Week One of my 8 week course on marketing for small business

1. Marketing for Small Business

2. ‘You cannot control you own future. Your destiny is not in your hands. It is in the hands of the irrational consumer and society. The changes in the needs, desires and demands will tell you where you must go. You must feel the pulse of change on a daily, continuous basis. Intense curiosity, observe events, analyse trends, seek the clues of change, And translate those clues into opportunities.’ Michael Karni

3. Week One Introduction What is Marketing? Why is Marketing important? Analysis of Historical Data Market Trends & Consumer Insights Competitor Analysis Establishing Business & Marketing Objectives Homework

4. Introduction Introduce Yourselves Name Business Business/Work History Family What Your Understanding Of Marketing Is? What Has Your Business Done When It Comes To Marketing? What are your objectives from this course? Something no-one knows about you

5. About Me 36 Born in Bromley, Kent Moved to Australia in 2003 Director of TwoCents Group - creative marketing & advertising agency Branding Graphic Design Marketing Consultancy Advertising Campaigns Social Media Previous jobs Marketing, branding and advertising Social networking

6. What is Marketing?

8. Price – determined by numerous things – market share, competition, costs, branding and customers perceived value

9. Place – distribution channels

10. Promotion – this is why we’re here!

11. People – all stakeholders

12. Process – the procedure by which the services are used

15. My definition Marketing is the process of communication between a brand or a company and all of its stakeholders.

16. Why is communication so important? Human beings have an in-built need to communicate. 1st Information Communication Revolution: pictographs, carved on stone, too heavy to move 2nd Information Communication Revolution: alphabets, paper, wax, uniform language across large distances; printing press 3rd Information Communication Revolution: information transferred through waves and electronic signals

18. Email Marketing Digital Networking Social Media Partners PR Advertising Internal Brand

19. Marketing Concepts Segmentation Targeting Positioning Needs Wants Demand Offerings Brands Value and satisfaction Exchange Transactions Relationships and networks Channels Supply Chain Competition Environment Marketing programs

20. Key Processes Indentify opportunity New Product Development Attracting customers Customer retention and loyalty building Order fulfillment

21. Core Marketing Principles The centre of all marketing planning are the customers, the competition and your suppliers. Apply segmentation to your market and go after the promising segmentation For each target market, research needs, perceptions, preferences and buying processes Win by carefully defining, creating and delivering a superior value promise.

22. Why is Marketing important? Marketing must play lead role in developing business strategy “A company has only two basic functions: innovation & marketing” – Peter Drucker Marketing senses people’s unfulfilled needs and creates new and attractive solutions – iTunes – in some circumstances, marketing senses needs that consumers haven’t even thought of as a need.

23. Analysis Of Historical Data To know where you’re going, look where you’ve been.

24. Market Trends & Consumer Insights Power has shifted from suppliers to consumers – why? What is your market worth? Is it increasing or decreasing? What is your share worth? Locally? Nationally? What is a trend? Local trends Megatrends Trend change is becoming faster – how do you stay on top of them? What is a consumer insight? Example: Golden age spending

25. Competitor Analysis Why analyse your competitors? Benchmarking Definition Direct & Indirect competitors SWOT Analysise

26. Establishing Business & Marketing Objectives What are your business objectives? What are your marketing objectives?

29. SWOT analysis of one competitorMarket Trends Consumer Insights

30. People trust 'real friends' for recommendations http://www.helphive.com/business-central/tag/customer-recommendations/

31. Week Two Review Market Research Brand Pillars Value Proposition & Brand Values Mission Statement Competitive Advantage Target Markets Bullseye Customers

32. Market Research What is market research? Organised effort to collect data about markets or customers, includes social or opinion research to gain insight to support decision-making. Why do market research? Gain Insight. Support Decision-Making. Save Money. What can you find out? Market information. Market segmentation. Market Trends. How? Risk analysis. Competitor analysis. Mystery Shoppers. Customer analysis. Product research. Other areas of note. Choice modeling. A/B testing. Advertising tracking.

33. Market Research Exercise Pick one business. What would be some of the useful data we could collect about that business? How would we collect it? What benefits would it make to us by knowing that information? What future decisions would benefit? List 10 questions we’d like to ask. What tools can we use for market research?

