Monkey Nutshell Marketing Workshop
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The document provides guidance on developing an effective marketing plan for a business or organization. It outlines five key stages: 1) Identifying your target market, 2) Researching your market, 3) Segmenting your market into groups with similar characteristics, 4) Developing a unique marketing mix for each segment, and 5) Building relationships with customers. It emphasizes understanding customer needs, tailoring products and services to different market segments, and using low-cost marketing techniques like partnerships, word-of-mouth, and great customer service.
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Monkey Nutshell Marketing Workshop
- 1. Marketing - in a Monkey nutshell Unltd, 8 May 2007
- 2. Rob Greenland [email_address] .co.uk www.socialbusinessconsulting.co. uk www.thesocialbusiness.co.uk 07905 800 710
- 3. Why monkey business? Some really good marketing in the music business Arctic Monkeys - use of myspace.com (by a customer) and free downloads Four Day Hombre - asked fans to invest in a record label All about building relationships - without much money
- 4. The five stages for developing a plan Identify your market Research your market Segment your market Develop a marketing mix for each segment you will target Work out how you’ll develop a relationship with each group of customers
- 5. What is marketing? Every contact you make with customers, suppliers and staff The whole business seen from the customer’s point of view Building relationships with customers
- 6. Why is marketing important? Because a lot of organisations aren’t very good at marketing You’re in competitive markets Part of the cultural shift towards building your business around customers - not funders. Because you are not your customer!
- 7. What is a market? A set of all existing and potential buyers of a product or service or The total value of products or services which satisfy the same customer need
- 8. How do you decide what market you’re in? Ask what the customer needs
- 9. Market research Become a Zulu in your chosen market
- 10. How to organise your market research Big picture - size of the market, trends, etc Customers - who are they? What you can you find out about them? Competitors and partners Then analyse your research- and make some decisions based on what you’ve found out.
- 11. Market segmentation Division of a market into different groups of customers who have broadly similar characteristics Why is it important to do this?
- 12. Because customers aren’t all the same! Different customers have different needs If you understand that, you can tailor your services to meet their needs No prizes for guessing what happens when you do treat everyone the same
- 13. A two-minute market segmentation
- 14. Now, you start to tailor your service Develop a marketing mix for each group - a unique combination of: Product Price Promotion Place
- 15. An effective marketing mix
- 16. To recap Be clear about what market you’re in Research your chosen market Segment your market Develop your marketing mix - product, price, promotion and place Only then, think about spending money on “marketing”
- 17. Things that can work well for social entrepreneurs PR - particularly stories in your local media Partnerships - with other organisations which are established in your chosen market Word of mouth - your own mouth and your customers’ mouths! Great service - surprise people! Story-telling - you have a good story.
- 18. And finally… Listen to your customers