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Your Marketing Plan

2010 PowerUP!
Competition
Quote

“80% of Success is
Showing Up.”
Woody Allen.
Your Marketing Plan

ELEMENTS
z Marketing Plan Objectives
z Market Analysis and Target Market (Section 3)
Target Market
Market & Industry Analysis
z Competition (Section 4)
z Marketing Strategy (Section 5)
Marketing Mix
Marketing Budget
Marketing Plan Objectives

• Communicate what you plan to do, by when


and how
• Be very specific
• Make sure your goals are realistic and
measurable
Marketing Plan Objectives

z Increase sales
vs
z Increase sales of artwork by 40% within 1
year by attracting and maintaining corporate
accounts.
3. Market Analysis & Target Market

Target Market: Know Your Customers


• Who are they?

• Where do they live?

• What can they afford?

• Why do they shop?

• What are their shopping habits?


3. Market Analysis & Target Market

• Business to Consumer

• Business to Business

• Business to Government
Target Market

¾ Business to Consumer:
• Geographic Profile: geographic region, population
density, climate.

• Demographics: age, gender, family size, marital


status, income, education, ethnic group, home
ownership.

• Psychographics: lifestyle preferences, how they feel


and why they buy.
What are the needs of your target audience?
Target Market

¾ Business to Business:
• Demographics: Industry, years in business, company
sales, number of employees, company ownership, etc.

• Psychographics: technically advanced, industry leader,


innovative, conservative/responsible, socially
responsible, good to employees, environmentally
conscious.
Target Market

¾ Business to Government:
• City, State and/or Federal Agencies.

• Which agencies within the government.


Market Analysis

Consumer Analysis and Trends


• What is the current size of the target
market?
• What changes are occurring?
Target Market & Market Analysis

Primary research
• Informal interviews
• Focus groups
• Questionnaires
• Online surveys
Target Market & Market Analysis

Secondary Research Resources


• U.S. Population Census
• Consumer Spending Surveys
• Associations
• Trade Magazines
Market Analysis

Industry Trends
•Size of the Industry
•Seasonal Factors
•Economic and Political Issues
•Regulations
•Recent Developments
4. Competitive Analysis

• Know your competitors: understand the who,


how, what and where about your competition
• Provide an overview of your competitors and
their strengths and weaknesses
• Describe your competitive advantage – why
would a customer want to buy from you, as
opposed to from your competitor?
• Include a Competitive Matrix
Competitive Analysis: Sample Matrix

Competitor 1 Competitor 2 Competitor 3 Your Business


Feature 1
Feature 2
Feature 3
Feature 4
Benefit 1
Benefit 2
Benefit 3
Benefit 4
Pricing Strategy
Competitive Analysis

Barriers to entering a market


• Intellectual Property
• Investment
• Economic Climate
• Customer Loyalty
• Control of Resources
• Government Regulations
Competitive Analysis: SWOT Analysis

Anaysis of Internal Environment


¾ Strengths and Weaknesses
• Customer satisfaction/awareness
• Quality of products and services
• Staff: knowledge, teamwork
• Financial stability
• Marketing
• Management
• Operational
Competitive Analysis: SWOT Analysis

Analysis of External Environment


¾ Opportunities and Threats
• Demographics
• Technology
• Economical
• Political
• Social-cultural issues
• Competitors
• Suppliers
• Distributors
Competitive Analysis: SWOT Analysis

SWOT Chart Sample


Strengths Weaknesses

Opportunities Threats
5. Marketing Strategy

Marketing Mix: The 4 P’s

¾Products/Services
¾Pricing Strategy
¾Promotion
¾Place/Distribution
Marketing Strategy

¾ Products/Services:
• Be specific when describing your products
and/or services
• Emphasize special features and highlight
benefits
• What makes your product/service unique?
• Packaging
Marketing Strategy

Unique Selling Proposition


• The Company’s Image and Brand
• Your Unique Selling Proposition (USP)
Communicates the chosen positioning
concept.
Your USP describes who you are, what you do
and why you are different. This needs to be
honest, authentic, easy to understand, and in the
voice of the customer. It includes the benefits of
your products/services.
Marketing Strategy

Examples of USP
z “When it absolutely, positively has to be
there overnight.” FedEx
z “Pizza delivered in 30 minutes or less or it’s
free.” Domino’s Pizza.
z “An exclusive life coaching approach that
will have you living your dreams in 45 days
or less.” EB
Marketing Strategy

¾ Pricing strategy
• Overall pricing strategy goals
• Price in line with market positioning
Pricing techniques
• Markup on cost - markup %
• Manufacturer’s suggested price
• Competitive pricing
• Market expectations
Terms
Marketing Strategy

¾Promotion: Tips to pitching your


product or service to the customer
• Be consistent with your image

• Focus on needs and wants of your target


market
Marketing Strategy

¾ Promotion– The channels you choose


depend on objectives, budget and
capacity.

