Marketing Strategy Development · Type of Buyer Design/fashion house Department store Independent...
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Marketing Strategy Development Ensuring a unique and customer focussed approach
Transcript of Marketing Strategy Development · Type of Buyer Design/fashion house Department store Independent...
Marketing Strategy Development
Ensuring a unique and customer focussed approach
Overview
How do you define success? What business are you in? What are the features & benefits? Which customers do you care about? Devising appropriate marketing
communications Setting sales & marketing objectives
Activity 1 - Three questions about you & your business
What is your motivation for starting a business?
What skills & resources do you need?
How do you define success?
Other folks answers…Focussed, struggle, expert, triumph, admired, hot, renowned, politics, hothouse, achievement, network, lounge, inventive, productive, family, intuitive, global, courage, playground, belly, fortune, retaliation, slow, mother/father, machine, joker, loose, rational, controlled, dictator, organism, sought, fugitive, dedicated, amateur, mountain, expensive, flawed, mechanical, innocent, farmhouse, approachable, blunder, malicious, swarm, surprise, local, conscious, pack, ocean, orchestra, comic, chaotic, insult, definite, chaos, fate, rockband, intellectual, hero, student home, tight, unconscious, cheap, fast, accident, sweatshop, ordered, distracted, victim, scholar, emergency room, frail, static, ambiguous, cool, dedication, one man show, tribe, pain, creative, responsible, magic, brain, cunning, order, power, rebellion, professional, corporation, selfish, calm, flexible, freedom, money, nest
Activity 2 - What business are you in? Describe the products/services Why would someone need what you
offer? New market or existing? Summarise the goal of the business – in
terms of meeting customers needs THINK BIG
Activity 3 - Features & Benefits
List all the features of your product/service
Highlight the unique ones Translate features into benefits to
customers When customers buy make-up they buy hope When customers buy pen & paper they buy
communication
Feature – holein biscuit showsjam centre
Benefit – temptsthe unwary &
reminds them why they prefer to
chocolate bourbons
Identifying customer segments
List all the different types of customers you can think of
Cluster these into ‘segments’ Which ‘customer segments’ are the most:
Sustainable – regular buyers, pay a price which enables a profit to you
Accessible – you can afford the cost of marketing to them
Measurable – you know when you’ve reached them and what they think of you
Defining your customers & marketsB2B Trade Buyers Trade Press Awards & Prizes Trade Event Organisers Funders & Gov’t
programmes Agents &
Intermediaries Gallerists Talent Spotters
B2C Customers Private Clients &
commissions Consumer Press Curators Programme managers Audiences & Viewers
Defining the Details – B2B Trade Buyers
Type of Buyer Design/fashion house Department store Independent retail Agent/intermediary Multiple retailer Specialist outlet International buyer
Independent Retailers in the UK offering a mix of well known brands and new designers with a focus on X Subdivide each broad categoryinto homogeneous groups and target each group separately
Write a wishlist for what youwant from each group
Defining the Details – B2B event Meet some trade buyers Take a stand at Trade
Fair X In the course of the
show make contact with X buyers, Y journalists and win B prize
Follow up from the show with personalised letters to all people met and succeed in arranging 10 meetings
Aim to make sales to C new customers over a 12 month period as a result of this trade event
Defining the Details – B2C Customers
Income Age Geographic distribution Depth of interest One off vs. long term
customer
Customers with a history of interest in X, who buy regularly through preferred outlets and also attend invitation only functions
Use this to drive your analytics, SEO goals etc not the other way around!
Getting to know customersB2C Age, sex, income,
geographic area, buying attitudes, buying habits
Geographic segmentation
Demographic segmentation
Family life cycle Psychographic
segmentation
B2B Job title Trade press they read Trade events they attend (How) does the company
work with partners? Do they buy in
solutions/ideas/ products? What do they outsource? Can they buy or bring
volume of transactions?
Which customers to focus on?
Do Look at the world from customers perspectives List the benefits to the customer List the unique benefits Cherish the features that are important to you
Review Your sort of customer Cost of new customers Not your sort of customer Patterns of success & rejection
Identifying customer segments
List all the different types of customers you can think of
Cluster these into ‘segments’ Which ‘customer segments’ are the most:
Sustainable – regular buyers, pay a price which enables a profit to you
Accessible – you can afford the cost of marketing to them
Measurable – you know when you’ve reached them and what they think of you
Adoption Curve
What would sales enable?
Organic growth Financial sustainability Proof of concept to enable raising
further finance Proof that customers want the benefits
you offer
Your Goals
Clearly defined
Measurable
Do-able in a few months
Relevant to you and your customers
That you have the time, money & resources to achieve
SMART
Next 12 months, 3 years Next 3 years
an outline e.g. attend 3 international trade fairs Next 12 months - prioritising
detailed e.g. take stand at 100% Design using your network of contacts to make the next steps preparing for activities later in the year
Why customers matter
No customer = no market
Markets or Illusions?
Puff of smoke – ghosts & other apparitions
Market fails to materialise – technical, political, financial reasons
Escape artists – now you see me, now you don’t
Man can’t sell to innovators alone
What your mother never told you about markets…
Power holders – customers or suppliers?
Profitability – what the standard margins are?
Technology – who owns it, how good it is, when the IP expires, what the IP covers?
Customers – knowledgeable or naïve?, demanding or easily pleased, switching costs & churn rates
The Devil is in the ServiceIntangibility
no substantial material or physical aspects
InseparabilityCan’t be separated from the service provider
Heterogeneityvariability in quality of delivery
Perishabilitycan’t be stored
Ownershipno transfer of property
Product Lifecycles
Evaluating Results
How do you know your marketing is working?
How could you build evaluation mechanisms into market research marketing communications sales processes …. any customer interaction
Final checks
Your marketing map – what have you learnt
Highlight the areas of further work Action lists Final questions
A Reading List: The Tipping Point, Malcolm Gladwell
The marketing plan (a pictorial guide for managers), Malcolm McDonald & Peter Morris
The Structure of Scientific Revolutions, Thomas Kuhn
Sold (how to make it easy for people to buy from you), Martin & Colleran
Do your own PR, Milton
Breaking Through, Vandermerwe
Co-opetition, Nalebuff & Brandenburger
Activity 1 - Three questions about you & your business
What is your motivation for starting a business?
What skills & resources do you need?
How do you define success?
Other folks answers…Focussed, struggle, expert, triumph, admired, hot, renowned, politics, hothouse, achievement, network, lounge, inventive, productive, family, intuitive, global, courage, playground, belly, fortune, retaliation, slow, mother/father, machine, joker, loose, rational, controlled, dictator, organism, sought, fugitive, dedicated, amateur, mountain, expensive, flawed, mechanical, innocent, farmhouse, approachable, blunder, malicious, swarm, surprise, local, conscious, pack, ocean, orchestra, comic, chaotic, insult, definite, chaos, fate, rockband, intellectual, hero, student home, tight, unconscious, cheap, fast, accident, sweatshop, ordered, distracted, victim, scholar, emergency room, frail, static, ambiguous, cool, dedication, one man show, tribe, pain, creative, responsible, magic, brain, cunning, order, power, rebellion, professional, corporation, selfish, calm, flexible, freedom, money, nest
