Developing Marketing
Plans with Free Resources
Slides available at:
http://stephaniequail.com/marketing-plans-session/
Stephanie Quail
Peter F. Bronfman Business Library
York University Libraries
May 14, 2014
Introductions
Stephanie Quail
Business Librarian
@stephaniequail
416-797-9845
stephanie.lauren.quail@gmail.com
Agenda
1) What is a marketing plan?
2) The marketing plan and market research
3) Case study: Finding market research for a
bike retail store using free resources
What is a Marketing Plan?
• An essential part of your business plan
• Serves as a guidebook for the marketing activities
your company will undertake
Westwood, J. (2011).
How to write a marketing
plan (Rev. ed.) London,
UK: Kogan Page Limited.
• Most importantly:
• a marketing plan should identify customer
needs
• show how your product or service will satisfy
your target customer(s)
• illustrate how you will reach your target
customer(s)
Elements of a Marketing Plan
Business Mission Statement
Marketing Objectives
Situation or SWOT Analysis
Marketing Strategy
Target Market Strategy
Product
Marketing Mix
Promotion
Place
Price
Implementation & Evaluation
Lamb, C.W., Jr., Hair, J. F., Jr., McDaniel, C., Faria, A.J., & Wellington, W.J. (2009). Marketing (4th ed.). Toronto, ON: Nelson Education.
Elements of a Marketing Plan
Business Mission Statement
Marketing Objectives
Situation or SWOT Analysis
Market Research
Marketing Strategy
Target Market Strategy
Product
Marketing Mix
Promotion
Place
Price
Implementation & Evaluation
Lamb, C.W., Jr., Hair, J. F., Jr., McDaniel, C., Faria, A.J., & Wellington, W.J. (2009). Marketing (4th ed.). Toronto, ON: Nelson Education.
Market Research
Who is
my target
market?
Conducting market research helps you
• Profile target customers
• Identify opportunities to grow and increase profits
Is there a
need for this
product?
• Plan for industry and economic changes
• Monitor your competition
What is my
price point?
• Make informed business decisions
Canada Business Network. (2014, May 6). Guide to market research and analysis. Retrieved May 11, 2014,
from http://www.canadabusiness.ca/eng/page/2691/
Types of Market Research
Primary & Secondary Research
Primary research
•
•
•
Original data, collected by business or outsourced to market
research firm
Addresses specific research issues for the business
Gives a business an ‘information advantage’
Secondary research
•
•
Previously collected information (ex: government statistics,
trade magazine articles, market research reports)
Easier to access and usually cheaper; however, not always
specific to a business’ information needs
KnowThis.com. (2014). Data collection: Primary research methods. Retrieved May 10, 2014, from
http://www.knowthis.com/data-collection-primary-research-methods
--. (2014). Data collection: Low-cost secondary research. Retrieved May 10, 2014, from
http://www.knowthis.com/data-collection-low-cost-secondary-research
Case Study: Secondary Market
Research for Bicycle Business
Situation
• You have a lifelong passion for cycling
• Interested in opening up a bicycle retail store in Toronto
Potential Customers
• Cycling enthusiasts with a high amount of disposable
income
• Commuter cyclists living in the downtown core
Potential Products/Service Categories
• Mid-to-high-end road bikes, mountain bikes, hybrid
bikes, and children’s bikes
• Biking accessories
• Repair services
Should you proceed with your business idea?
(Mostly) Free Secondary
Research Resources
Target Customer Data
Trade Associations
Market & Industry Data
Government Sources
Competitor Information
Competitor-produced
information
Trade Associations
Finding Trade Associations
•
Definition: An organization founded and funded by
businesses operating in a specific industry.
•
Industry Canada’s Canadian Company Capabilities' business
and trade association directory (CDN only)
•
Gateway to Associations (CDN, US, & International)
•
Internet Public Library’s Associations on the Net collection
(CDN, US, & International)
•
Internet searches (ex: biking association Canada)
Trade Associations
Trade Association Websites
•
May contain reports about the industry and member
directories; however, some content can be locked behind
pay walls
•
May contain newsletters, trade journals, or blog posts
about various industry topics
•
US trade associations can also be useful
Trade Associations
Resources include
Resources include
Resources include
• Free e-newsletter
• Free list of federal &
provincial resources
• Free retailer search
tool
• Members’ benefits:
access to financing,
supplier search, &
special advertising
rates
• US association, but
includes free section
on starting a bike
business
• Free US bike industry
overview for 2012
• Free list of best bike
shops in US
• Members benefits:
e-newsletter, reduced
pricing for industry
reports, listserv
• Free, comprehensive
news coverage of
North American bike
retail market and
industry
• News article section
dedicated to industry
reports, such as:
Government Sources
Statistics Canada
•
•
Demographic information (ex: Census Profile by Postal Code)
Household spending habits; business performance & ownership
Industry Canada
•
•
Canadian industry statistics
Business benchmarking tool
Federal and Provincial Ministry Sites
•
Government reports that include industry information
(ex: #CycleON: Ontario’s Cycling Strategy)
• List of federal ministries; list of Ontario’s ministries
City of Toronto Website and Open Data Portal
•
•
City-specific information (ex: Bicycle Count & Locations; City
Cycling Statistics)
Some content comes from provincial or federal sources, but
packaged into more user-friendly format
(ex: Toronto Neighbourhood Profiles)
Example of
Enriched Government Data
SuperDemographics
•
•
•
Provides free search feature
Search by postal code to find out lifestyle segmentations as
defined by the company
Search also displays demographic information from the 2006
Census
Example of
Enriched Government Data
SuperDemographics
•
•
•
Provides free search feature
Search by postal code to find out lifestyle segmentations as
defined by the company
Search also displays demographic information from the 2006
Census
Government Sources:
Industry Canada
Government Sources:
Industry Canada
A useful way to search Industry Canada’s data is to use
NAICS codes
NAICS (North American Industry Classification System)
• Used by governments and business to classify business
establishments in Canada, the US, and Mexico
Government Sources
Summary
•
Government resources can give you great demographic,
industry, and consumer information
Problems
•
The data are not as recent
•
The data may not be on point
•
It can be hard to find and requires patience
Competitor Information:
Public Companies
Public companies disclose useful information
•
SEDAR: open database containing public securities documents
and information filed by Canadian public companies and
investment funds with the Canadian Securities Administrators
•
Company websites: annual reports & other investor
information; product lines; store locations; mission statements
•
Social media properties (Twitter, LinkedIn, Facebook)
•
Online reviews (Yelp, Google reviews)
SEDAR (System for Electronic Document Analysis and Retrieval)
Competitor Information:
Private Companies
Information is difficult to find, so be creative
•
Company websites: product lines; store locations; mission
statements; community involvement
•
Social media properties (Twitter, LinkedIn, Facebook)
•
Online reviews (Yelp, Google reviews)
•
‘Best of’ reviews on community blogs (BlogTO)
• Map searches (Google maps; Canpages)
Conclusion
1) The marketing plan and its importance
1) How market research is the backbone of the marketing
plan
1) Explored free secondary market research resources
Target Customer Data
Trade Associations
Market & Industry Data
Government Sources
Competitor Information
Competitor-produced
information
Thank you for your time Questions?
Slides available at:
http://stephaniequail.com/marketing-plans-session/
Stephanie Quail
Peter F. Bronfman Business Library
York University Libraries
May 14, 2014