It will sell itself!

Presented byTom Fulcher

Maricopa Community Colleges SBDC

A little on my background:Brand Mgr, Product Mgr, Marketing Director, VP-Marketing, VP-New Bus/Int’l, CEO, Consultant

Heinz, Colgate-Palmolive, Knudsen, Farnam, Equine.com

Teach Planning, entrepreneurship, business development and marketing at Entrepreneurship Program at ASU College of Law and at Thunderbird School of Global Management

Board – American Marketing Association, Phoenix Chapter

Consultant –Maricopa SBDC, The Idea Gardener LLC, ADOT

Loves dogs

television advertising radio advertising coupons public relations twitter seo facebook myspace linkedin newspaper advertising trade magazines consumer magazines bus shelters billboards events affiliate programs websites microsites giveaways forecast promotional products personal selling newsletters public speaking celebrity endorsements sports sponsorships special event signage memberships on package offers points programs surveys focus groups logos

Defining Marketing Targeting Market Analysis Branding Messaging Persuasion Basics of a Marketing Plan

What is it and Why Bother?

Defined Advertising

Creating a Brand Image the act of buying or selling in a market

Half art – Half science Pushing a product on the public

A sales support function A job field for people who like to lie and tell

stories

Marketing Defined

An integrated process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Value = Getting something you want at a price you are willing to pay for it!

Branding Defined a mark made by burning or otherwise, to

indicate kind, grade, make, ownership, etc. a mark formerly put upon criminals with a hot

iron. any mark of disgrace; stigma.

A distinguishing symbol, mark, logo, name, word, sentence, or a combination of these items that companies use to distinguish their product from others in the market.

But So Much More! a "name, term, sign, symbol or design, or a

combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers

Once a brand has created positive sentiment amongst the target audience, the firm is said to have built brand equity

Ultimately, your brand resides within the hearts and minds of customers, clients, employees and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot. Differentiate your cow!

BRANDING – Why should you care? A solid base from which to develop marketing and

product development strategy Creates hurdles for competition Assures the value proposition is met reducing price

pressures Strong brands deliver better profitability Better ability to extend into new arenas Makes you the desirable partner Makes the company more valuable

What does SWOT stand for?

Hand Out #1

WhatStrengths (int) – attributes helpfulWeaknesses (int) – attributes harmfulOpportunities (ext) – Conditions helpful/attractiveThreats (ext) – Conditions damaging

Why How can we capitalize on strengths? How can we address/minimize weaknesses? How can we exploit opportunities? How can we defend against, avoid or insulate against threats?

Customer-centric

Helpful Harmful

Internal StrengthsDo wellUnique resourcesAdvantages

WeaknessesMust fixFewer resourcesdisadvantages

External OpportunitiesTrendsGapsNew Technologies

ThreatsCompetitive activitiesRegulatoryFinancial

1. Be realistic about the strengths and weaknesses of your organization-Lying or exaggerating only hurts you

2. Differentiate between where your company is today, and where it might be in the future.

3. Be specific (Avoid gray areas)4. Always analyze in relation to your competition i.e. better than or worse

than your competition5. Keep your SWOT short and simple – but length should be determined by

your purpose for the analysis 6. Avoid unnecessary complexity and over analysis (paralysis by analysis)7. Don’t necessarily list an Opportunity (O) if the same opportunity is

available to competitors – depends on your purpose and organizational readiness

8. Don’t necessarily list Strengths (S) if your competitors have the same

strengths

opportunities

weaknesses

threats

Prioritize available actions based on a selected factor

10 minutes to start on your own

Your SBDC Counselor at your location can help!

Brand Positioning StatementWho are you?

Target audience

P.O.D.

Brand

Category/Set

Benefit!

Features

Pain-killer or supplement?

Hand Out #2

Market Analysis – Pain or Opportunity BasedWhat market are you in and how big is it?

Research is a four-letter word!

WORKDefine your category or competitive set (where else might

your customer spend their dollar?)Take a realistic view of how big it is (or isn’t) using your

targeting Investigate the competition (SWOT them?)

“We have 9 markets we can penetrate!”

Market AnalysisWhat type of product do you offer?/How does your category

behave?

Market Analysis Google-Bing-Yahoo Twitter-Facebook-Linkedin Competitive websites Adword research Professional consultants Friends/associates Library, Reference USA, Census, Optimus Online reports and depositories Corporate filings JJ Hill library University resources Non-Profit and Government

◦ SBDC – SCORE- Other?

TargetingUnderstanding your market is key to success.

