Success Strategies for Business Owners Marketing The Big Picture

Success Strategies for Business Owners 2 2 About SCORE Douglas S. Cavanaugh Successful and experienced business owners and executives acting as volunteers Free ongoing mentoring: One-on-one Signup on our website – Mentoring Tab Seminars, workshops and Meetup Group Resources for small business: manasota.score.org manasota.score.org

Success Strategies for Business Owners 3 3 Introductions... Your Expectations? Introduce yourself What business are you in? What are your expectations for the meeting today? Record... End of the meeting feedback: Expectation Outcome Gaps

Success Strategies for Business Owners 4 Marketing What is Marketing? The 4P’s Product / Service Pricing Promotion Place (Distribution) Marketing Examples / Functions Market ResearchMerchandising AdvertisingProduct Planning Sales PromotionPublic Relations Karen Bevels

Success Strategies for Business Owners 5 Today, think about... Where does your business stand today? Where you need to take it? How do you get there?... as we go through the session Karen Bevels Marketing

Success Strategies for Business Owners 6 Identify Your Marketing Goals Have Your Business Needs Changed? Target customers – Existing customers – New customers Product or service mix Pricing approach Promotion Success Budget Sales channels Karen Bevels

Success Strategies for Business Owners Fills target customer needs More profitable (considers cost and price) More sales Minimum channel conflict Favorable competitive environment Fits my vision and skills Target Market Comparison and Selection 7

Success Strategies for Business Owners 8 Identifying Target Markets Who will you sell to? – Channel position – Profile Key demographics Income level Gender Geographic – Buying habits and behavior – Market size and realistic penetration: growing or declining 8

Success Strategies for Business Owners Descriptions should include: Special benefits Unique features Limits and liabilities Production and delivery Suppliers Intellectual property, special permits Products and Services 9

Success Strategies for Business Owners 10 Pricing Decision Approaches You can vary prices in accordance with the market’s expectations to achieve your profit goals Where do you stand now? Market – Premium – Discount Do you have changes in your costs? Do you have pricing power? Do you have alternatives? – packaging, features, services, etc

Success Strategies for Business Owners 11 Promotion Methods and Tools Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages Public Relations: print, radio, TV Collateral: business cards, tri-folds, stationery, flyers Websites, , social networks, blogs, newsletters Product samples, special offers Customer surveys Presentation material, signage

Success Strategies for Business Owners 12 Typical Channels / Distribution Direct Sale: Business to Business Producer to Distribution to Retailer Direct Sale to Final Consumer Internet Associate Networks for Services

Success Strategies for Business Owners 13 Understanding Market Share Market Share Portion of the Market That Your Business Obtains Measured by dollars, units or percentage Monitor market share regularly Adjust marketing strategy accordingly

Success Strategies for Business Owners Compare the competition for: Features/benefits of offering Pricing strategy Annual sales size Marketing strategy How they reach target customers Business model/efficiency Competitive Data Analysis 14

Success Strategies for Business Owners 15 Is the Strategy Right for You? Not every marketing strategy is right for every business When evaluating the options, ask: Will this help achieve my goals? Will this reach my target customers? Does this fit my budget? Do I have adequate staff to implement?

Success Strategies for Business Owners 16 Exercise – Promotion Strategy Assessment / Goals Using the Worksheet in your folder, fill in your EXISTING Promotion Strategy and then potential new target markets. What new promotion strategies may be able to help grow your business? Fill-in your thoughts about pros and cons of each area list below: How will this help achieve my goals? How will this reach my target customer/s? Does this fit my budget? Do I have the necessary staff? 10 minutes to work and 10 minutes to discuss 16

Success Strategies for Business Owners 17 Exercise – Market Strategy Assessment / Goals 10 minutes to work and 10 minutes to discuss 17

Success Strategies for Business Owners 18 Assessing Your Business The SCORE Business Needs Assessment, it is in your packet. Download at: It will help you assess the current state of your business in 5 key areas: 1. Management 2. Marketing 3. Sales 4. Finance 5. Operations Decide what additional sessions to attend Develop a customized business improvement plan

Success Strategies for Business Owners 19 Business Needs Assessment - Marketing

Success Strategies for Business Owners 20 Help Us, Help You Please fill out the session evaluation form Your feedback is important to help us improve our programs!

Success Strategies for Business Owners 21