1 Simple Steps for Growing Your Business Marketing Your Business 2 The SCORE Foundation would like to thank for showing their support of America’s small businesses by sponsoring this series. The content provided in the Simple Steps for Growing Your Business materials is intended as a business resource only and does not guarantee a successful outcome when applied to individual business use. To find additional resources on growing your business, visit www.score.org and www.openforum.com A Special Thanks to Our Local Sponsors 3 Classroom Safety – Argosy U 4 Emergency Exits Restrooms Please do not wander around the building! You are HERE Classroom Safety–ComCenter 5 Emergency Exits Restrooms You are HERE Please do not wander around the building! 6 About SCORE • Successful and experienced business owners and executives acting as volunteers • Free mentoring: Douglas S. Cavanaugh • One-on-one • E-mail • Signup on our website – Mentoring Tab • Seminars and workshops • Resources for small business: manasota.score.org 6 7 Assessing Your Business If you have not looked at the SCORE Business Needs Assessment, it is in your packet! 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 Review with your mentor to help you: Decide what additional workshops to attend Develop a customized business improvement plan 7 Workshops - Business Focus Areas Customers – Impacted by All Functions in Your Business Marketing Your Business Marketing Sales Growing Your Sales Customer Service Managing Operations Managing Your Time/ People Resources Financial Management Service Delivery Purchasing / Manufacturing Distribution Human Resources Finance Business Owners / Management - responsible for Business Performance 8 8 During this workshop we will discuss: • • • • • • • • • Marta E. Maxwell Identifying your marketing goals Evaluating your marketing options Effective advertising methods Using social media Online marketing methods Public relations strategies Using event marketing Using cause marketing Retaining customers 9 10 Let’s Get Started Briefly tell us about you: •Your name •Your business (30 second “elevator” speech) Katrina Markoff •What you hope to achieve during and after this workshop 11 Marketing 12 Marketing What is Marketing? The 4P’s Product / Service Pricing Promotion Place (Distribution) Karen Bevels Marketing Examples / Functions Market Research Merchandising Advertising Product Planning Sales Promotion Public Relations 13 Marketing Today, think about . . . Where does your business stand today? Where you need to take it? Karen Bevels How do you get there? . . . as we go through the workshop 14 Identify Your Marketing Goals Identify Your Marketing Goals Have Your Business Needs Changed? Karen Bevels • Target customers – Existing customers – New customers • Product or service mix • Pricing approach • Promotion Success • Budget • Sales channels 15 Identify Your Marketing Goals Market Research Understand your target market • Size • Income level (for consumers) • Sales - Business to Business (B2B) and Business to Consumer (B2C) Surendra N. Kumar, Ph.D . • Purchasing habits • Demographics • Purchasing channels • Geographic locations • Industry / Geo-Political Trends 16 Identify Your Marketing Goals Market Data Sources • Industry analysis using the NAICS number to find info about your business segment (North American Industry Classification System) •Website searches •Customer surveys SurveyMonkey.com, Zoomerang.com •Social media Facebook, LinkedIn, Twitter, YouTube….. •Focus groups •Personal Contacts 17 Identify Your Marketing Goals Market Data Sources •Trade associations •Census data •American FactFinder (http://factfinder.census.gov) •EconomicIndicators.gov •Fedstats.gov •National Bureau of Economic Research (www.nber.org) •Harris Infosource (www.harrisinfo.com) •Hoover’s (www.hoovers.com) •ThomasNet (www.thomasnet.com) •Public Library 18 19 Identify Your Marketing Goals 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 Identify Your Marketing Goals 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 20 Identify Your Marketing Goals Is Your Brand Clear? Branding is not the same as marketing. Branding is the image, logo and positioning of the product or service. Douglas S. Cavanaugh Three steps to brand creation: 1. Identify unique selling proposition (differentiation) 2. Understand target market 3. Communicate brand consistently 21 Identify Your Marketing Goals Competitive Analysis Analyze the marketing methods or strategies used by your competition. What is working for you and what is not? Would similar methods work for you? Are there niche openings to exploit? 22 Exercise 1 – Target Market Assessment / Goals Using the Worksheet in your folder, fill in your EXISTING target market and then potential NEW target markets you might pursue for growth Fill-in your thoughts about pros and cons of each area list below: Customer Demographics Customer Location(s) Customer Spending Habits / Behaviors Distribution Channel 10 minutes to work and 10 minutes to discuss 23 Exercise 1 – Target Market Assessment / Goals 10 minutes to work and 10 minutes to discuss 24 25 Your Marketing Options Your Marketing Options Is It 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? 