A profound question asked by an investor:

What do you do particularly well and why does it particularly matter?

I’ll add one more:

To whom does it particularly matter?

TargetingYour success is about your customers. Effective marketing is

customer-centric! How well can you define your audiences?

Demographics[age, gender, HHI, etc]

Geographics[local, regional, national, international]

Pyschographics[personality, attitudes, values, interests, lifestyles]

Diffusion of Innovation[sort of a sub-set of pyschographics]

TargetingDiffusion of Innovation

So – How big is your market really?

Your Brand NameWhat do you have to say? – How do you say it?

Descriptive – communicates well, but easy to imitate Invented – stands out, but can I remember it and spelling

Out of Context – do qualities suggested by word cross over category?

Legal and other considerations Is it trademarkable? Is the URL available?

Are social media slots available? Is it easily circumvented (funny spelling, surname, etc)

Is it restrictive (geography)

Category or Competitive SetGet over yourself – You have competition!

Simply put – where else might your target client spend their dollars to satisfy the need you are addressing?

•Is Coke a soda, cola, beverage or…•Are the Phoenix Suns pro basketball, basketball, sports

or entertainment?

•Based on the uniqueness of your product/service, your target audience, your sales goals and your other marketing strategies, with whom do you wish to

compete?

Unique Selling Proposition or Point of DifferenceSimple Competitive Mapping

“Quadrant Analysis” – simple concept/funny name

Axes: Price, features, “hip”, what else?

Why? – find the gaps

Unique Selling PropositionWhat do you have to say? – How do you say it? This is not intended as

your tagline!

Strive for a benefit statement and emotional appeal

Singular is best if strong, combined can be carefully crafted

Reasons to BelieveWhy should your target audience believe you?

Features Recognitions Tests/Studies

Imagery

This is not the same as your brand position – but is complementary

This is a business or marketing statement that summarizes why a consumer should buy a product or use a service. It convinces

the consumer that your product adds more value or better solves a problem.

It conveys the greater position is time-bound (“today”) and may be different audience to audience while a positioning statement

is timeless and conveys the core of the brand

Value PropositionSetting up your messaging points

Brand Positioning = To/For-Who/We-Is-That/Which

Value Proposition re-statement:

UnlikeCompetitor Name/categoriesOur Brand (insert name)

Key differentiatorBecause of “key reasons to believe”

Ten Commonly Accepted Value Propositions

1. Newness2. Performance3. Customization4. “Getting the job done” (helping get it done: eg Hubspot)5. Design & Usability6. Price7. Reducing cost8. Reducing risk9. Accessibility & Convenience10.Brand or StatusI’ll add two more: Green, Relationship

Analyze-Target-Position-Communicate-InfluenceWhat do you have to say? – How do you say it?

Creating a Click-Whirr using the Principles of Ethical Influence*Turkey – Polecat example

Reciprocation – Honored Network of Obligation (give first) Commitment & Consistency – Start small and build (public, voluntary) Social Proof (Consensus) – Wisdom of the group (ambiguity, uncertainty) Liking – Make friends (positive, sincere) Authority – Showing knowing (trustworthy, honest) Scarcity – the Rule of the rare (why do you answer the phone during mtg?)

*Source – Robert Cialdini, PhD

MessagingAppeal to core values

Achievement Family/Social circle

Fun Wellness/Health

Security Better world

Consistency of brand contact

Consistency of Brand Contact Throughout Tactics Price = The total paid for your product or service and the

options associated therewith

Product = The total bundle: features, appearance, functionality, support, experience, intangibles and benefits

Place = Where and how your product is sold and delivered?

Promotion = How you promote yourself and what you say and incentives you offer? What’s in a name, logo, color, etc.?

Don’t forget the 5th ‘P’

People = Who is your customer and what is the common factor(s) that ties your customers together?

The Sales & Marketing Funnel – Brand Impact

The Sales & Marketing Funnel

dd

Leads

Suspects

Prospects

Customers

Exposure/Awareness

Research/Planning

Marketing/Trial

Loyalty/Customer Service

Tactics The Customer Recruitment Cycle

1. Awareness2. Interest3. Desire4. Action5. Evangelize

How do you relate the elements of your brand positioning statement?

Tactics Price = Can you lead or do you follow? Discount v “free with”

Product = the total customer experience

Place = Retail, online, licensing, etc

Promotion = make sure to be true to your brand. Where do you say what?

Don’t forget the 5th ‘P’

People = How do they benefit?

