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Cost effective marketing

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Presentation on theme: "Cost effective marketing"— Presentation transcript:

1 Cost effective marketing
Ann Goodwin, FCIM, DipM, Chartered Marketer

2 What is marketing? Not simply another word for selling!
“The aim of marketing is to make selling superflous” Peter Drucker B2B communications Need to let clients know: You exist What you are offering to do for them Who else you have done it for What makes you different from or better than other solutions Keep reminding them CIM Its about building big brands, massive advertising budgets

3 What is marketing? “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” Chartered Institute of Marketing definition Opportunity to download information on their site

4 Develop your strategy Develop answers to 4 key strategic questions:
Where are you now? Where do you want to be? How might you get there? How will you ensure arrival? Why develop a marketing strategy? Can you develop a strategy on your own? You need to carry out an audit Why? Why conduct an audit?  To confirm: Your target audience(s) and the benefits relevant to them How can we maximise the opportunities and negate the threats  To seek: Clarification and avoid misunderstanding  To provide relevant information to make informed decisions Minimise waste Optimise budget and ROI Provide a benchmark for future Provide clear objectives to be measured against

5 Know your market place Check the health of your business from marketing perspective Look for opportunities to maximise Threats to minimise Conduct a marketing audit Understand your target audience and what is important to them Don’t just assume Consider the DMU Decision making unit Understand the purchasing criteria Ask questions Who, what where, when, how: Why might clients find buying your services difficult How do clients find out about your type of service?

6 Understand your business
Customers What would be good questions to ask customers? Competitors What questions would you like to know about your competition? Where did your business come from? Conduct a SWOT, PEST What business are you in? Revlon Xerox Parker 7 Ps Products, Price, People, Physical Evidence, Place, Processes, Promotion Ask Family/Friends to help Quality of service Commercial awareness Value for money Level of service Problem solving ability Business track record Expertise in a particular marketing discipline Expertise in a specific market Appropriate size for the project Location People chemistry Decision making unit – who will influence decision? Others?? CUSTOMERS Why do they buy from you? Ask them! Do they have any referrals? Would they provide testimonials? What service or product would they like to buy What does your business offer to potential customers? What do your customers care about? COMPETITORS Who are they? How do they attract customers? What messages are they conveying? Where and how?

7 Product or market focused?
Are you really customer focused? Do you give the customer what they want and value Not what you think they want But I offer a service so I must be market focused? Do you sell existing services to potential clients Rather than think about developing those services to meet clients’ continually changing needs In the last 6 months have you formally discussed with each of your clients their general marketing needs as opposed to project –specific needs? Have you improved your offer in any way in the last 12 months in response to changing market or client needs (rather than your own process or profitability) Do you have any specific plans to improve plans to improve your offer in any way in the next 12 months?

8 Specific Where do you want to be? Timely Measurable Achievable
Set SMART objectives Specific Measurable Achievable Relevant Timely Identify your planning gap Define the overall business objectives for your company Where do you want to be in 5 years time? Challenging but realistic Specifically worded Time-defined Measurable Clearly understood by all interested parties Frequently revised Decide growth/maintenance strategy Define your marketing objectives for next 12 months

9 The Planning Gap

10 Planning gap Say £100k How could this be achieved
10 orders of £10k 100 orders of £1k each What do I need to achieve 10 orders? Say proposals have 1 in 4 success ratio On average for every 4 quotes I write 1 get one order If I speak to 10 people I get 4 enquiries and opportunities to quote To speak to 10 people I need to make spin dials = 8 hours activity To get 10 orders I need to make 1000 spin dials = 80 hours Is this feasible? Do we know who to contact? What can I do to improve my performance? Market penetration Product development Market development Diversification

11 STP Segmentation, Targeting & Positioning
What are the segments in your market? Establish your positioning What are you? Who are your competitors? Why will prospects want you? Develop a sales proposition The best proposition does do not shout Heard and believed, but rarely noticed Good sales propositions Quietly and skilfully slipped into a conversation or a written document USP – what you can offer that no-one else can If not unique then make it meaningful!

12 Who wants you? Finding your target audience
Vertical markets Who would want a niche product, a complementary range of services? Horizontal markets Which wide groups of users would want your product & service? Clients, middlemen and decision-making What will they be looking for? Geographical limits What is reasonable for you and your clients? Demographic targeting Consider business sectors, geography Identify Company names, Job title and roles, Individual names Psychographic targeting Finding clients who you know need your services To solve a problem they have Vertical – a chip manufacturer working with a pc building company, web developer for NHS trusts – linking patients data Horizontal – word processing software, web developer Introducers, printers – graphics designers, photographers Demographics – what business sectors are out there which would need your service What problems can you solve?

