market like you mean it

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Market Like You Mean It.

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Our portion of the Market Like You Mean It seminar, presented by the Greater Warrenton Chamber of Commerce and sponsored by our good friends at Piedmont Press & Graphics (www.piedmontpress.com).

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Page 1: Market Like You Mean It

Market Like You Mean It.!

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So, what is marketing?!

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Dare we try and define it?!

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Yep…we dare.!

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McKinseyʼs definition:!Marketing is the art and science of entertaining, engaging, delighting and informing your target market clients in a way that drives results that tie back

to your organizationʼs goals and objectives.!

Marketing is a process, not a product.!

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Meet Sean.!

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Letʼs start with you!•  Who are you?!•  What do you do?!•  Why does it matter?!

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Re. Differentiation…!

Our brains filter out irrelevant info and let in whatʼs different and

useful. So remind me, why does your product matter?!

--Marty Neumeier!

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Re. All Brands…!!

Only one can be the cheapest. The rest have to use branding.!

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Re. Your Brand… !!

Your brand is not what you say it is. It is what they say it is.!

--Marty Neumeier!

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Re. Charismatic Brands…!

A charismatic brand is any product, service or company for which

people believe there is no substitute. Any brand can be

charismatic…even yours.!--Marty Neumeier!

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Marketing Plan 101!•  Objectives!•  Audience!– Demographics!– Psychographics!

•  Message(s) !!– Branding or calls to action (or a mix)?!– May differ among audiences!

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Re. Differentiation, remember?!

Our brains filter out irrelevant info and let in whatʼs different and

useful. So remind me, why does your product matter?!

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Marketing Plan 101!•  Marketing objectives!•  Strategies (print, social, special events,

sponsorships…)!•  Tactics (Facebook, Evening Under The

Stars, Warrenton Lifestyle…)!•  Media plan (when and what media)!•  Budget!•  Measure & refine!!

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Back to “C”!

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Budgeting!Three popular models:!

Percentage of revenues.!Desired customer growth.!Spend nothing. Market for free!!

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Percentage of revenues.Most talked about method of determining a marketing budget.!

Takes a fixed percentage of your revenues (all money your company brings in) and allocates it for marketing. !

Revenue Marketing Budget !

•  Less than $5 million 7–8% !•  $5–10 million 6–7% !•  $10–100 million 5–6% !•  $100–300 million 3–5% !•  More than $300 million 3-4%!

Some variations by industry:!

Retail and pharmaceuticals lead the spending, with many of these companies spending more than 20%. !

Average across all industries is 4-6%. !

Source: ImageWorks SMB 2011!

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Desired customer growth.

•  Method of budgeting based on acquiring a specific number of new customers.!

•  Must know how much it takes you to acquire a new customer and then multiply that cost by the number of new customers you want to acquire.!

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Spend nothing. Market for free!

•  Yes, there are “free” tools and resources available, particularly online.!

•  Remember: Time is money and money is time! !

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Putting the Plan Together!

Determined your business objectives.!Set a marketing budget.!Go shopping!!

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Available Tools!•  Print Publications   !•  Public Relations !•  Online Advertising!•  Direct Mail !•  Marketing Collateral !•  Outdoor Advertising !•  Website/Search Engine Optimization!

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Available Tools!•  Blogging !•  Social Media !

•  Facebook!•  Twitter!•  LinkedIn!•  Yelp!•  YouTube!

•  Professional Memberships/Networking !•  Email Marketing !•  Sponsorships !•  Radio !•  TV !•  Photography !

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Available Tools Cont.!

Customer !Service!

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Key Ad Buying Questions:!•  What is the opportunity reach?!•  What are the market demographics?!•  What is the message frequency?!•  What is the cost?!

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Metrics & Measuring!•  How will you determine the effectiveness

of your campaign?!

•  How do you know if your message is reaching your intended audience?!

•  How do you know if the market is aware of your brand?!

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5 Metrics to Track at the Executive Level!

1) Website Grade - The great thing about this score is that is it very easy to understand. Visit www.websitegrader.com and see how your site measures up to those of your peers..

•  Source: HubSpot!

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5 Metrics to Track at the Executive Level!

2) Website Traffic - This is the total number of unique visitors to your website over a time period, usually a month.  At a high level, this gives you a sense of the overall interest in your business, and if the marketing programs you are doing are working or not. What key words did your visitors search to find you?

•  Source: HubSpot!

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5 Metrics to Track at the Executive Level!

3) Leads - This is the next step in the sales funnel, and is the most important metric for measuring your marketing efforts.

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5 Metrics to Track at the Executive Level!

4) New Customers - "How many sales did you close this month?" is probably the most important question you should answer for your business.!

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5 Metrics to Track at the Executive Level!

5) Customer Acquisition Cost - Many businesses don't compute this on an ongoing basis, but knowing the total sales and marketing cost for each new customer (on average each month) is important.  It gives you a good sense of how your business is going, and if it is getting easier or harder to grow.

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Welcome Tony!!

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Thank you!!

www.PiedmontPress.com    

www.McKinseyDevelopment.com