Consistency of Brand Contact

Tactics Marketing Communication Evolution (new tools)

These all still play a role, marketing communications has many entry points

Media choices to match brand

Monologue Dialogue Conversation

Traditional Ads E-mail Social Media

PPC Direct Response

Mobile

PR SEO

Discounts Trade shows

Talk at Talk to Talk with/listen

Free Resources (just a few) Social Networking - Blog, Micro Blog, Community

◦ Use free tools too like Ping.fm and Seesmic.com, socialmediabible.com, mashable.com

SEO◦ Spyfu, Keyword Spy, Word Tracker trial, Google tool, watsonaddy.com

Research◦ Esribis.com, Census, e-how.com, SBDC, libraryspot.com, Google alerts

Web stuff◦ Alexa, Quantcast, chrisguillebeau.com, technocrati.com, Draze.com, Google

analytics, constant contact, ducttapemarketing.com Directories

◦ Google local, Merchant circle, etc Small business

◦ SBDC, ASU IAP, SCORE, igottatellyou.com/blog, freeconferencecall.com

10 Books to Consider Seth Godin – The Purple Cow (among others) Robert Cialdini – Persuasion (The Principles of Ethical Influence) Malcom Gladwell – Blink Jim Collins – Good to Great Guy Kawasaki – The Art of the Start Michael Porter – Competitive Strategy Tom Peters – The Pursuit of Wow Al Ries – 22 Immutable Laws of Branding Chris Murray – The Marketing Gurus Group’s faves

By the way – Many free at the library!

Vision BHAG – Anyone know what this is? (Big Hairy Audacious Goal)

Then– A personal computer on every desk

Now – Software that works on any computer

What will your business look like in 5 years.

Over the next five years, we will grow The Idea Gardener into a $2 Million consulting business selectively providing business development, strategic marketing, executive support and training services to the most innovative entrepreneurs in Arizona and the world.

Choosy Entrepreneurs choose The Idea Gardener!

Planning The Plans: a few examples

Business Plan

Marketing Plan

Research Plan

Media Plan

Web Plan

New Products Plan

Operations Plan

Personnel Plan

Financial Plan

The Business Plan (The long View - Strategy)

Should you even go into the business? Estimate start-up costs Estimate loan/capital needs Set leading indicators/Goal setting Identify personnel needs Plan for cash Seeking support from lenders or investors Sell your business Make money!

The Marketing Plan (One Year- Strategy + Tactics) Situation Analysis  Brand positioning statement/value proposition Current SWOT Financial/Business Objectives Product Pricing Media Mix Public Relations Consumer Promotion Web-based Plans Sales Support Programs Customer Service Sales Forecast and Budget Keys to Success

How does your brand position influence each section?

The Marketing Plan (One Year- Strategy + Tactics)Other things that might need to be worked in:  -event marketing -co-branding -strategic partnerships -brand identity work -market research plans -Hiring plans -Agency partner plans -influence principles -Achievement modeling -Innovation diffusion -Porters Five Forces -Gap Analysis

Hand Out #3

Product

What are your products and configurations?

Place

Where will these be sold?

Price

What are the various price factors and your

strategy?

Promotion

What are some key ways you will promote?

Re-think this now with your branding in mind!

Tom’s Ten Rules Break some rules (notice I offer 12 rules – sorta like The Big Ten

Conference) Have a vision and goals Be honest (with yourself, your team and your customers) Define your target audience and market - focus Be bold Research, Test and Measure – do the work Deliver on your promise/Deliver value consistently within brand framework Listen first, especially to your customers Everyone on your team is a “brand champion” – equip and empower them Appreciate your competition Challenge paradigms (including your own) Remember - Tactics follow strategy

Aim high, have fun – or why do it at all!

A Sampling of the 22 laws1. Law of Expansion – Expanding or extending a brand can diminish brand value2. Law of Publicity – Start with publicity strategy and then extend to….3. Law of Advertising – Once born a brand needs advertising to stay healthy4. Law of the Word – A brand should strive to own a word in the mind of its

target audience5. Law of Credentials – a crucial ingredient to the success of any brand is its

claim to authenticity6. Law of Quality – Quality is important, but so is perception of quality7. Law of the Category – A leading brand promotes the category, not just the

brand8. Law of the Company – There is a difference between a company name and a

brand name9. Law of Borders – There are no barriers to global branding10.Tom’s – Consistency of brand contact throughout entire customer experience

Questions

Thomas.Fulcher@domail.maricopa.edu602-787-7342www.Marcopasbdc.com