Presentation on theme: "Cost effective marketing Ann Goodwin, FCIM, DipM, Chartered Marketer."— Presentation transcript:
Cost effective marketing Ann Goodwin, FCIM, DipM, Chartered Marketer
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
What is marketing? “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” Chartered Institute of Marketing definition
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?
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:
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
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
Where do you want to be? Set SMART objectives –S pecific –M easurable –A chievable –R elevant –T imely Identify your planning gap
The Planning Gap
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?
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!
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
Features and benefits Features tell, benefits sell: –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
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.
Benefit or positive words 15
What are the F.A.B factors of your business?
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
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
Advertising 50% works –If you are lucky Great for brand awareness Generally not specific enough for small businesses Pay per click –Cost effective tool
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?
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, 1000 th 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 Attracting media coverage
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 PR ideas to attract
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 Preparing a press release
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 Develop press release content
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 Photographs
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
Word of mouth Referrals & recommendations –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
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 Direct Marketing
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
Testimonials Ask clients to provide them –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
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 Web Marketing
Use social media –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 Web Marketing
Getting the business Credentials presentation Preparation –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
Selling Success = Activity x Skill x Attitude Review your performance | Be honest | Seek to improve
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 Monitor and evaluate
Resources Database –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?
Summary Marketing is an investment –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
Your Proactive Infra Red for Marketing Be ahead of your competition
Thank you Any questions? Twitter: LinkedIn: anngoodwin