Joanne Wilson, BA Hons, MCIM, Dip CW Marketing Planning for the SME Part 2 iExpert

Joanne Wilson, BA Hons, MCIM, Dip CW

Marketing Planning for the SME Part 2

iExpert

Marketing is the management process responsible for identifying, anticipating and satisfying customers’ requirements profitably.

CIM definition of Marketing

How might we get there?Strategy

How can we ensure arrival?

Feedback and Control

Where are we now?Marketing Audit

Where do we want to be?Objectives

Which way is best?

Tactics – The Marketing Mix

How to make your business more

profitable

The Marketing Plan

Based on a model by PR Smith

Where are we now?

I

Set measurable objectives. Know your goals. Be realistic but aim high.

Your marketing objectives might be stated in terms of:

• Number of sales in a given period• % growth• Profitability• % market share• Number of customers• Always make your objectives SMART• Remember – the marketing plan is a tool to help you to

achieve your overall business objectives.

Aim high






Which way is best?



profitable

The Marketing Plan


Strategy

• Marketing strategy addresses three separate aspects of marketing planning (CIM):-

• Customers• Competition• Internal Issues

All of these issues should be taken into consideration when working out the attractiveness / value of different market segments.

Competitive advantage

According to the CIM, competitive advantage is the process of identifying a fundamental and sustainable basis from which to compete. This is one of the main purposes of marketing planning.

Marketing planning guru, Michael Porter (1985) identified 3 fundamental sources of competitive advantage:-

- Cost leadership- Differentiation- Focus

Take Aim – Segment, target, position

How might we get there?

Marketing Segmentation

Consumer Markets Demographics

- For example 18-30s holidays Geographic

- National, local, international Geodemographic

- An analysis of where people live and combines lifestyle data with location / postcode data

Behaviouristic- What the customer uses the product for

- What benefits do they seek? (eg ready meals) Psychographic

- Lifestyle segmentation, more complex. Looks at beliefs, opinions, motivations and aspirations. Eg Organic buyers, ‘value’ buyers.

Marketing Segmentation - Business to Consumer

Marketing Segmentation – Business to Business

Industry sector (SIC codes) Geographical location Turnover No of employees Type of decision making unit Level of product / service usage

Who to target? Ansoff

www.edrawsoft.com

Deciding who to target:

Consider :- Size – is it substantial enough to merit its own marketing messages?

Accessibility – have you got the resources / ability to exploit this segment?

Profitability – is it going to make you profit / achieve other objectives?

Suitability – Can you product or service meet their needs easily and in keeping with your brand / company objectives?

Unique – can the segment be specifically identified?

Sustainability – is the segment going to be around for a good length of time?

How attractive is a market segment? Is it viable?

Targeting ideas

You can of course target more than one segment. You then have choices to make.

Do you target more than one segment (or the whole market) but with the SAME marketing messages? (undifferentiated)

Do you target different segments, each with their own, DIFFERENT marketing messages? (differentiated)

Do you target one segment with one set of marketing messages? (concentrated).

Positioning

A positioning statement is about how your customer feels about your brand.

It explains how your company, product, service or brand fills a particular customer need.

Positioning is the process of identifying an appropriate market niche where you have established a customer need and preferably in an area where your competitors are NOT.

Positioning is about hearts and minds.

Positioning Matrix

Quality High

Quality Low

Price Low Price High

Positioning Example - Lucozade

Lucozade was originally now as the drink to buy for people who were ill.

In 1983 Ogilvy and Mather were brought on board to reposition the brand.

The product basically stayed the same. But it was re-positioned as a sports drink. The

packaging changed, it was endorsed by a current sports star, a new logo was unveiled.

It’s focus was now on health and energy. Sales skyrocketed.

Positioning – Makes your dog strong

Positioning – The tastiest

Positioning – Love

Profile – Build up a profile of your ideal, most profitable customer types






Which way is best?



profitable

The Marketing Plan


The Marketing Mix

Marketing Communication Options

‘Promotions’






Which way is best?



profitable

The Marketing Plan


Create an action plan

Have a plan

(Not like this...)

Assign responsibilities and timescales

Communication continuum

Tactical Action Plan for [date] to [date]Action

Work on internal database - software AB

Define scope of internal database All

Add all clients and prospects Salesteam

Review top customer list All

AB

Press Release AB

Blogging and set up Twitter account AB /JW

Case studies AB / JW

Sales meeting All

Consider seminar idea All

Seminar if decided upon AB / JW Prepare Seminar

New brand campaign JW Prepare Go live

Key words update JW

Consider who we could collaborate with All

Review KPIs All

6 month Marketing review JW

Measure . . measure . . . measure

ACTION – This same question should be applied to ALL existing and new marketing activities.

Leads generation ACTUAL

Budget Leads generation ACTUAL

How much profit, on average, per job? For example, if we spent £xyz on a mailing campaign how how much would you need

sell to make that worth the while? Based on an expected conversion rate is it going to be cost effective?

Month 6Who? Month 1 Month 2 Month 3 Month 4 Month 5

Direct campaign to top prospects - write, email, phone to make appointments for sales team

Communicate and implement the plan

Measure the results & feed everything back into your planning process






Which way is best?



profitable

The Marketing Plan


Documents

Joanne Wilson, BA Hons, MCIM, Dip CW Marketing Planning for the SME Part 2 iExpert