26 Your Marketing Mix Options Marie Seipenko Promotion Topics: Advertising Online Marketing Social Media Public Relations Event Marketing Cause Marketing 27 28 Advertising Advertising •What are the desired outcomes of advertising? –Builds awareness –Product / Service information –Helps customers find you –Builds credibility –Drives sales 29 30 Advertising Traditional Advertising Options • Print (newspapers, magazines, community publications) • Radio Erma Kubin-Clanin & Dr. Rene Clanin • TV • Direct mail (postcards, letters) Advertising Online Advertising Options • Every business should have a web presence • Web pages • Link exchanges • E-mail newsletter advertising • Pay-per-click (PPC) • Banner ads • Web marketing options continue to evolve 31 32 Online Marketing Online Marketing Benefits of a Business Website If you don’t have a web presence, you need one! • Online company / product information • Customer service • Additional sales channel • National / global reach • E-commerce capability 33 34 Online Marketing Developing an Effective Website Determine Goals Overall Business Strategy Overall Marketing Strategy Development Requirements To include: Ease of use, sales, customer service, branding, search Online Marketing 35 Elements of Your Website • Domain name or URL (www.yourbusiness.com) • Web hosting service • Business goals for your website • Website design •Company email addresses (xxxx@yourbusiness.com) Company and employees Gmail,Yahoo, or AOL email addresses do not convey a “business” message Many providers offer package options that include everything: • GoDaddy.com IMSMB.com • NetworkSolutions.com Web.com • Hosting24.com Online Marketing Principles of Web Design • User-focused • Simple to navigate John Christakos, Maurice Blanks & Charlie Lazor • Direct users to take action • Privacy Policy • Consistent with your marketing message 36 Online Marketing Search Engine Optimization (SEO) SEO = driving traffic to your site via organic search results • Create quality content Dr. Lynn McMahan • Use targeted keywords • Measure results 37 Online Marketing Web Analytics Web analytics can measure: • Number of visitors • Average visit length • Most popular site entry pages • Where users come from (sites or search engine phrases) • Conversion rates Use analytics to determine if your site is achieving your goals Google and Bing offer free analytics 38 39 Online Marketing E-mail Marketing Ways to get e-mail addresses: • Opt in • Sign up in-store • Offer incentives • Barter or buy lists Rupa Bihani Shah E-mail examples: • Newsletter (monthly, weekly, daily) • Sales or specials: Weekly or as needed • Announcements • Event invitations 40 Online Marketing Legal Issues of E-mail LEGAL ISSUES RESOURCES CAN-SPAM Act requires: Identify yourself Identify as an ad Physical address No deceptive subject lines Opt-out options (double opt-in not required, but preferred) Unsubscribe requests Using an e-mail service can help: Benchmark E-Mail Campaigner Constant Contact iContact Microsoft Office Live Small Business E-Mail Marketing service (smallbusiness. officelive.com) Visit the FTC website (www.ftc.gov/spam) for information and resources on legal issues Online Marketing Mobile Marketing Mobile marketing = using cell phones and other mobile devices to market to customers •More than 20 percent cell phones are smartphones** and the percentage is growing Joe Jackson •Good for local businesses •Reach customers on the move **Source: ComScore 41 Online Marketing Mobile Marketing •Methods –SMS or MMS marketing –Mobile banner advertising –Mobile local search – geo location –Mobile apps –Mobile paid search Is your website mobile-friendly? Check at www.mobiReady.com 42 43 Social Media Marketing Social Media Marketing Social Media and Your Business Social media facts: Fastest-growing communication technology among consumers and business users Doug Zell Projected 3.6 billion users by 2014* *Source: Radicati Group 44 Social Media Marketing Marketing With Facebook Users: • Biggest social network (over 500 million users) • Wide age range • Majority women Good for: • Consumer businesses • Products that inspire “fans” • Building community • Targeted ads 45 Social Media Marketing Marketing With LinkedIn Users: • Professionals • Focused more on individuals, less on companies Good for: • Business-to-business (B2B) contacts • User groups for market intelligence • Getting known as an expert • Prospecting for customers or employees 46 Social Media Marketing Marketing With Twitter Users: • 8 percent of U.S. Internet users* • Young, affluent, urban • Influencers Social Media Marketing Good for: • B2B and B2C • Timely news/deals • Mobile users • Brand building • Promotions *Source: Pew Internet and American Life Project 47 48 Social Media Marketing Getting Started with Ratings and Reviews Bing Local Insider Pages RatePoint.com CitySearch Local.com Yahoo! Local Google Places Merchant Circle Yelp! Claim your listing and optimize it with: David Lomakin • • • • • Photos Description of business Maps/directions Coupons/special offers Tracking/analytics Social Media Marketing Group Site Deals • Groupon • LivingSocial • SocialBuy • Local sites in your community 49 Social Media Marketing Social Media Time Commitment • Deciding if social media, is appropriate, and which one(s) • Time requirements ! ! ! • Management of updates – current and timely is better • Frequent changes required • Learning curve for effective use 50 51 Public Relations 52 Public Relations Understanding Public Relations Public relations