1. Click to edit Master text styles Second level Third level Fourth level Fifth level What Promotion works Presentation by Martin Dowling mdowling2@kangan.edu.au mdowling2@kangan.edu.au

2. Click to edit Master text styles Second level Third level Fourth level Fifth level Promotion is What most people and SME owners think is “Marketing” (it’s not) One of the ‘keys’ to success in running an SME

3. Click to edit Master text styles Second level Third level Fourth level Fifth level Keys to Successful Promotion Know who is your target market(s) Use primary & secondary research to determine appropriate mediums & messages Be creative (not same/similar to comps) Be consistent Is promotion a cost or investment?

4. Click to edit Master text styles Second level Third level Fourth level Fifth level How Much Do We Invest? Today, business is becoming more competitive How much will do the job? Will need to allocate a budget somewhere between 3% for an established business & up to 10% for a new business (i.e. % of gross sales) How much are you doing now or planning?

5. Click to edit Master text styles Second level Third level Fourth level Fifth level How Much Do We Invest If sales are $100K per year it will be $3,000 to $10,000 over 52 trading weeks (i.e. $60 to $200 p/week) Not really much money! Must focus on needs/wants of target(s) Focus on low cost & no cost investments to promote

6. Click to edit Master text styles Second level Third level Fourth level Fifth level Be Creative Think carefully about business name (it is a big part of your identity) Colours Logos Campaign ideas When do you invest precious $’s over the 52 wks? What’s free or low cost? - can it work/help?

7. Click to edit Master text styles Second level Third level Fourth level Fifth level Treat Promotion as Investing What do competitors do to promote? Do some benchmarking on competitors & players in other non-competitor sectors for ideas & stimulation Talk to customers (especially new ones - how did they find you?)

8. Click to edit Master text styles Second level Third level Fourth level Fifth level What Should Promotion Do? Build awareness - do customers know about you or know about what’s new in your business? Lead to more enquiries - encourage these, as this is where sales come from! SALES and repeat and/or referral activities from clients

9. Click to edit Master text styles Second level Third level Fourth level Fifth level The Promotional Methods Advertising oLetter box (great for consumer geographic fixed businesses) oPO box (good for B2B geographic fixed businesses) oDirectories - oPaid such as Sensis Yellow book & online (expensive!!!) oCommunity directories (very strong in some parts of Melb) oOn-line free or low cost oTraditional Electronic (e.g.. TV, Radio & Cinema) - expensive! oTraditional non-electronic (e.g.. Trade mags; Community newspapers, transport; outdoor & other) - can be very effective!

10. Click to edit Master text styles Second level Third level Fourth level Fifth level The Promotional Methods(cont.) Social Networking (Facebook, Linkedin, Twitter & more) - low cost or free & can be effective! Personal Selling - probably the most important issue for most SME’s (but they don’t see it!)

11. Click to edit Master text styles Second level Third level Fourth level Fifth level The Promotional Methods (cont.) Sales Promotion (eg. competitions, loyalty programs, coupons etc.) - not for everyone, but good for retail SME’s! Trade & consumer shows (& exhibitions) - not at MEC or Homebush (Syd) but at Moonee Valley/Flemington/Caulfield racecourses - a ‘B’ level show but can be very effective at hitting the target(s)

12. Click to edit Master text styles Second level Third level Fourth level Fifth level The Promotional Methods (cont.) Sponsorship - using your promo $’s to gain visibility in the community Publicity / PR - can work with schools and their newsletters and other ways Direct Mail/Marketing - targeted mail out to your targets. Expensive but can be a 1 in 10 source of enquiries

13. Click to edit Master text styles Second level Third level Fourth level Fifth level The Promotional Methods (cont.) Web sites & blogs - and getting your site SEO’d (i.e. optimised for hits) - virtually a mandatory for SME’s today Signage - on vehicles and buildings? Telephone marketing & sales - has its place Networking - low cost and can be a powerful source!

14. Click to edit Master text styles Second level Third level Fourth level Fifth level The Promotional Methods (cont.) Other - Business cards Uniforms Flyers Gimmicks & more!

15. Click to edit Master text styles Second level Third level Fourth level Fifth level Promotion It’s the visible part of the ice-berg of your business that potential & existing customers do see Can you improve your efforts? Are you investing at least 3% or 4%? It is one part of marketing - and very important.