13 Features and benefits Features tell, benefits sell: F.A.B
Different target groups : different messages Relevant and meaningful F.A.B Features, Advantages, Benefits SO WHAT!!!!! Be passionate About your clients and your service Sales letters, brochures & credentials presentations often start with: We have been established for ten years We deliver HR policies on Maternity, Sickness, Welfare We have an office in Nottingham We employ 5 people Stop the urine disease! We, we, we, we, we Talk about you, you, you

14 Benefits We have been established for ten years
so that you can be confident that we are an experienced, commercially viable company which knows what it is doing and will not fold in the middle of a project We deliver HR policies on Maternity, Sickness, Welfare so that you can benefit from our expertise in that area and save yourself time We have an office in Nottingham so that you can rely on us to be with you quickly should a problem occur We employ 5 people – so that you can relax, we are small enough to care, but large enough to ensure you have the necessary resources for your project Customers only buy services to solve problems – the benefits you offer must directly address their needs.

15 Benefit or positive words
Win marketing (UK) Ltd, ,

16 What are the F.A.B factors of your business?

17 Plan your 7 Ps Use marketing mix to gain competitive advantage
Product (service) What niche product or service can you deliver specific to that sector Price Introduce a low cost product or service that can be sold next to the premium People Who will sell, customer service support Processes Streamline, be more customer focused, cross selling Place Online, at client’s premises Physical Evidence Consistency, recognition Promotion Be consistent and persistent Set targets and monitor performance

18 Promotion Tactics to get you noticed
Advertising PR Direct marketing Web marketing Selling Apply some professional PR and marketing skills No approach will obtain business It’s up to you to convert Attract customers Broadshot method Bulls eye method Be clear in your proposition Consistent Website Social Media Marketing Search Engine Optimisation Online PR Online directories Online advertising Online word of mouth Permission based campaigns Analyse website Adjust based on findings, e.g., strengthen the call to action Direct marketing Telephone marketing Direct mail Traditional PR Networking Selling

19 Advertising 50% works Great for brand awareness
If you are lucky Great for brand awareness Generally not specific enough for small businesses Pay per click Cost effective tool

20 Media relations Cost effective promotional tool
Free publicity Radio, Newspapers, trade magazines Identify and research publications Educate yourself about the media Identify individuals and feature opportunities Start an ideas book Engage with friends and family Look for ‘hooks” to create publicity What best publicity stunts do you remember? How could you adopt that for your business? What publicity stunts Regularly generate ideas – quick brainstorming Borrow ideas from businesses in other industries What sort of stories are published regularly How could you adapt these stories to your business Ask people outside your business for ideas People you trust, networking groups, online forums Helps to focus on ideas that people outside of your company would find interesting Ring a journalist and ask Talk to them, what stories are they looking for – it makes their lives easier

21 Attracting media coverage
Gauge the types of stories that are hot Tie your business in with news, issue a statement on a situation Send letters to editors about industry or local issues Think of a way to present the story with a fresh angle Natural PR opportunities New product launch, Opening new premises, be different, introduce new or improved Celebrate anniversaries, 10 years old, 1000th customer Announce a new member of your team Sponsor local sports team or art exhibition Announce publicity you have had Hold a competition Present an award Stage a special event, debate, or a demonstration Most businesses generate natural opportunities for PR Maximise the publicity value of these opportunities by thinking of an angle to make them more interesting Gauge the types of stories that are hot Tie your business in with Current events, breaking news, Every journalists is looking for a different spin on the story of the day Think of a way to present the story with a fresh angle Consider human interest link Associate it with your business or product Natural PR opportunities New product launch, Opening new premises Be different Introduce something new or improved Celebrate anniversaries, 10 years old, 1000th customer Announce a new member of your team Sponsor local sports team or art exhibition Announce publicity you have had Launch informative blog on your website Offer free information Give something free to readers Issue a statement or report on a situation Arrange for an interview with interesting or unique personality Present an award Hold a competition Stage a special event, debate, or a demonstration

22 PR ideas to attract Offer a series of articles - Be the expert
Radio phone in Product placement on TV programmes Solve a problem, Create a problem Do something in a different way Be anti-corporate Attempt to set or beat a record Commission a survey – serious or frivolous Work with charities and develop community involvement programme Donate products to charity events Team up with suppliers/customers joint publicity Become a figurehead in an organisation so that its publicity brings you publicity If no news be creative! Brainstorm for new ideas and look at what gets coverage

23 Preparing a press release
Develop the story Compelling headline Avoid clever titles– they can look amateurish Use AIDA approach Attention Have a strong introduction, powerful first paragraph to grab attention Create interest Move quickly to subject matter to develop interest Arouse desire Let the reader get to know a bit more about the subject Action Confirm how the reader can find out more or react to the news Powerful first paragraph Identifies the news angle and its relevance 5tio the readership

24 Develop press release content
Self contained paragraphs Decreasing order of importance A paragraph can be used as a filler if it still makes sense Use a quote – highly effective Don't be patronising, long winded abusive, too woolly Keep it short and simple No more than 2-3 pages double spaced typing Only use acronyms after the letters have been explained in full Think about what kind of story the publication is looking for Does this release deliver? Adopt the right tone, relevant to the publication Consider tailoring the story with different angles for different publications It’s essential that yours stands out Avoid jargon KISS – Keep it short and simple Pick up the phone and discuss your story

