Urban Innovation21 Small Business Grant Competition

Marketing StrategyHomewood

Marketing

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.There are four components to a Marketing Strategy, they are:• Product or Service, what you are selling;• Place, the people who will buy your product or service, otherwise known as the Market;• Price, the amount customers are willing to pay for your product or service;• Promotions, how you reach and communicate with your customers, TV, Radio, Internet Marketing, etc.

Product

Your product or service offers a solution or value proposition. For example, you don't buy a drill because of its color. You purchase a drill based on its ability to make the kind of hole you need. You are buying a solution to make a hole.

What solution does your business offer it's customers?

Place

Place is also known as the Market, or your customers for example; certain businesses appeal to women only, some businesses appeal to young women only, some businesses may appeal only to young African American women.

Who is your market or what are your market segments?

Price

Price is what your product or service is worth to your customers. Customers determine the market value of your product or service. Are they willing to pay $5 for a cup of coffee? Or is the price point $1.50.

The price point of your product is determine by your competition and customers preferences.

Promotion

Promotion is the message and the means you use to reach your customers. Are you going to use a billboard? Or a mobile phone app? What works best for your type of market?

What kind of message really sells your customers? Is it about price or quality or convenience?

Market Research

• Using keywords is important for example: industry, trends, edu, research, etc.

• Qualify the sources of your information not all is credible. For example using; edu is for academic research.

• Always check the source of the study, you are looking for credible sources for example: industry associations, academics or government sources.

Marketing Strategy Example

What a participant submitted:“will create a marketing mix that includes competitive price packaging; incentive referral promotions; website TIPS registration, repeat promotions through social media tools including LinkedIn, Facebook, YouTube and Twitter. Effort will be made to reach the seven touch rule with potential customers.”

Marketing Strategy Example

Be Specific / Simplify / Substantiate / OrganizeCustomers can purchase our services as a package for example 7 days for $250 and receive discounts based on frequency, for example, 8th day is free;If a customer sends a referral that becomes a customer than they can choose to receive one free day or 25% on the package of their choice;

Product, Place, Price, Promotions

Questions and Answers

Please complete workshop evaluation form