Small Fish Conquering The Big Pond

SMALL FISH CONQUERING

Simple and Remarkable Ways to Improve Your Marke9ng Results in a Compe99ve Environment

THE BIG POND

LEOW LEIK HONG

“is better to be a small fish in a big pond than to be a big fish in a small

(and shrinking) pond!”

Radin Baidrul Ikram, MBA Founder of BizCoach Solu9ons and Pearl Maternity Hospital

Entrepreneur, Small Business Coach, Advisor and Mentor Penang, Malaysia

This book will reveal to you some of the tried and tested ideas that you as an SME can make use of to make your product stand out from your compe99on and capture your intended audience’s aJen9on, without having to spend a big sum of money on marke9ng and adver9sing campaigns. All it take is just a liJle crea9vity and ingenuity .

Be Different; Be Fun

Be CREATIVE and apply that crea9vity to produce something fun and desired. The difference between a brand that fails and one that succeeds is how crea9vity has been applied in each marke9ng campaign that creates a lot of happy customers for the business.

Create Happy Customers

PART 1 Preparing Your Marke3ng Ideas

Our leP-‐brain controls logical thought processes; while the right-‐brain is responsible for crea9vity and emo9ons. If you are running a business, which side of the brain should you be using? The answer is both, you would need all the logical thinking when you come to planning, process and numbers; while crea9vity is needed on marke9ng and branding.

Youtube Channel – Piano Stairs hJps://youtu.be/rQNnwjew1w8

Incorporate crea9vity and fun in our daily business rou9nes. Here is a genuine case study in which the Swedish Government had wanted to encourage their people to use the staircase more frequently rather than taking the escalator as they exit the subway.

1.   Ini3ate a Crea3ve Idea. Challenge yourself to think out of the box and do something out of the ordinary. 2. Define Your Goal. What do you want to achieve out of crea9ve thinking? 3. Explore Your Op3ons. List out all the op9ons you have and narrow them down to those that can be developed into something crea9ve and fun. 4. Act on Your Op3ons. You’ve talked the talk. Now walk the walk.

Generating IDEA

“ Commercial, Profitable, Enterprise That works

without ME!! ”

Quoted from Brand Sugars’ book

~ Instant Cash flow

If you are running a business, your aim is to built a business which has high commercial value, making money, surrounded by a trust worthy team and integrated into a workable system. All of these operate without your involvement as a business owner.

Education & Communication Is about

Always educate your customers on the benefits of your product. Like the First Genera9on iPod Classic. Steve Jobs only focus on its benefit – 1000 songs in your pocket.

•  Truly unique … •  Exci9ng to your target market ... •  Something that will get people talking ... •  Something that can’t be easily copied, or if it can be, it will be an

obvious rip-‐off on the part of the offending business ...

Youtube Channel – HomePlus hJps://youtu.be/kv3zB3et8-‐o

Be Unique

Purple Cow

Quoted from Seth Godin’ book

~ Purple Cow

Something truly unique that stand out from the mass. Infusing crea9vity and fun into your marke9ng efforts will not only help to make your product a purple cow, but a cash cow too.

Crea3ng a Difference can also be done with a … Guarantees

•  Increases confidence •  High level of security •  It’s a contract (buyer & seller)

•  Product’s Quality •  Advantage of seller

Guarantee works in 5 ways

PART 2 Crea3ve Marke3ng for Small Fishes

Unlock the Five Different Steps in

Marke3ng

CUSTOMER è REVENUE è BUSINESS PROFIT

1. Marke3ng to Generate Leads

Lead genera9on is basically about informing the market about the product you are offering. Lead genera9on avenues can be as simple as distribu9ng flyers, displaying banners, adver9sing in newspapers and magazines or aJending networking func9ons.

2. Marke3ng for Conversion

Lead genera9on does not necessarily result in sales transac9ons. Turning poten9al customer leads into definite customers is called a conversion. So, how do you convert sales leads or prospects into sales? It can be fulfilled by offering guarantees such as “try before you buy” as well as ensuring the product is easy available.

EASY TO BUY

Make your product easy to buy, with large & clear photos, filled with cap9ons and price. With a glance, customer know exactly what to order.

3. Marke3ng to AWract Repeat Sales While Step 1 and 2 focuses on how to acquire new customers, the third step is all about keeping your customers. An useful strategy to increase sales as well as maintain customer loyalty to your brand would be a Customer Loyalty Programme.

