![Page 1: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/1.jpg)
Understanding the Market and Your Place in It
4755 Kingsway Drive, Suite 314Indianapolis, IN 46205
Phone: 317.917.3266 | Fax: 317.916.8921Email: [email protected]
www.businessownership.org
![Page 2: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/2.jpg)
Presented by:
Kim J. BrandPresident, Computer Experts, Inc.
CEO/Founder, FileEnginePhone: 317.833-3000
Email: [email protected]
“Computer Repair Indianapolis” or “FileEngine” or
“Kim Brand” + Indianapolis
Jeff BowePresident & Chief Sales Strategist ACTUM Group, Inc.Author of INFOCUS Selling™Phone: 317.577/3750Email: [email protected]
“INFOCUS Selling” or “Jeff Bowe” + Indianapolis
![Page 3: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/3.jpg)
Agenda
The market is like a rock
(Just some of) the problems
What is your Marketing Objective? - Key Questions
The Marketing Mix – Four Ps of Marketing
Product – Place – Price – Promotion
Marketing facts (you need to know)
Learning what is selling
Combining and Coordinating Selling with your Marketing
Homework / Next Steps
Resources
![Page 4: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/4.jpg)
Quick Quiz #1
Marketing is how you tell prospective customers about your product? True/False
![Page 5: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/5.jpg)
Quick Quiz #1
Marketing is how you tell prospective customers about your product? True/False
Selling involves a lot of presentations and convincing prospects why you are the best solution? True/False
![Page 6: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/6.jpg)
Sales & Marketing
Marketing is about The Masses Sales is about The Singles Must be Sending and Receiving A Continuous Feedback Loop
Send Out Messages &
Analyze Feedback
Meet With Prospects &
Collect Feedback
![Page 7: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/7.jpg)
The ‘Market’ is like a rock
![Page 8: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/8.jpg)
A big rock
![Page 9: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/9.jpg)
But much harder to move ;(
![Page 10: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/10.jpg)
Your objective is to move the rock
![Page 11: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/11.jpg)
(Just some of) The Problems
You have a wonderful product or service but nobody knows Buying habits of your customers don't include you You have no reputation You have no money You've never 'marketed' a product or service like this before
(You may have sold them before, but marketing is different) Competitors Most of what you know is wrong (which leads to mistakes &
wasted time & money - but adds to experience ;) The rules, once you figure them out, change - and usually
not in your favor
![Page 12: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/12.jpg)
What is your marketing objective?
Create Awareness Communicate Outrageous Value Create Urgency
![Page 13: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/13.jpg)
What is your marketing objective?
Create Awareness Communicate Outrageous Value Create Urgency
…but wait, there’s more !!
![Page 14: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/14.jpg)
Your First (Natural) Marketing Challenge
Keeping your message… Short
![Page 15: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/15.jpg)
Your First (Natural) Marketing Challenge
Keeping your message… Short Simple
![Page 16: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/16.jpg)
Your First (Natural) Marketing Challenge
Keeping your message… Short Simple Selfish
![Page 17: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/17.jpg)
The Sales Process
Old Definition: Always Be Closing
![Page 18: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/18.jpg)
The Sales Process
Old Definition: Always Be Closing Seller Focused
![Page 19: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/19.jpg)
The Sales Process
Old Definition: Always Be Closing Seller Focused Transaction Focused (* You Tube video)
![Page 20: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/20.jpg)
The Sales Process
Old Definition: Always Be Closing Seller Focused Transaction Focused (* You Tube video) How do YOU like to Buy?
![Page 21: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/21.jpg)
The Sales Process
Old Definition: Always Be Closing Seller Focused Transaction Focused (* You Tube video) How do YOU like to Buy?
New Definition: Always Build Commitment
![Page 22: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/22.jpg)
The Sales Process
Old Definition: Always Be Closing Seller Focused Transaction Focused (* You Tube video) How do YOU like to Buy?
New Definition: Always Build Commitment Relationship Focused
![Page 23: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/23.jpg)
The Buying-Selling Process
Build Rapport & Relationship
Connection & Project
DevelopmentCommitment
![Page 24: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/24.jpg)
Key Questions
What are you selling?
![Page 25: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/25.jpg)
Key Questions
What are you selling? Who are your competition?
