Tải bản đầy đủ

Marketing and promoting your small business

Marketing & Promoting Your Small
Business
W

ha
t to

do
?

WANTED:
S
R
E
M
O
T
S
CU

!

e
m
i
t
e
f
i
L
For a

W

BUS 211_M&A
Summer 20
06
Courtesy of

1

ou
h
s
t
ha

ld

i

t?
s
o
tc


The

3 R’s of Target Marketing

• Researching Your


Market
• Reaching Your Market
• Retaining Your Market

BUS 211_M&A
Summer 20
06
Courtesy of

2


Pre- Marketing Tactics
• Determine if you have
a market
• Determine if your
market is profitable
• Determine the
“uniqueness” of your
product or service
• Protect yourself: your
product & service
BUS 211_M&A
Summer 20
06
Courtesy of

3


Protecting Your Product or Idea
• Protect Your Work (and make sure you are
not infringing on the rights of others)

• Disclosure Letter
– For your records
– To have potential stakeholders sign

• Journal…demonstrate you are an
active rather than passive business
activity
• Copyright, Trademark and Patents
BUS 211_M&A
Summer 20
06
Courtesy of

4


Protecting Your Ideas
• Patent – a grant from the Patent and
Trademark Office to the inventor of a
product, giving the exclusive right to make,
use, or sell the invention for 20 years from
the date of filing the patent application.
• Check out:
– www. uspto.gov
– www.nolo.com
BUS 211_M&A
Summer 20
06
Courtesy of

5


Protecting Your Ideas
• Trademark – any distinctive word, symbol,
design, name, logo, slogan, or trade dress a
company uses to identify the origin of a product
or to distinguish it from other goods on the
market.
• Service mark – the same as a trademark except
that it identifies the source of a service rather
than a product.
• Check out Secretary of State
Trademarks/Service Marks
www.ss.ca.gov/business



BUS 211_M&A
Summer 20
06
Courtesy of

6


Protecting Your Ideas
• Copyright – an exclusive right that
protects the creators of original works
of authorship such as literary,
dramatic, musical, and artistic works.
• Copyrighted material is denoted by the
symbol ©.
• Check with the Library of Congress
Copyright Office- www.copyright.gov

BUS 211_M&A
Summer 20
06
Courtesy of

7


Market Research
an organized objective way of learning about your customers

• Get to know your
market
Get professional help, use the
local library and on-line
databases

• Evaluate Current Buying
Trends…evaluate
growing NEEDS in your
community
• Find a NEED and Fill IT!
BUS 211_M&A
Summer 20
06
Courtesy of

8


Conduct Market Research
• Identify your Target Market
• Get to KNOW your Target Market
personal observation, sample
questionnaires, how will your
product/service benefit the Target
Market, Ask Questions
• Identify

Your Competition

We can learn so much from our
competition- both direct and indirect.
DO a Strength- Weakness Evaluation
Find out YOUR NICHE!
BUS 211_M&A
Summer 20
06
Courtesy of

9


Keys to Market Research on the
Internet
1. In-depth analysis of your
industry
2. Identify Your Customers
3. Recognize Your
Competition
4. Put it all together, and have
vision for the future
BUS 211_M&A
Summer 20
06
Courtesy of

10


Step 1: Understand Your Industry
• An in-depth analysis of the
industry is important and
essential for market-research. It
shows you’re the industry
“business environment” and the
trends. It helps you answer the
questions• What are future industry tends?
• What current economic or
regulatory issues impact the
industry?
• How are your suppliers doing?
BUS 211_M&A
Summer 20
06
Courtesy of

For industry
information Check
out:
Small Business
Associations:
BusinessTown
Encyclopedia of
Associations
www.findarticles.com
SCC on-line Trade
Associations
Trade Publications &
Groups
11


Step 2: Identify Your Customers
Consumer information is a Key Element in the market
research process. What do you need to know about
your customers and clients in order to best meet their
needs?
• Trade & Professional Organizations can help with
customer profiles
• Demographic information can help you target and
determine “buying behaviors.”