Sakae Sushi ang pow

Give Angpow as a voucher, which can be used by your customers. Apart of celebra9ng CNY, it is also a great tool to create repeat customers.

4. Marke3ng to Upsell & Increase Average Spending This step is about how to encourage a customer to spend more when he buys a product from you. One of the common strategies used by large corpora9ons to increase the average spending is by “Up Selling”. Up Selling is a technique that is used by sales personnel to get their customers to spend just a liJle bit more.

Shopping Basket

By providing a basket for your customers, you are actually helping to free their hands so they can easily buy more from you. With one hand holding the basket and the other hand free to pick up items, before they know it, your customers would have bought a whole lot more in a single visit.

5. Marke3ng to Improve Profit Margin REVENUE = TOTAL INCOME -‐ COST The amount of profit a business makes at the end of the day really depends on its overall business costs.

1. Lead Generation X

2. Conversion% =

Customer(s) x

3. Transaction x

4. Average $$ Sales =

Sales x

5. Margin % =

$ Profit $

5Steps Strategies

to improve your Business Profits

Let’s add some

number

4,000 ppl x

25% =

1,000 ppl

X 2 3mes

x $100 =

$200,000 x

25% =

$50,000

1.   Lead Genera3on X

2. Conversion% =

Customer(s) x

3. Transac3on x


Sales x

5. Margin % =

$ Profit $

4,400 ppl x

27.5% =

1,210 ppl x

2.2 9mes x

$110 =

$292,820 x

27.5% =

$80,525.50

10% Improvement

4,000 ppl x

25% =

1,000 ppl

X 2 9mes

x $100 =

$200,000 x

25% =

$50,000

1.   Lead Genera3on X

2. Conversion% =

Customer(s) x

3. Transac3on x


Sales x

5. Margin % =

$ Profit $

Sales 46%

$Profit$ 61%

PART 3 Social Media Marke3ng for Small Fishes

social everything

Social technologies will be at the heart of everyday life and business environment.

What come into your mind when you

hear about Social Media?

Social Media is a

conversation supported by online tools

Business are constantly having conversa9on with their target audiences, with Social Media we are doing it via the internet.

There are thousands and thousands of Social Media Platorms out there. How are these platorms going to help you on your business?

1)  Social media is not free.

2)  Social media will not bring you instant results.

3)  Social media cannot make up for a bad product or service.

Warnings about Social Media

3 Steps to Business Profit @ Social Media

1. Establish Goals

Ques3on: What is your goals & objec9ve on Social Media?

Example: •  Professional – create personal or industry branding, market awareness on what we do and how we can add value to our target audiences.

•  Retail – generate leads and traffics to our retails outlet, encourage people to talk about us.

•  Manufacturer – educate our target market on company value / culture for recruitment purpose.

•  WHO are your customer?

•  WHERE do you find them?

•  WHAT offer you had for them?

•  HOW are the message sent?

2. Listen

3. Built

Choose your channels

wisely Top 5 Recommended Social Media Platorms

1. FACEBOOK As the world’s most popular and well-‐known social media platorm, Facebook has exceeded 1 Billion users worldwide today. In Malaysia, half the popula9on have an account on Facebook.

2. TWITTER One of the most fast-‐moving and up-‐to-‐the-‐minute sites in the world! A platorm with a very simple structure, TwiJer enables its users to tweet a simple message not longer than 140 characters on each pos9ng.

3. YOUTUBE This is the social media site that everybody goes to for the latest videos. YouTube has made marke9ng a breeze for those who wish to showcase their company, products, services or even talents in an audio-‐visual format.

4. PINTEREST Unlike other social media platorms, Pinterest is a rela9vely new site that was only established in 2010. Its structure is quite similar to that of TwiJer’s, the only difference being that you post photos instead of text.

5. LINKEDIN Unlike the previous social media sites, which cater more for businesses to customers, LinkedIn is slightly different in that it is used more to connect businesses to other businesses. It allows professionals to upload their profiles on the site and connect them to a wide network of people.

Create A Landing Page…

When a prospect search your business online, they found your landing page. It could be a website, a blog or any of the social media platorms. Remember, you only have 30 seconds to impress your visitors and convince them to con9nue browsing or leave.