![Page 26: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/26.jpg)
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
![Page 27: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/27.jpg)
Key Questions: The Core of Selling
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Lack of awareness
![Page 28: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/28.jpg)
Key Questions: The Core of Selling
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Lack of awareness, Doing nothing
![Page 29: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/29.jpg)
Key Questions: The Core of Selling
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Lack of awareness, Doing nothing, Buying habits
![Page 30: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/30.jpg)
Key Questions: The Core of Selling
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Lack of awareness, Doing nothing, Buying habits, Bad experiences,
![Page 31: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/31.jpg)
Key Questions: The Core of Selling
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough”
![Page 32: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/32.jpg)
Key Questions: The Core of Selling
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough,” and LACK OF AWARENESS
![Page 33: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/33.jpg)
Your Business in One Sentence Focus Results Ask Magical Energetic …and practice, practice, practice
![Page 34: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/34.jpg)
Quick Quiz #2
The first thing to do when meeting a prospect is… A) Find out if the person is the decision maker B) Find out his or her budget to make sure you
are not wasting time C) Look for common ground to build a
relationship D) Pull out your marketing material so it is
ready to show
![Page 35: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/35.jpg)
Quick Quiz #2
In marketing, your competition… A) Dictates your maximum price B) Can be mostly ignored when you are a
better salesperson C) Detracts from your message D) Is your enemy
![Page 36: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/36.jpg)
The Marketing Mix
The Four ‘P’s of Marketing
What you sell, the Product
Where/How you sell it, the Place
The Price you sell it for
How you get attention: Promotion
Source: http://www.netmba.com/marketing/mix/
![Page 37: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/37.jpg)
The Four Ps of Marketing
![Page 38: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/38.jpg)
What is your Product or Service? – Really!!
Your BRAND – your promise to deliver Your MESSAGE – how you describe it . . .
You only have 13 words Your POSITION – How do your customers
view your product or service in the field of all other products and services? How will you be compared and described?
What is the PAIN your product or service relieves?
![Page 39: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/39.jpg)
Where is your ‘Place’?
Locality: Lemonade stand, Neighborhood? Side of town, City, Region? State, Country, Planet?
Distribution system: Direct, Indirect, Multi-Level Retail, Wholesale, Discount Storefront, Web-store, corner bar, catalog
![Page 40: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/40.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc.
![Page 41: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/41.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Surprisingly: The narrower the better!
![Page 42: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/42.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Remember: The narrower the better!
Size
![Page 43: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/43.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Remember: The narrower the better!
Size Can you scale or must you enter large?
![Page 44: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/44.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Remember: The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors
![Page 45: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/45.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Remember: The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses
![Page 46: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/46.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Remember: The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new)
![Page 47: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/47.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a
product, age, family status, income, taste, race, etc. Remember: The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new) What is the potential–share you want/need?
![Page 48: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/48.jpg)
Quick Quiz #3
When setting price, first… A) Look at your cost and determine your profit
margin B) Look at your competition so you can go just
under their price C) Know how much money your offering
saves your customer D) Start with a low price to build volume
![Page 49: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/49.jpg)
Quick Quiz #3
In marketing, you want your target market to be… A) As big as possible for maximum volume B) Hard to define C) Narrow D) Growing
![Page 50: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/50.jpg)
Pricing & Terms
Are you better? (Can you charge more?)
![Page 51: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/51.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you?
![Page 52: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/52.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability)
![Page 53: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/53.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?
Price elasticity
![Page 54: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/54.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?
Price elasticity Can you afford discounts?
Salesmen, specials, combinations, spiffs/referrals
![Page 55: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/55.jpg)
Pricing & Terms (Differentiation) Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?
Price elasticity Can you afford less?
Salesmen, specials, combinations, spiffs/referrals Can you value price upgrades?
![Page 56: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/56.jpg)
Promotion
Superbowl advertising = $3M for 30 seconds
![Page 57: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/57.jpg)
Promotion
Superbowl advertising = $3M for 30 seconds
PROBABLY NOT IN YOUR BUDGET – YET!
![Page 58: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/58.jpg)
Promotion
What is your promotion Budget?
![Page 59: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/59.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
![Page 60: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/60.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling Networking, Associations, Groups
Where do your competitors advertise?
