2 A little About Me 16 years as a strategic marketer 14 years with a Fortune 500Global Marketing CommunicationsGlobal Marketing ProcessNorth America Market Leader2.5 years as a strategic business consultantMarketing Flexibility, LLC
3 What Is Marketing? It’s much more than promotion! Product Price Place The right product or service offer is based on unmet, under-served or over-served market needs.PositionYour positioning is based on your product or service offer and targeted consumer.PriceThe right price strategy is based on careful analysis of the market value chain..PlaceCommonly known as distribution, your place strategy is determined based on market objectives, customer preferences, current relationships within your market value chain, and cost and value considerations.PromotionThe best known component of the marketing mix, your promotional strategy follows all other components.
4 How Does It Get Done? Process People Once you have a solid market plan in place, it is essential to have the right internal processes to support it.PeopleSimply put, a solid marketing and sales organization is critical to marketing and sales success.
5 Key Players Marketers Researchers Designers Writers IT / Coders Business strategistsResearchersInformation expertsDesignersArtistsWritersIT / CodersTechnology expertsAgency Account ManagersTranslators
6 The Marketing Process Discover Research Analyze Strategize Execute Market opportunitiesResearchCollect dataAnalyzeAnalyze data to create usable informationStrategizeCreate the 7P go-to-market strategy and planProduct, Position, Price, Place, Promotion, Process, PeopleExecuteAlign resources to execute the plan effectivelyMeasure!Measure results to determine effectiveness
7 Discover Market opportunities are based on: NeedsWantsDemandsUnderserved MarketsOverserved MarketsHow can you disrupt the market?
8 Research Secondary research Primary research What do you already know? > What do you need to know?Secondary researchAlready exists – find it!Internet, libraries, business incubators, government, trade associationsPrimary researchYou need to do itQualitative researchBehavior and perceptionsBrand awareness or loyaltyEthnographic research (observation), focus groups, interviewsQuantitative researchSpecific and measurableMarket size or demographicsSurveys, systems data and statistics
9 Analyze Situational analysis 5 Cs Customer Company Competitors Needs, wants, demandsSegmentationCompanySWOTPortfolioFinancialCompetitorsCollaboratorsSuppliers, vendors, partners, influencersContext (the world)PoliticalEconomicTechnology
10 Strategize Product (or service) offer Position Price Place Promotion ProcessPeople
11 Product (or service) What is it? Manufacturing Intellectual Property Features (what)Benefits (why)DesignManufacturingIntellectual PropertyPatents, Trademarks, CopyrightsPackagingLiabilityInsuranceClaim SubstantiationLifecycle
12 PositioningWhere are you positioned in the market against your competition?KiaChevyCadillac
13 Price Objectives Cost-Plus Value Pricing Floor and Ceiling Prices Break-evenProfitROI / Hurdle RateMarket ShareCash FlowPositioningCost-PlusValue PricingFloor and Ceiling PricesPrice – Cost = Gross Margin*what about other costs?RentUtilitiesEquipmentPaper ClipsPayrollMarketingYour Time!
14 Place Who are you trying to reach? How do they prefer to buy? Do you have enough reach on your own?What kind of channel support do you need?WarehousingOrder processingInventory managementPackagingShippingCustomer support
15 Promotion Advertising Personal Selling Sales Promotions Publicity Direct mail, tradeshows, magazines, outdoor, , TV, radioPersonal SellingEffective, but expensiveSales PromotionsPOS, coupons, samples, rebates, cooperative advertisingPublicityArticles, speaking engagements, blogs, sponsorships
16 Execute Process People Lead generation Lead management Sales Customer supportPeopleSupply chainMarketing
17 Measure! Objectives Process Specific and measurable Increase sales > Increase sales in North America by 10%Increase web traffic > Increase website conversions by 20%ProcessHow will you measure those objectives?Google Analytics, call to action CTR, lead capture database, CRM sales process
18 Supporting Tools Market Plan Marketing Communications Plan Marketing BriefProject Plan
19 Market Plan Market Summary Situational Analysis Market Segmentation Market description, vision and missionSituational Analysis5 CsMarket SegmentationWho are you targeting?Market Objectives1, 3 and 5 year5P StrategyProduct, Position, Price, Place, PromotionBudget and Resource RequirementsAction PlansMeasurable and actionableMetric PlansHow are you going to measure success?
20 Marketing Communications Plan Promotional ObjectivesSpecific and measurableStrategyTactical PlanAdvertisingPersonal SellingSales PromotionsPublicityMediaBudget