Engaged Target Audiences Build Rela>onship

STOP!�

• Establish Goals •  Indentify the needs • Select a platform • Engage Audiences • Build Relationship • Don’t SPAM • Repeat the above

PART 4 Learning from the Big Fishes

Starbucks History •  Founded 1971 •  By Jerry Baldwin, Gordon Bowker & Zev Siegl

•  Sold only whole bean coffee & coffee brewing machine

•  Howard Schultz joined in 1982 as head of marke9ng

•  1987 sold to Howard and rebrand as Starbucks

Video: Dan’s Coffee

# 1 Most engaged brand online Altimeter Report 2009

THE FLYWHEEL EFFECT

Integrated: Global Retail CPG

Stores & Partners!

Digital owned/paid

Traditional Media

Social Media

Earned Media

Loyalty/Card

•  Excellent Customer Service

• Quality Product •  Acceptable •  Social Responsibility

•  Strong Financial Support

•  Brand Recogni3on

-‐ Steve Jobs

6 Success

Principles of

Principle One: Do what you love.

“Have the courage to follow your heart and intui3on. They somehow already know what you truly want to become.”

Principle Two: Put a dent in the universe.

Steve Jobs has never underestimated the power of vision to move a brand forward. In 1976, Steve Wozniak was captivated by Jobs’ vision to “put a computer in the hands of everyday people.”

Principle Three: Kick start your brain.

“Part of what made the Macintosh great was that the people working on it were musicians, and poets, and ar9sts, and zoologists, and historians who also happened to be the best computer scien9sts in the world.”

Principle Four: Sell dreams, not products.

MacBook Air. The world’s thinnest notebook.

Principle Five: Say no to 1,000 things.

“Innova9on comes from saying no to 1,000 things to make sure we don’t get on the wrong track or try to do too much.”

The iPad is so simple a 2-year-old can use it.

The Apple Web site features one product.

Principle Six: Create insanely great experiences.

“People don’t want to just buy personal computers anymore. They want to know what they can do with them, and we’re going to show people exactly that

Apple Store the gold standard in customer service by introducing simple innovations any business can adopt to create deeper, more emotional connections with their customers.

Meet Your Mac.

Personal touch is essen3al, not selling.

Zappos ‘ Experiences

Recent Recogni3on: Nice, but we pay more aJen9on to

our customers •  TV Stories

–  Oprah (2008/2009) –  ABC Nightline (2008) –  60 Minutes (2007)

•  Fortune “100 Best Companies to Work For” –  #23 (2009) – Highest ranking newcomer to list

•  Fast Company “50 Most Innova9ve Companies” –  #20 (2009)

•  BusinessWeek Top 25 “Customer Service Champs” –  #7 (2009)

Excellent “World Class” Customer Service

Company Culture

Zappos’ Core Value 1.  Deliver WOW Through Service 2.  Embrace and Drive Change 3.  Create Fun and a LiJle Weirdness 4.  Be Adventurous, Crea9ve, and Open-‐Minded 5.  Pursue Growth and Learning 6.  Build Open and Honest Rela9onships With

Communica9on 7.  Build a Posi9ve Team and Family Spirit 8.  Do More with Less 9.  Be Passionate and Determined 10. Be Humble

•  Pay new employees $2000 to quit.

•  Make customer service the responsibility of the en@re company, not just a department.

•  Focus on company culture as the #1 priority.

•  Apply research from the science of happiness to running a business.

•  Help employees grow both personally and professionally. •  Seek to change the world.

•  Oh, and make money too.

In a Nutshell One More Thing

The Ladder of Loyalty illustrates the different p h a s e s o f t u r n i n g a prospect into a customer and ul9mately, into a raving fan. As a business owner, it is important for you to understand that at different p h a s e s , y o u s h o u l d i m p l em e n t d i ff e r e n t strategies for the maximum impact.

COACH LEOW LEIK HONG is an out-‐of-‐the-‐box business coach who is passionate about helping people to achieve their business goals. As a former engineer and professional sales consultant, he understands the needs of an SME business owner and how to address them accordingly and crea9vely. As a cer9fied Professional Trainer with the Interna9onal Professional Managers Associa9on (IPMA UK) and Human Resources Department of Malaysia (HRDF), he currently conducts one-‐on-‐one coaching sessions, business seminars and training workshops. He is also regularly invited to be a panel speaker and trainer at many business conferences locally as well as interna9onally. To have a private consulta9on with Coach Leik Hong, email him at [email protected] or follow him on TwiJer: @leikhong To find out more about Coach Leik Hong, visit www.leikhong.com

ABOUT THE AUTHOR

Available at:

hJp://smallfishidea.com/

ebook Vers ion can be purchase and download

THANK YOU.

Small Fish Conquering The Big Pond

Small Business & Entrepreneurship

Transcript of Small Fish Conquering The Big Pond