IMC for Small Business and
Entrepreneurial Ventures
Chapter 15 with Duane Weaver
Range: Small Bus. to New Venture
May Include:
• Small family-owned (dry cleaner, restaurant, specialty
shop…)
• Business start-up seeking growth
• Corporate Start-up
• Groups of Professionals in practice together (clinics, law
firms, etc…)
• ENTREPRENEURSHIP: company formed with the
express goal of becoming larger through an aggressive
growth agenda.
• INTREPRENEURSHIP: corporate spin-off or start-up.
Starting Out: MARKET ANALYSIS
1. Understand and define consumer needs
2. Establish a clearly defined product/service
3. Develop a unique market niche (entrench
and/or expand from) – having a unique selling
proposition (USP).
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USP: some feature that allows the new company to
stand alone and be distinct from all other
competitors. Could be based on:
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Price (major difference)
New service not available
Some other feature not easily duplicated
FINDING CUSTOMERS:
critical IMC component
• Locating customers
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Guerilla marketing (low cost, creative strategies)
Trade shows
PR programs
Alternative medias
Lifestyle marketing venues
• Increasing accessibility for customers (contact points)
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Traditional venues
Networking*
Lifestyle marketing
Web Sites
• Reducing “first-purchase” risk for consumers
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Samples
Coupons
Discounts
Referral discounts
Free first consultation* (or perceived free)
Money-back guarantee
Developing customer ADVOCATES
ADVOCATE: loyal to the business and draws other
customers (and/or advocates) through positive
communications.
• Database Management
– (often neglected by small business start ups, can be the key to
repeat business, market knowledge, & pattern awareness)
• Direct Marketing
– Works well with database (buy or build referral program 3*3*3*3).
– STEPS: 1. Goals, 2. Define Audience, 3. Target, 4. Produce DM
piece, 5. Print and Distribute, 6. Track response rate.
• Personal Selling
– Vital to small business to build and keep customers.
• Trade and Consumer Promotions
– Keep the cost effective and goal driven