Even if you have the budget to pursue all


channels - before starting a marketing
campaign, make sure you will be able to
fulfill the orders you receive.
Marketing Strategy

¾ Promotional Channels
• Signs, Banners, Posters
• Specialty Items (pens, magnets)
• Catalogs and Brochures
• Corporate ID: business cards, stationary
• Giving free samples
• Referrals
• Networking
• Social Media: Podcasting, Blogs, Social Networks
• Press releases and PR
• Event sponsorship
• Cross-promotional strategies
Marketing Strategy
¾ Promotion: Advertising strategies
• Billboards
• Internet website and advertising
• Flyers
• Magazines and trade journal
• Radio and Television
• Classified ads in the local paper
• Direct Marketing
• Telemarketing
• Text Messaging
• Yellow pages
• Loyalty Cards
Marketing Strategy

¾ Promotion: PR
Write and send press releases and media alerts and follow up with
phone calls.

Examples of what you can write about:


z Announce the opening of your business, new locations, new staff
members, involvement in community projects, promotional
campaigns.
z Hold grand openings when new locations are opened or projects
completed, invite media, elected officials, and community leaders,
send photos and a release about event to local press.
z Be an expert in your field, share information, talk about trends
z Tell a newsworthy story
Marketing Strategy
¾ Promotion: PR
• Develop a media database of reporters and editors
using the Bacon’s New York Publicity Outlets at the
Brooklyn Business Library.
• Establish a relationship with reporters
• Identify type of publication or television and radio
programs you wish to contact:
General interest
Trade (real estate, restaurant, lighting design, etc)
Community
Ethnic
Marketing Strategy

¾ Place/Distribution
How is your product/service getting to your
customers?

• Sales Channels
Storefront, trade shows, street fairs,
online, mail, distributors, delivery, etc.

• Estimate percentage of sales of each


channel
Marketing Strategy

• Sales Force and Structure


• Reps
• Staff
• Commissions

• Strategic Partnerships
• Cross-promotion
Marketing Strategy

Budget
• Look at your competitors – what are they doing and
how are they spending their marketing dollars?

• Think about your target market – how can you best


reach them?

• Look at the estimated budget in your business plan:


how much can you afford to spend on marketing?
Marketing Strategy

Budget (cont.)
• Once you have that number: look at the tactics and
channels that make sense and develop a budget line
for each one.

• Return on Investment (ROI) Calculator:


www.marketingtoday.com/tools/roi_calculator.htm
Marketing Strategy

Sales Assumptions:
• Estimate the ROI for each marketing
strategy
• Research Industry Standards
• Consider your own capacity
• Estimate volume of sales/customer
• Test the market
Marketing

¾ Be creative

¾ Be innovative

¾ And remember to WOW your customers!


Contact Information

Contact:
Elisa Balabram
Women’s Brooklyn Enterprise Center
LDC of East New York
80 Jamaica Ave. Brooklyn, NY 11207
718-385-6700 ext. 24
elisab@ldceny.org
Market Research Resources
• SBDC Information Clearinghouse: Small Business
Information Center
www.sbdcnet.org
• SBA’s Small Business Planner: Market & Price
www.sba.gov/smallbusinessplanner/index.html
• Edward Lowe Foundation: Entrepreneur Research
Center - Defining a Market
www.lowe.org/index.elf?page=sserc
• Statistical Abstract of the United States
www.census.gov/compendia/statab/
Target Market
CONSUMER DEMOGRAPHICS

• Business Library: Market Demographics –


Demographics www.brooklynpubliclibrary.org
/business/resources/guides.jsp
• American Factfinder for demographics
www.factfinder.census.gov
• NYC Department of City Planning – Reference
www.nyc.gov/html/dcp/home.html
• Reference Books:
Sourcebook of Zipcode Demographics
Sourcebook of County Demographics
Target Marketing
CONSUMER SPENDING DATA

• Consumer Surveys: Spending and Time Use


www.bls.gov/bls/spending.htm
• Reference Books
American Incomes
Best Customers
Household Spending
The Lifestyle Market Analyst from SRDS
Competitive Analysis
COMPANY RESEARCH

• Business Library – Company Research


www.brooklynpubliclibrary.org/business/resources/
guides.jsp
• Brooklyn Public Library – Business E-Resources
www.brooklynpubliclibrary.org/eresources/#business
Plunkett Research Online
Reference USA
Competitive Analysis
COMPANY RESEARCH

• Yahoo Finance
www.finance.yahoo.com
• Reference Books
Hoovers Handbook of Private Companies
D & B Regional Business Directory
International Directory of Company Histories
Industry Trends
• US Economic Census and NAICS Codes
www.census.gov/econ/census/
• SBDCNet – Industry Profiles
http://www.sbdcnet.org/
• Reference Books
Standard & Poors Industry Surveys
Encyclopedia of Associations - find the association that
represents your business
Periodical Directories – find a trade magazine
Industry Trends
• Brooklyn Public Library - Business E-Resources
www.brooklynpubliclibrary.org/eresources/#business
ABI INFORM
Business & Company Resource Center
Plunkett Research Online

• Business Library “Researching an Industry”


www.brooklynpubliclibrary.org/business/resources/ind
ustryresearch.jsp