MarketingMarketing

In The Real World Of An SMEIn The Real World Of An SME

Don’t WorryDon’t Worry

If you want to see the slides again visitIf you want to see the slides again visit

www.famas.co.ukwww.famas.co.uk

Frank ShawFrank ShawToo young to be a GURU!Too young to be a GURU!

Relevance to us?Relevance to us?

Last 8 years own consultancy FAMASLast 8 years own consultancy FAMAS– Delivering results for SMEs mainly in Beds Delivering results for SMEs mainly in Beds

Bucks and Herts. Successes include delivering Bucks and Herts. Successes include delivering £3million extra profit on an £80 million £3million extra profit on an £80 million turnover business in 6month projectturnover business in 6month project

Paid by results achievedPaid by results achieved– Focus on ideas that deliver real results rather Focus on ideas that deliver real results rather

than theorythan theory Wycombe furniture knowledgeWycombe furniture knowledge

– Includes Stewart Linford, Frank HudsonIncludes Stewart Linford, Frank Hudson

The Session PlanThe Session Plan

A simple taskA simple task Develop an UNDERSTANDING of what Develop an UNDERSTANDING of what

MARKETING means in the real worldMARKETING means in the real world Based on Real Life examples includingBased on Real Life examples including

– Selling more by being more expensiveSelling more by being more expensive– Providing services to the furniture industryProviding services to the furniture industry

Any questionsAny questions Another simple taskAnother simple task

Why Bother with MarketingWhy Bother with Marketing

Not essential - Survival is not compulsoryNot essential - Survival is not compulsory

Survival and growth are based on profit Survival and growth are based on profit and cash flowand cash flow

Profit and cash flow depend on effective Profit and cash flow depend on effective sellingselling

Selling depends on MarketingSelling depends on Marketing

MarketingMarketing

Creating the environment Creating the environment for effective salesfor effective sales

HOW IS IT DONEHOW IS IT DONE

Based on using common sense and a Based on using common sense and a simple processsimple process– Identify your target marketIdentify your target market– Make your product attractive to themMake your product attractive to them– Letting them know why it is good for Letting them know why it is good for

themthem Sounds easy – because it is if you are Sounds easy – because it is if you are

methodicalmethodical

Identifying your targetIdentifying your target

Know yourself and what you could Know yourself and what you could offeroffer– STRENGTHS and WEAKNESSESSTRENGTHS and WEAKNESSES– Who would want your strengths but not Who would want your strengths but not

be deterred by your weaknessesbe deterred by your weaknesses Be imaginativeBe imaginative

– Develop OPPORTUNITIES Develop OPPORTUNITIES Be realisticBe realistic

– Identify the THREATSIdentify the THREATS

Making the Product Making the Product AttractiveAttractive

Focus on CUSTOMER BENEFITS Focus on CUSTOMER BENEFITS includingincluding– Product/Service Product/Service – Style and designStyle and design– Soft factors Soft factors – Value balanceValue balance

PRODUCT / SERVICEPRODUCT / SERVICE

Focus on customer benefitsFocus on customer benefits– Establish the priority of the benefitsEstablish the priority of the benefits

E.g. Should durability outweigh ease of use?E.g. Should durability outweigh ease of use?

– Make the benefits visibleMake the benefits visible– Avoid ‘anorak’ benefitsAvoid ‘anorak’ benefits

An expert would appreciate the complicated An expert would appreciate the complicated and expensive way I do this operation – but and expensive way I do this operation – but will your target market care?will your target market care?

STYLE AND DESIGNSTYLE AND DESIGN

Emphasise your key characteristics Emphasise your key characteristics that your product will be recognised that your product will be recognised byby

Make it easy for the customer by Make it easy for the customer by making what they wantmaking what they want

Avoid the anorak syndromeAvoid the anorak syndrome

SOFT FACTORSSOFT FACTORS

All about perception All about perception Designed for the rich and famous, I Designed for the rich and famous, I

want it too – The Jubilee Chair was fit want it too – The Jubilee Chair was fit for the Queenfor the Queen

Special and rare - Crowded restaurant Special and rare - Crowded restaurant – lucky to be able to buy it at all – – lucky to be able to buy it at all – Limited EditionsLimited Editions

Playing to your strengths and Playing to your strengths and reputationreputation

VALUE BALANCEVALUE BALANCE

Aligning the specification to your Aligning the specification to your target markettarget market

PricingPricing– Over pricing kills interest Over pricing kills interest – Under pricing damages credibility and Under pricing damages credibility and

kills the business kills the business Be consistentBe consistent

– Deliver what you are charging for at Deliver what you are charging for at every stageevery stage

RECAPRECAP

We know what we are good atWe know what we are good at We know who wants itWe know who wants it We know what it is We know what it is We know how to price itWe know how to price it

All we have to do is let someone else All we have to do is let someone else know about it so they can buy itknow about it so they can buy it

LET THEM KNOWLET THEM KNOW

The best product in the world is The best product in the world is useless unless people know how useless unless people know how good it isgood it is

