2022). Effect of online social media marketing efforts on customer response. Journal of Consumer Behavior, 21(3). Chiang, I-Ping., et al. (2019). Exploring the Benefits of Social Media Marketing for Brands and Communities. International Journal of Electronic Commerce Studies, 10(2), 113–140. Hecker, M. (2015). Strengthen your business with social media.

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