understanding the market and your place in it
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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: [email protected] www.businessownership.org. Understanding the Market and Your Place in It. Presented by: Kim J. Brand - PowerPoint PPT PresentationTRANSCRIPT
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
Understanding the Market and Your Place in It
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
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)
Homework / Next Steps
Resources
The ‘Market’ is like a rock
A big rock
But much harder to move ;(
Your objective is to move the rock
(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
What is your marketing objective?
Create Awareness Communicate Outrageous Value Create Urgency
What is your marketing objective?
Create Awareness Communicate Outrageous Value Create Urgency
…but wait, there’s more !!
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing, Buying habits
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing, Buying habits, Bad experiences
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing, Buying habits, Bad experiences, “Good enough”
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/
The Four Ps of Marketing
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?
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
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc.
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!
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large?
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. 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 your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. 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?
Pricing & Terms
Are you better? (Can you charge more?)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you?
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability)
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
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
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 less?
Salesmen, specials, combinations, spiffs/referrals Can you value price upgrades?
Promotion
Superbowl advertising = $3M for 30 seconds
Promotion
Superbowl advertising = $3M for 30 seconds
PROBABLY NOT IN YOUR BUDGET – YET!
Promotion
What is your promotion Budget?
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
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?
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
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
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
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.
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.
Interruption marketing is out; referrals, viral communication and entertainment is in.
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.
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?
Homework / Next Steps
Practice the answer to the question: “What Do You Do?”
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.
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.
Resources
HeWhoEnters.PBWiki.com- my Wiki for Entrepreneurs
SBA.GOV – Federal Government
IndianaEntrepreneurship.com – State Government
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