34. Market Research Tools for Market Research Printed questionnaires. Online surveys – www.SurveyMonkey.com Polls BizStats.com Economy.com One-to-one interviews Phone interviews

35. Why is a strong brand important? Multiple Reasons Value – brand value is vital Repeat Business Recommendations Better performing vs. competition Higher price Marketing becomes more effective What brands do you continue to engage with every day?

36. Brand Pillars What are brand pillars? Three (or four) core words (or very short phrases) that sum up your business. The words should be emotive and abstract, rather than static and specific. Why do I need brand pillars? Set the tone for the business. Builds a platform for future marketing. Helps communicate to staff and clients. How do I work out my brand pillars? Staff Workshop? Talk one-on-one to close customers. Avoid Generic words. Over-used phrases. Look for emotive words. Concepts rather than specifics. TwoCents Brand Pillars Ingenuity. Method. Perspective.

37. Brand Pillars Exercise If my business was a… Car Actor/ Actress Band My Business Item Of Clothing Holiday Destination City Piece Of Furniture Night Out

38. Value Proposition & Brand Values What is your value proposition? The quantifiable benefits that your organisation making an offer promise to deliver. These can often be referred to as brand values. Why do I need brand values? A stronger sense of what your organisation has/will offer to clients from goods to service How do I work out my brand values? Just list all the things you want your organisation to promise. Target More detail. Don’t be afraid to include ‘big’ promises. Evolving list.

39. Mission Statement What is a Mission Statement? Statement of objective, combining all your brand values into an easy to understand paragraph. Formal, written statement. Guide actions of organisation. What should it contain? Purpose/aim of organisation Details of primary stakeholders Responsibilities of the organisation to the stakeholders Products and services offered

40. Google Focus on the user and all else will follow It’s best to do one thing really, really well Fast is better than slow Democracy on the web works You don’t need to be at your desk to need an answer You can make money without doing evil There’s always more information out there The need for information crosses all borders You can be serious without the suit Great just isn’t good enough

41. Coca Cola The world is changing all around us. To continue to thrive as a business over the next ten years and beyond, we must look ahead, understand the trends and forces that will shape our business in the future and move swiftly to prepare for what's to come. We must get ready for tomorrow today. That's what our 2020 Vision is all about. It creates a long-term destination for our business and provides us with a "Roadmap" for winning together with our bottling partners. Read the rest: http://www.thecoca-colacompany.com/ourcompany/mission_vision_values.html

42. Competitive Advantage & USP What is your competitive advantage? The ability gained through attributes and resources to perform at a higher level than others in the same industry or market. 1 What is a Unique Selling Point/Proposition? Factors about a particular brand that encourages consumers to switch choice. What’s the difference between the two? Unique selling points might not necessarily deliver you a competitive advantage. Uniqueness isn’t necessarily a selling point. A competitive advantage genuinely gives you and advantage over a competitor – hence the name! Source: Christensen and Fahey 1984, Kay 1994, Porter 1980

43. CA and USP examples What are the competitive advantages and USPs of the following brands? Gillette The Best A Man Can Get Michael Jackson The King Of Pop Bunnings Lowest Prices Are Just The Beginning Heineken Keg Kelloggs Crunchy Nut Irresistibly tasty

44. Target Markets Why is it important to understand your target markets? A well-defined target market is one of the first elements of a marketing strategy. How to define your target markets? Geographics – where are they? Demographic/socio-economic – who are they? Gender, age, income, occupation, sexual orientation, household size, stage in family life cycle. Psychographic – they’re attitude Attitudes, values, lifestyles Behavioral Occasions, degrees of loyalty Product-Related Segmentation Relationship to a product Media Consumption

45. Target A Age Demographic Psychographic Target B Age Demographic Psychographic Who are the most valuable customers? Who spend the most every week? Who spend more in single purchases? Who re-visit the business the most? Who are the most profitable? Who are the easiest to attract? Who are the most loyal? Target C Age Demographic Psychographic Target D Age Demographic Psychographic

48. If my business was a…Target Markets Define your core target market