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Developing Your Agricultural Business

Enterprise

Session 3

Business Planning for Farm

Entrepreneurs, Market Research &

Marketing Strategy

Business Model Canvas

AgPlan Marketing Topics

• Marketing Plan Sections

• Target Customers

• Product or service mix

• Competitive assessment

• Distribution & packaging

• Pricing

• Brand messaging

• Promotion

• Marketing strategy

Market & Market Research

Market Research – understand your target market

• Size

• Income level (consumer)

• Sales (business)

• Purchasing habits

• Demographics

• Purchasing channels

• Geographic location

Market Research

Market Data Sources

• Simply Analytics (Market Research – JJ Hill Library) • IBIS World (Industry Research – JJ Hill Library) • Reference USA (Competitor & market – local library) • US Census data (https://www.census.gov/) • American FactFinder (http://factfinder.census.gov) • National Bureau of Economic Research (www.nber.org) • Hoover’s (www.hoovers.com) • ThomasNet (www.thomasnet.com) • Trade associations

Customer & Target Market Research

Customer Profile

What questions will help define your target market?

• Age

• Gender

• Family status

• Family size

• Education Level

• Occupation

• Income Level

• Purchasing Patterns

• Buying Sensitivities …

Your Product & Service

Self Assessment

How would you describe your business focus, product offering, features & benefits and unique differential advantage?

Competitive Research

Know Your Competition:

• Differentiation

• Pricing & Marketing

• Future Competition

• Why do customers go to

your competitors?

• What can you learn from

your competitors (good &

bad) to make your business

better?

Pricing

How Are You Pricing?

• Competitor assessment

• Average accepted pricing

• Value based pricing

• Cost based pricing

Check out: https://www.pricinginnovations.com

for a useful approach to evaluating and structuring your pricing models.

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Distribution Strategies

Distribution Channels

What’s your distribution strategy – is it optimized?

Branding

Is Your Brand Clear?

Branding is the core of your marketing strategy. Branding is the image, logo and market positioning of your company, product or service.

3 steps to brand creation:

1. Understand your target market

2. Identify your unique selling proposition

3. Communicate brand consistently

Branding Resources

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Marketing Message

Values Customer

Knowledge Competitor Knowledge

P/S Detail

Brand Description

UVP

General Marketing Message

Customer Marketing Message

Customer Marketing Message

Customer Marketing Message

Customer Marketing Message

Influencer Marketing Messages

Marketing Strategy

What’s Right for You? When evaluating the following options, ask: • Will this help achieve my

goals? • Will this reach my target

customer(s)? • Does this fit my budget? • What resources do I need to

implement?

Marketing Mix

Marketing Mix:

• Online: website, newsletter, emails, mobile, rating and review sites

• Social Media: social networks, geo location sites, group deal sites

• Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages, online

• Public Relations (PR): print, radio, TV, online

• Collateral: business cards, tri-folds, stationary, flyers

Marketing Resources

Tactical Planning

Online Marketing

Website

Benefits of a Business Website

• Builds awareness

• Helps customers find you

• Builds credibility

• Drives sales

• Customer service

• Additional sales channel

• National/global reach

• E-commerce

Website

Determine Goals Overall Business

Strategy

Overall Marketing Strategy

Development Requirements

To include:

Ease of use, sales, customer service, branding, search

Developing an Effective Website

Website

Principles of Web Design

• User-focused

• Simple to navigate

• Direct users to take action

• Consistent with your marketing message

See Workshop: Anatomy of a Website

Website

Search Engine Optimization (SEO) is a marketing discipline focused on growing visibility in organic (non-paid) search engine results. SEO encompasses both the technical and creative elements required to improve rankings, drive traffic, and increase awareness in search engines

• Create quality content

• Use targeted keywords

• Measure results

See workshop: Intro to Google AdWords For a primer on SEO: The Beginners Guide to SEO

Website

Web Analytics can measure: • Number of visitors • Number of page impressions • Average visit length • Most popular site entry pages • Where users come from (sites or search engine phrases) • Number of inquiries, leads or sales generated • Conversion rates • Total sales volume online • Average purchase per online customer

Use analytics to determine if your site is achieving your goals

Email Marketing

E-mail Marketing – ways to get e-mail addresses: • Opt in • Sign up in-store • Offer incentives • Barter or buy lists • Privacy policy

E-mail examples: • Newsletter (monthly, weekly, daily) • Sales or specials: Weekly or as needed • Announcements • Event invitations

Mobil Marketing

Mobile marketing is multi-channel online marketing technique focused at reaching a specific audience on their smartphones, tablets, or any other related devices through websites, E mail, SMS and MMS, social media or mobile applications.