Manage the perception they have Manage the perception they have about you and your productabout you and your product

Be creative in getting yourself knownBe creative in getting yourself known

THE MESSAGETHE MESSAGE

PROMOTE THE BENEFITSPROMOTE THE BENEFITS Real Real

Functionality, durability, reliabilityFunctionality, durability, reliability

PerceivedPerceived Quality, style, service, exclusivity, Quality, style, service, exclusivity,

ambiance, value, securityambiance, value, security

DriversDrivers Aspiration, snobbery, greed, recognition, Aspiration, snobbery, greed, recognition,

belonging, acceptancebelonging, acceptance

DELIVERING THE MESSAGEDELIVERING THE MESSAGE

Pick up the phonePick up the phone Text messagesText messages EmailEmail Keeping existing customers informed Keeping existing customers informed

is particularly productive because is particularly productive because they like your product so much that they like your product so much that they bought itthey bought it

EXISTING CUSTOMERSEXISTING CUSTOMERS

Know who your customers areKnow who your customers are– Records, response cards, guarantee Records, response cards, guarantee

registration, servicingregistration, servicing

Encourage existing customers to find the Encourage existing customers to find the next customer for you next customer for you – Clearly brand your product for ease of identityClearly brand your product for ease of identity– Gifts, cards and calendars that they are proud Gifts, cards and calendars that they are proud

to display for youto display for you

MEDIA ADVERTISINGMEDIA ADVERTISING

Magazines, Newspapers, TV, etc Magazines, Newspapers, TV, etc – For hitting a lot of people quickly if you For hitting a lot of people quickly if you

have the cashhave the cash– Expensive unless well thought outExpensive unless well thought out– Research the relevant media carefullyResearch the relevant media carefully– BRADBRAD– NegotiableNegotiable

LEAFLETS AND MAIL SHOTSLEAFLETS AND MAIL SHOTS

LEAFLETS/INSERTSLEAFLETS/INSERTS– Can be finely targeted Can be finely targeted – Also used for reinforcing contactsAlso used for reinforcing contacts– Ensure they reflect your valuesEnsure they reflect your values

MAIL SHOTSMAIL SHOTS– Dependant on having quality addressesDependant on having quality addresses– 2% response considered a success2% response considered a success– Good for motivating existing prospects and Good for motivating existing prospects and

customerscustomers– Useful for testing at low costUseful for testing at low cost

NETWORKING AND EVENTSNETWORKING AND EVENTS

NETWORKINGNETWORKING– Being in the right place with the right peopleBeing in the right place with the right people– Be realistic in differentiating networking from Be realistic in differentiating networking from

wasting timewasting time– Corporate identityCorporate identity

EVENTSEVENTS– Shows, parties, demonstrationsShows, parties, demonstrations– Success is in the detailSuccess is in the detail– Can be free or even revenue generatingCan be free or even revenue generating

WEB SITESWEB SITES

Web Pages Web Pages – Increasingly used Increasingly used – Potentially very cost effectivePotentially very cost effective– Easily modified and updatedEasily modified and updated– Good for Testing Good for Testing – Search Engine Listings importantSearch Engine Listings important– On line shoppers including E-bay On line shoppers including E-bay – Avoid the anorak syndromeAvoid the anorak syndrome

ASSOCIATIONASSOCIATION

Position your product to be seen in Position your product to be seen in environments that bestow perceived environments that bestow perceived valuesvalues– Lend it to prestigious functions and Lend it to prestigious functions and

events, sale or return in relevant outlets, events, sale or return in relevant outlets, give it to the right people. As seen on give it to the right people. As seen on TV.TV.

PRPR

The media are pleased to give it awayThe media are pleased to give it away Simple to doSimple to do Become newsworthyBecome newsworthy

– Win Awards, Interesting products, Celebrations, Win Awards, Interesting products, Celebrations, Key Dates, Community support, Battle with Key Dates, Community support, Battle with Authority, Mix with celebs, Become a Authority, Mix with celebs, Become a recognised expert, etc.recognised expert, etc.

Virtually FreeVirtually Free People trust editorial more than paid People trust editorial more than paid

advertising advertising

MANAGING FOR SUCCESSMANAGING FOR SUCCESS

Monitor results achieved to identify Monitor results achieved to identify winners and loserswinners and losers

Continually improve product, Continually improve product, message and mediummessage and medium

Develop and Test alternativesDevelop and Test alternatives Refresh SWOT and STRATEGYRefresh SWOT and STRATEGY Utilise resourcesUtilise resources

SUMMARYSUMMARY

Clarify what you should be doingClarify what you should be doing– Product features, target audienceProduct features, target audience

Promote the benefitsPromote the benefits– Real and perceivedReal and perceived

Manage and improve the processManage and improve the process

Be alert and nimbleBe alert and nimble

WANTWANT A COPY OF THESE SLIDES ? A COPY OF THESE SLIDES ?

VISIT VISIT

www.famas.co.uwww.famas.co.ukk