7-1

DevelopingMarket Strategies

I don’t like theI don’t like thechapterchapter

Let’s do somethingLet’s do somethingdifferentdifferent

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7

USDA/ARS, Photo by Scott Bauer

7-2McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

HP SurveyHP Survey

According to an HP survey, According to an HP survey, 64% of small businesses lack 64% of small businesses lack confidence in their marketing confidence in their marketing decisions, 60% felt their decisions, 60% felt their marketing could be more marketing could be more effective, and only 27% had effective, and only 27% had designed a company logodesigned a company logo

7-3McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Basic MarketingBasic Marketing

Customer orientation – identify Customer orientation – identify needsneeds

Segmentation & TargetingSegmentation & TargetingPositioning vis-à-vis competitionPositioning vis-à-vis competitionMarketing mix (Four Ps)Marketing mix (Four Ps)

Plus people, processes, physical Plus people, processes, physical evidence (evidence (case studies, testimonials, case studies, testimonials, demonstrations)demonstrations)

7-4McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Five QuestionsFive Questions

What's unique about your business idea? The USP.What's unique about your business idea? The USP.Who is your target buyer? Who is your target buyer?

Who buys your product or service now, and who do you really Who buys your product or service now, and who do you really want to sell to? want to sell to?

Who are your competitors? Who are your competitors? Can you effectively compete in your chosen market? Can you effectively compete in your chosen market?

What positioning message? What positioning message? How can you position your business or product to let people How can you position your business or product to let people

know it is specialknow it is special

What's your distribution strategy? What's your distribution strategy? How will you get your product or service in the hands of your How will you get your product or service in the hands of your

customers?customers?

7-5McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

More questionsMore questions

What things on your list are unique versus What things on your list are unique versus your direct competitors.your direct competitors.

Which of these benefits is most important to Which of these benefits is most important to your clients?your clients?

Which of these would be difficult for other's in Which of these would be difficult for other's in your industry to copy?your industry to copy?

Which of these can be easily communicated?Which of these can be easily communicated?Craft headlines to promote your USPCraft headlines to promote your USP

7-6McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

TipsTipsRemember the Basics:Remember the Basics:

Quality — do it better.Quality — do it better.Promotion — buyers must be aware of Promotion — buyers must be aware of

and motivated to purchase your and motivated to purchase your product.product.

Price — do it cheaper or provide better Price — do it cheaper or provide better value.value.

Distribution — Distribution — make it easy to get, to get make it easy to get, to get fixed, or to get more of.fixed, or to get more of.

7-7McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

35 online marketing tactics35 online marketing tactics

Blogging Blogging Search engine optimization Search engine optimization Blogger relations Blogger relations Email marketing Email marketing Social networks (Facebook, Social networks (Facebook, LinkedIn) LinkedIn)

7-8McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Tactics ctd.Tactics ctd.

Corporate web site Corporate web site Pay per click Pay per click Online public relations Online public relations Webinars/Teleconference Webinars/Teleconference Online display ads Online display ads Online communities/forumsOnline communities/forums

7-9McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Tactics ctd Tactics ctd

Social News / Bookmarking Social News / Bookmarking Viral marketing Viral marketing eCommerce eCommerce Feeds/Comparison Shopping Feeds/Comparison Shopping

Blog advertising Blog advertising IM / Microblogging (Twitter) IM / Microblogging (Twitter)

7-10McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Tactics ctdTactics ctd

Sponsorship / Cross Branding Sponsorship / Cross Branding Paid reviews Paid reviews Affiliate marketing Affiliate marketing Free content (white papers) Free content (white papers) Online contests, giveaways Online contests, giveaways RSS advertisingRSS advertising

7-11McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Tactics ctd Tactics ctd

Behavioral targeting Behavioral targeting Advergames Advergames Podcasts Podcasts Rich media apps/demos Rich media apps/demos (Flash) (Flash)

Rich media avatarsRich media avatars

7-12McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Tactics ctd.Tactics ctd.

Virtual worlds Virtual worlds Virtual tradeshows Virtual tradeshows Video marketing Video marketing Contextual Advertising Contextual Advertising Widgets Widgets Mobile ads Mobile ads

7-13McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Tactics ctd.Tactics ctd.

User generated content User generated content Branded microsites Branded microsites

7-14McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

Marketing MetricsMarketing Metrics

Tracking who buys, when, Tracking who buys, when, how, why, wherehow, why, where

Cost to acquire and retainCost to acquire and retainFollowing up leadsFollowing up leads