mastering marketing in 40mins or there about
- 1. Mastering marketing in 40 mins or there about James Pinchbeck Marketing Partner President Lincolnshire Branch of the Chartered Institute of Marketing
- 2. Mastering marketing in 40 mins or there about Agenda Why marketing is important What marketing is The Marketing process Common pitfalls
- 3. Why marketing is more important than ever! Markets flat Speed of technology Changing and growing expectations Globalisation Transitory customers Little to differentiate Businesses no longer stay the same
- 4. Marketing is more than just advertising.
- 5. Marketing ‘ The process of identifying customer needs and then bringing together business resources to satisfy those needs and provide an opportunity for optimising returns’.
- 6. Aims To assess market potential To identify why, how, when, where and what customers want To formulate a marketing plan To provide a framework to measure the performance of the business To asses the best fit between the business resources and market opportunities The marketing process
- 7. What does your market really look like? Where’s your Wally? ‘ A market is an aggregation of all the alternative goods or services which customers regard as being capable of satisfying the same customer need ’
- 8. A segment not the whole orange Most business operate in segment of a whole market. Segmentation allows you to target your marketing more effectively.
- 9. A clear vision and strategy The business reasons for being. Essential to be able to clearly and concisely conceptualise this.
- 10. Clarity on internal marketing and common message In conceptualising your business there needs to be a shared ethos.
- 11. Not about turning the tap on and off Marketing is a continuous process not something you do when you’re not busy or need sales.
- 12. Route to market Often the case businesses focus on only one element of their route to market Consumers/ Customers Business Intermediaries/ Distributors / Retailers Influencers - media, trade members and other professionals Multiple decision makers/ specificiers
- 13. Selling the sizzle Too many people promote features and not the benefits or solutions offered by their product or service.
- 14. Speak in the language of your customer It is too easy to adopt your own internal jargon, TWAs and business speak
- 15. Doing the business the way your customer want Too many people want their customers to adopt their ways and or fail to ask the customer how they would like to looked after.
- 16. Does your sales approach close more doors than it opens Lack of appreciation of the buying process Failure to demonstrate a reason to buy Why switch? One approach – the phone Un orchestrated approach One hit wonder Know when to back off!
- 17. Keeping in touch Tendency to focus on new business/ customer generation rather than looking after and developing existing business relationships. Often requires a different approach and skills set. ‘ It costs seven times as much to generate a new client than it does to sell to an existing customer’
- 18. How much should you spend on marketing – setting a budget Based on previous year’s spend % of revenue/turnover Based on competitors and industry norm What you can afford Objective and task based
- 19. Measuring the return on your marketing 50% of my advertising/ marketing activity works But I am not sure which 50% Marketing activity is and should be measurable – if you set objectives and defined outcomes
- 20. Using the marketing tool kit Maximum return for minimum investment : Inexpensive Staff time/CRM Direct sales activity Tele Marketing Media Relations Networking Literature Newsletters New-media Corporate Identity Branding Corporate Hospitality Exhibitions Advertising Expensive Highly targeted and measurable Hit and miss and less measurable
- 21. Recruit or use marketing people Recruiting trained and skilled marketing people is not often high on the agenda Use external advisers or agencies
- 22. Networking – not working Be clear as to who you want to network with Networking events Create your own networks Use on line communities – social networks
- 23. Be innovative in your marketing The way you do business Keep up to date with changes in consumer behaviour and buying patters Look at a fresh approach to your marketing Look at new products and services Look at new market opportunities
- 24. Looking ahead embracing marketing to stimulate enterprise and prevent us becoming a nation of bonsai growers
- 25. Mastering marketing in 40 mins or there about James Pinchbeck Marketing Partner President Lincolnshire Branch of the Chartered Institute of Marketing Telephone 07710 525746 Email jpinchbeck@streetsweb.co.uk