• 48% of users start their mobile internet sessions on a search engine.

• 56% of B2B buyers frequently use smartphones to access vendors’ content.

For a primer on mobile marketing see: Marketo; What is Mobile Marketing

Mobil Marketing

Mobile Marketing Methods

• Is your web site mobile-friendly? Check at mobiReady • Mobile banner advertising: Banner space on a site that is mobile-

device-ready • Mobile local search: Having your business pop up when someone

is looking for a local business; Google My Business • Mobile apps: Creating a mobile application to promote your

business

For more information on mobile apps see TechTarget WhatIs.com Mobile App

Ratings & Review Services

Rating and Review Sites A review site is a website on which reviews can be posted about people, businesses, products, or services. Feature customer reviews and ratings of businesses. Top 10 business review sites:

• Amazon • Yelp

• TripAdvisor • Yellowpages

• Better Business Bureau • Manta

• Foursquare • Angie's List

For more info: Understanding How Rating and Review Sites Work

Ratings & Review Services

Getting Started with Ratings and Reviews

Claim your listing and optimize it with:

• Photos

• Description of business

• Maps/directions

• Coupons/special offers

• Tracking/analytics

Ratings & Review Services

Monitor Accounts

• Google alerts

• Paid tracking services

• Manually visit sites

Respond to Negative Reviews

• Reputation management

Convert Users to Buyers

• Put reviews on your site

Learning Tool

• Use analytics

• Learn from reviews

Maximize Ratings and Reviews

Social Media Marketing

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Social Media Marketing

Social Media Overview • Review the Social Media Overview

handout

• Discuss which sites you currently use (or are thinking about using) and why.

Social Media Resources

Social Media Resources

Start with each site’s free social media analytics tools

Other tools include:

Manage Your Twitter Activity

• Cotweet.com

• SocialOompth.com

• Tweedeck.com

Manage Multiple Social Media

Accounts

• Hootsuite.com

• NutshellMail.com

• SproutSocial.cm

Keep Up With Social Media News and

Trends

• Mashable.com

Social Media Marketing

Social Media Time Commitment

• Time requirements

• Management of updates

• Frequent changes required

• Learning curve for effective use

• Deciding what is appropriate for the media

For more info see: Let’s Get Social workshop

Event Marketing

Event Marketing

Set goals

Plan event

Promotions at events

Invite

partners/

sponsors

Publicize/

market

Collect customer

data

Thank attendees

Follow up

Steps to Hosting an Event

Event Marketing

Sponsoring an Event

• Good promotional tool for businesses with local customers

• Options include sports teams, charity events, schools, races, fairs

• Investigate event organizer

To consider:

• What will you give?

• What will you get?

Public Relations

Public Relations

Understanding Public Relations

Public relations is a means of generating attention from the media that can be as effective as advertising in building awareness of your business.

What are some topics related to your business that you could write a press release for?

Who would you target and why?

Public Relations

Standard Format

• Headline

• Date

• Summary

• Body

• About/Boilerplate

• Contact

Target to Each News/Media Outlet

• Relevant Topics

• Timely

• Interesting

Resource

• Newswire’s PR Toolkit (http://toolkit.prnewswire.com)

Writing a Press Release

Public Relations

Press Release Distribution

Target publications, reporters and bloggers: • E-mail release • Link to your website • Follow up

Free press release distribution services: • FreePressRelease.com • PR.com • PRLog.org

Creating “Raving Fans”

Creating “Raving Fans”

Why Customer Retention Matters

• As your business grows, retaining existing customers is key to success

• It costs 5 times more to find a new customer than it does to keep one*

• Loyal customers can refer other customers to your business *Source: Gallup

Creating “Raving Fans”

Customer Loyalty Programs

Keep customers coming back with loyalty programs that can include:

• Loyalty cards

• Geolocation websites

• Discounts and special offers

• Events

• Giveaways

Creating “Raving Fans”

Customer Service

Customer service is key to repeat business. Are the following aspects of your business meeting customers’ expectations?

• Physical location • Website • Phone • Your staff • Questions, problems, answers • Customer feedback • Post-sale follow up • Secret shopper

Thank you!

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