is a means of generating attention from the media that can be as effective as advertising in building awareness of your business Jennifer Behar 53 Public Relations Writing a Press Release Standard Format • • • • • • Headline Date Summary Body About/Boilerplate Contact Target to Each News/Media Outlet • Relevant Topics • Timely • Interesting Resource • Newswire’s PR Toolkit toolkit.prnewswire.com Public Relations Press Release Distribution Target publications, reporters and bloggers: • E-mail release • Link to your website • Follow up Free press release distribution services: • FreePressRelease.com • PR.com • PRLog.org • Chambers of Commerce (for members) 54 55 Other Marketing Options Event Marketing Cause Marketing Event Marketing Sponsoring an Event • Good promotional tool for businesses with local customers • Find of events that match with your business’s offerings and your goals. • Options include sports teams, charity events, schools, races, fairs • Investigate event organizer To consider: • What will you give? • What will you get? 56 57 Event Marketing Steps to Hosting an Event Set goals Plan event Promotions at events Invite partners/ sponsors Publicize / market Collect customer data Thank attendees Follow up Cause Marketing Cause Marketing (or Relationship Marketing) • Using positive publicity, enhancing your brand by affiliating your business with a “cause.” • Many customers are conscious of social responsibility • Products associated with a good cause see up to a 74 percent boost in sales compared to non-causeassociated products* • Women, millennials especially cause-conscious • Key causes: Green, education, disaster relief, disease research 58 59 Cause Marketing 6 Steps to Cause Marketing Choose a relevant cause Investigate cause Decide level of support (volunteering, contribution, selling products) Understand tax concerns Publicize your cause Be authentic Exercise 2 – 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 60 Exercise 2 – Market Strategy Assessment / Goals 10 minutes to work and 10 minutes to discuss 61 62 Creating Marketing Materials Creating Marketing Materials Marketing Materials Do your marketing materials need a makeover? Do they still reflect your brand? They all need to be consistent! • • • • • • Logo Signage Business cards Brochures Website Promotion merchandise 63 Creating Marketing Materials Marketing Materials Low-Cost Resources: • 99Designs.com • CrowdSPRING.com • Elance.com • Freelancer.com • Guru.com • Inkzoo.com • Logoworks.com • Marketsplash.com • VistaPrint.com 64 65 Creating “Raving Fans” Creating “Raving Fans” Why Customer Retention Matters • As your business grows, retaining existing customers is key to success • It costs 5 times more to find a new customer than it does to keep one* • Loyal customers can refer other customers to your business *Source: Gallup 66 Creating “Raving Fans” Customer Loyalty Programs Keep customers coming back with loyalty programs that can include: Atul Patel • • • • • Loyalty cards Geolocation websites Discounts and special offers Events Giveaways What has worked for you? (5 minutes) 67 Creating “Raving Fans” Customer Service Customer service is key to repeat business. Are the following aspects of your business meeting customers’ expectations? Katrina Markoff • • • • • • • • Physical location Website Phone Your staff Questions, problems, answers Customer feedback Post-sale follow up Secret shopper information 68 69 Evaluating Your Business Evaluating Your Business Your Team Do you have adequate staff to carry out your marketing plan? Laurie Cumbo Options: • Savvy marketers • Retraining current employees • Hiring new employees • Temporary workers • Outsourcing/independent contractors • Freelancers • Consultants 70 Evaluating Your Business Return on Investment Always assess your ROI (Return on Investment) for your marketing budget • Set measurable goals • Measure results – Marketing effort that generated the sale – Survey customers • Adjust marketing plan accordingly 71 72 Helpful Resources Other Related Manasota SCORE Workshops Web Site Basics Internet Marketing and Social Media 73 Marketing Resources • • • • • • • • • • • • • American Advertising Federation (www.aaf.org) American Express OPEN Forum (www.openforum.com) American Marketing Association (www.ama.org) Direct Marketing Association (www.the-dma.org) Larry Chase’s Web Digest for Marketers (www.wdfm.com) Marketing Hub (www.marketinghub.com) Marketing Plan Pro (www.paloalto.com) Marketing Profs (www.marketingprofs.com) Marketing Research Association (www.mra-net.org) Marketing Sherpa (www.marketingsherpa.com) Mobile Marketing Association (http://mmaglobal.com) Radio Advertising Bureau (www.rab.com) SCORE (www.score.org) 74 75 Next Steps Next Steps • Complete the Target Market Worksheet • Complete the Marketing Strategy Evaluation Worksheet • Create a marketing plan for the next 12 months that reflects your new marketing goals and explains how you will achieve them • Review the With Your Mentor handout for topics to discuss with your mentor Don’t have a SCORE Mentor? Connect with one today! • SCORE has over 13,000 successful and experienced executives with small business know-how that want to help you • Visit manasota.score.org for more information Help Us, Help You Please fill out the workshop evaluation form Your feedback is important to help us improve our programs!