the challenge their goal: –build bridges to the hispanic community and connect without creating a...
TRANSCRIPT
The Challenge• Their Goal:
– Build bridges to the Hispanic community and connect without creating a cultural divide
• Their Product: – Membership to the organization– Networking opportunities– Business services– Legislative/lobbying services
• The Marketing Challenges:– Acquire new small, medium & large member businesses– Retain existing members year-over-year
• Provide the right “products” mix to satisfy member needs
Increased Revenue leads to increased resource availability
Market Segmentation
• Variables that determined market segments:– Location– Membership benefits/goals– Size of the business
• 4 Segments identified:– Relationship & Service Businesses– Hispanic-Owned businesses in Richmond/NoVA– Hispanic-Owned businesses outside of Richmond &
Northern Virginia – Corporations
Selected Marketing Strategy
Focus on solution for three segments:1. Corporate Sponsors
2. Relationship Members
3. Small Hispanic-owned Business Members
Product: misc (don’t know where this goes)
• Online member database
Price
Consider the following pricing strategies:– Quarterly payment plans
– Multi-year membership plans
– Discounted renewal
– Associate member plans
Promotion: Acquisition
• Direct marketing– Purchase list of Hispanic-Owned Businesses– Send out introduction letters– Follow-up with telephone calls– Expenses can be recovered with one new
member
• Targeted mass media– Virginia Business Magazine
Alternative Marketing Strategies
• Price:– Tiered or Menu pricing structure