25 Photographs Use photographs in your promotional material
Interesting and relevant picture will increase chances of publication Helps to attract attention Use a professional photographer if possible Use a caption

26 Wider PR activities Cross promotion opportunities with partners
Joint newsletters Join professional associations Offer support speaking, writing articles Networking Develop strong elevator pitch Listening skills, develop relationships and trust Follow up as relevant Strong business card USP Photo

27 Word of mouth Referrals & recommendations Networking
Current and past clients Other professionals Ask for recommendations Networking Not just passing out business cards Get out and about Go to client sector events

28 Direct Marketing Communicate directly with your customer
Develop a CRM system Identify personal details Refer to later, e.g., a birthday Confirm the market segment Tailor communication to relevant people Circulate relevant marketing communications material Press releases s Post cards Case studies Follow up with telephone call

29 Marketing communications
Be interesting and relevant F.A.B and AIDA, You - not we, we, we! Sales letters Personal, Relevant, Outward-facing, Polite Mailers & profiles Short profiles can be mailed Encapsulate information without expensive brochures Inventive invitations and unusual greeting cards Clear objectives – what exactly are you trying to achieve? Be attractive, visible and memorable Consistent Clear response mechanism Brochures Clear information, readers will be interested in What you do, results you have help clients achieve, how you do it, for whom you do it Efficiency and productivity gains Client quotes Be distinctive, memorable and consistent Use minimum text, illustrations and good quality photographs

30 Testimonials Ask clients to provide them Ask clients for referrals
Use as case studies on your website Create a blog around a case study Have a short sentence to pick out salient points Use in proposals Seek to have 5 quotable quotes from clients Third party credibility Ask clients for referrals Set up a process to encourage them

31 Web Marketing Website Launch informative blog on your website
Build content around F.A.B Build content for search engines Key words, title tags, image descriptions Content is King Use photographs and videos Launch informative blog on your website Offer free information Arrange for an interview with interesting or unique personality Online advertising Adwords, Facebook, Trade forums Survey across 5,000 people aged over 18 across Europe – asked most important source they consider when making purchasing decision: Online 26% Personal recommendations – 20% Magazines & Papers – 12% TV & Radio – 11% Websites – 11% Shop staff – 10%

32 Web Marketing Use social media Forums Permission based emails
Twitter, Facebook, LinkedIn, You Tube etc Link to your blog Position yourself as an expert and trusted source Forums Monitor trade and consumer forums Post responses Permission based s Relevant information Use Google analytics Understand traffic Adjust tactics, strengthen call to action Survey across 5,000 people aged over 18 across Europe – asked most important source they consider when making purchasing decision: Online 26% Personal recommendations – 20% Magazines & Papers – 12% TV & Radio – 11% Websites – 11% Shop staff – 10%

33 Getting the business Credentials presentation Preparation Proposals
Be clear why are you doing this presentation What do you expect to get out of it Be recipient focused Telephone confirmation – get more facts Use examples to support your claims Listen & learn Leave document summarising your presentation Follow up with letter If not successful ask why? If successful – ask Why? Proposals Written to stand alone Written to reflect your professionalism Accurate, comprehensive, well structured, well written Terms of business

34 Selling = Success Activity x Skill x Attitude
Review your performance | Be honest | Seek to improve

35 Monitor and evaluate Is the plan working? Measure effectiveness
Observation, experience and feedback People and attitudes change Customer complaints, ideas, suggestions Analysis of your communication efforts Level of enquiries Web traffic Newspaper cuttings

36 Resources Database Sources of information People Money matters
Online, cloud systems now available Mailing, competitors, proposals, presentations Sources of information Use public data to help in your audit People Consider external support - how much can you realistically do yourself? Money matters Power of marketing lies in the brain and not in the wallet Imagination, consistency and persistence – more useful than cheque book Set targets in terms of fee income or gross profit Promotion v production –Opportunity cost?

37 Summary Marketing is an investment Develop a marketing plan
Not an expense Develop a marketing plan Devote enough time and energy to implement plan Be persistent Get creative Local publicity stunts Market promotions Boring, inappropriate, irrelevant, bad releases and communication will not be noticed When you gain a client – KEEP THEM Keep in touch Be positive Don’t buy into the negative, doom & gloom Adopt your own proactive infra-red system Understand market – ask good questions Customers, competitors, PEST, SWOT

38 Your Proactive Infra Red for Marketing
Adopt your own proactive infra-red system Plan Where do you want to be? Smart objectives – quantify Identify planning gap and how you will meet this Implement Use the 7ps of marketing to gain competitive advantage Review Are you on track What do you need to improve on Infra – below our ability to detect visually Red – lowest energy that our eyes can sense before it becomes invisible Infra red – applies to many sources of invisible energy Proactive Infra red Provides an insight into our marketing Without it you cannot see what is happening Will give you competitive advantage Be ahead of your competition

39 Thank you Any questions? LinkedIn: anngoodwin

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