![Page 61: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/61.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise? Advertising Specialties: Pens, Shirts, SWAG
![Page 62: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/62.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise? Advertising Specialties: Pens, Shirts, SWAG Networking, Referrals, Rewarding customers
for sending you leads
![Page 63: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/63.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day
![Page 64: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/64.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
![Page 65: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/65.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
![Page 66: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/66.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
![Page 67: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/67.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
The number of touches is going up rapidly—active is not enough.
![Page 68: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/68.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
The number of touches is going up rapidly—active is not enough.
Fence sitters are not prospects—“think it over” means move on
![Page 69: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/69.jpg)
More Sales and Marketing Facts
Interruption marketing is out; referrals, viral communication and entertainment is in.
‘Free’ talks directly to the cerebral cortex – can you give something away to get them to give you a try?
Give away what you have the least of…your expertise.
![Page 70: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/70.jpg)
Where do I Spend my Budget?
Every person selling you is better trained
![Page 71: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/71.jpg)
Where do I Spend my Budget?
Every person selling you is better trained Statistics can be made to support any
argument
![Page 72: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/72.jpg)
Where do I Spend my Budget?
Every person selling you is better trained Statistics can be made to support any
argument The cost of marginal sales…isn’t
![Page 73: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/73.jpg)
Where do I Spend my Budget?
Every person selling you is better trained Statistics can be made to support any
argument The cost of marginal sales…isn’t “Not for profit” is only a tax issue
![Page 74: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/74.jpg)
Keeping Track of Prospects
CRM—An electronic stack of 3x5 cards
![Page 75: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/75.jpg)
Keeping Track of Prospects
CRM—An electronic stack of 3x5 cards Contacts
![Page 76: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/76.jpg)
Keeping Track of Prospects
CRM—An electronic stack of 3x5 cards Contacts Prospects
![Page 77: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/77.jpg)
Keeping Track of Prospects
CRM—An electronic stack of 3x5 cards Contacts Prospects Clients
![Page 78: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/78.jpg)
Keeping Track of Prospects
CRM—An electronic stack of 3x5 cards Contacts Prospects Clients Consistency over confusion
![Page 79: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/79.jpg)
Quick Quiz #4
In marketing, your primary goal is that you want your message to be… A) Louder than your competition B) In front of your prospects more frequently
than your competition C) Prettier and fancier than your competition D) Memorable to your prospect when they are
ready to search for a solution
![Page 80: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/80.jpg)
Quick Quiz #4
When networking and meeting people… A) All contacts are created equal B) Prospects are easy to spot C) Prospects need immediate follow up D) Knowing more people will build your
business
![Page 81: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/81.jpg)
Quick Quiz #4
In marketing, you want your target market to be… A) As big as possible for maximum volume B) Hard to define C) Narrow D) Growing
![Page 82: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/82.jpg)
Quick Quiz #4
In sales and marketing, you want to be known as… A) The only provider of what you sell B) The least expensive provider of what you
sell C) Having the best service in your industry D) A credible expert
![Page 83: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/83.jpg)
Homework / Next Steps
Practice the answer to the questions: “What Do You Do?” and
“What business are you in?”
Define your brand (promise to deliver)
Establish the size of the market you’re going after and a goal for your share and a timeline.
Get a simple brochure, terms & price list designed/ printed – ask 10 friends and 10 strangers for feedback; fix what’s broken.
![Page 84: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/84.jpg)
Homework / Next StepsCollect information about your competition and be prepared to differentiate yourself.
Create a Customer Relationship Management (CRM) system and start refining your sales process.
Ask new customers “Why did you pick me?” & “How did you find me?”
Add their testimonials to your next brochure.
Constantly test every assumption you make about the market.
![Page 85: Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314 Indianapolis, IN 46205 Phone: 317.917.3266 | Fax: 317.916.8921 Email: information@businessownership.orginformation@businessownership.org](https://reader036.vdocuments.us/reader036/viewer/2022062719/56649ec65503460f94bd19fa/html5/thumbnails/85.jpg)
Resources
HeWhoEnters.PBWiki.com - my Wiki for Entrepreneurs
SBA.GOV – Federal Government
IndianaEntrepreneurship.com – State Government
AddressTwo.com – Low cost CRM system
GoRainmakers.com, BNI-Indiana.com, OneDegreeConnected, SmallerIndiana.com – local networking organizations
ActumGroup.com – free sales book chapter: “Captivate Attention in One Sentence”
Anything by Ries & Trout – 22 Immutable Laws, etc.
Google.com – everything else