Check out: click on 2000 Census Profiles)
– National: www.census2000.com
– State: www.labormarketinfo.edd.ca.gov/
– SCC on-line databases RAND

www.americandemographics.com
BUS 211_M&A
Summer 20
06
Courtesy of

12


Step 3: Recognize Your
Competition
Knowing what your
competition is up to is
critical to the survival of
your business…
Always ask..
Who are my competitors?
What do they offer?
Where do they advertise?
What unique features and
benefits do they provide?
BUS 211_M&A
Summer 20
06
Courtesy of

Check out:
www.dogpile.com (meta
search)
The Yellow Pages
www.thomasregister.com
13
(B2B Directory)


Evaluating the Competition:
Through the Customer’s Eyes
• The “weaknesses” of
your competition are
the keys to your
success
• They help you
determine your
UNIQUE benefit for
your customer

BUS 211_M&A
Summer 20
06
Courtesy of

14


Evaluating Your Business with the
Competition
DO a SWOT Analysis
Strengths, Weaknesses, Opportunities & Threats






BUS 211_M&A
Summer 20
06
Courtesy of

Profile the competition
What do they do right?
What do they do
different?
Would could you do
better?
What is your competitive
advantage?
15


Testing the Market
Survey people are asked questions. In person,
telemarketing, focus groups

Questionnaires

data gathering form used to collect
information by a personal interview or through the mail

What to consider…
1. Types of information
determining need, indicating lifestyle, figuring the best channel to reach,
how they feel about the competition

2. Distribution- mail, telemarketing, interviews, group
3. Evaluation of Responses
color-coding prior to sending
BUS 211_M&A
Summer 20
06
Courtesy of

16


Your Marketing Mix is Unique!
The right ingredients include a “mixture of the FOUR P’s

•Product (or service)
•Place (or distribution)
•Promotion
(communication that
influences the buyer)

•Price (not always the KEY
factor)
• Also “positioning, packaging and
personal relations”
BUS 211_M&A
Summer 20
06
Courtesy of

17


Part II: Reaching Your Target
Market
• Develop a strategy to cost
effectively REACH your market
• By studying your TM you know
where they shop, what
conveniences they like, what they
will be willing to pay…
• Develop the Marketing Mix!
• Price, Product, Place & Promotion!

BUS 211_M&A
Summer 20
06
Courtesy of

Wanted:
Nice,
Rich
Clients

18


Develop a Realistic Budget
• What can I afford? Why?
• How can I get the best “bang for the
buck”?
• What channels are used in your
industry & by your TM?
• Prioritize your marketing choices
• Often the type of business dictates
the type of marketing (personal
services rely on referrals and word of
mouth more)
• What if I cannot afford to market???
BUS 211_M&A
Summer 20
06
Courtesy of

19


Putting Your P’s to Work for You
• All of your P’s work together to
design a “marketing strategy”..this is
the mix that reaches your Target
Market
• Product/Service Positioning- keep the
needs of the customers in mind!

• Place- means distribution and the distribution
channels used

• Price- Recognize the Price Ceilings & Floors
• Promotion- Timing of Market entry,
Advertising, Publicity, Alternative Marketing,
Marketing on the Net, Community Marketing

BUS 211_M&A
Summer 20
06
Courtesy of

20


Product- Service Line
• Positioning the Product/ Service Line is
critical
• Distribution channels are ALL of the
individuals and organizations involved in
moving your product (or service) from
producer to the end-user
• Many of these folks are your Internal
Customers (Internal Market)
• Developing “strategic alliances” is key
BUS 211_M&A
Summer 20
06
Courtesy of

21


PLACE…the Pipeline to the
Customer
• Consider the needs, attitudes and
location of your target market & your
suppliers and employees
•What is the primary method?
Direct Sales, Mail Order, Wholesale, Consignment

•Where will the “service” be provided?
•Location & Distribution Factors to
(market, supplies ,labor force, competition,
consider
cost, home-based or not)
BUS 211_M&A
Summer 20
06
Courtesy of

22


Price…with a profit margin
•Biggest obstacle…pricing a product or service
for what we WANT to sell it for, rather than what
it WILL sell for…
•Price Ceiling is the top amount the market will
bear and is determined by the market
•Price Floor is the lowest amount you could sell
& still meet expenses
•Profit Margins differ greatly in every industry
and in business size
•When determining your pricing strategy take
into account all the costs involved!
BUS 211_M&A
Summer 20
06
Courtesy of

23


Promotion…anyway to advertise
your business.
Evaluate Your Options
•Timing of Market Entry -adjust to the nature of
your business. Is your product seasonal?
•Advertising -reminding customers about the
benefits of your product in printed or spoken
matter
•Publicity or PR -“free advertising”
•E- Marketing
•Alternative Marketing – Displays, Community
Involvement, Networking, Trade Shows, DirectMail, Brochures, Telemarketing , promo gimmicks
BUS 211_M&A
Summer 20
06
Courtesy of

24


Thoughts for Next Week
Doing the SWOT…
For your business, or potential business, do a
quick scan of the business environment and
review of your business. Ask yourself these
questions...
What are your businesses…
Strengths & Weaknesses? (internal)
What is the current business environments’..
Threats & Opportunities ?(external)
BUS 211_M&A
Summer 20
06
Courtesy of

25


Tài liệu bạn tìm kiếm đã sẵn sàng tải về

Tải bản đầy đủ ngay

×