Creativity Innovation Entrepreneurship Lets Go Marketing Marketing is

Creativity Innovation Entrepreneurship Let’s Go Marketing “Marketing is the act of inventing the product. The effort of designing it. The craft of producing it. The art of pricing it. The technique of selling it. ” Seth Godin Think Outside Yourself

What’s the difference between Marketing, Advertising, Public Relations, Branding and Sales? § Marketing is the activity for creating, communicating, delivering and exchanging products and services that have value for customers. § Advertising is a paid form of communicating a message through various media and is designed to influence purchasing behavior or thought patterns. § Public Relations is the practice of managing the flow of information between an organization and its publics with the intent of creating goodwill toward the product or company. § Branding is the creation of a name or symbol which distinguishes your product or service from your competition in the mind of your target audience. § Sales is the process that seeks prospective buyers who have a need or want of the products or services being offered to help them make a buying decision.

We Remember Stories § You will never forget the key lesson of a product’s Unique Selling Proposition if the story is visual…even outrageous! § Focus on the benefit or unique point of difference that your product offers. § Verizon Wireless § Can you hear me now? § Energizer Batteries § Keeps going and going. § Timex Watches § It takes a licking and keeps on ticking.

Link Your Solution to the Problem § In order to create a compelling message, buyers must not only relate to the message but also see themselves in the same situation. § Link your product’s solution to the problem you are addressing to ensure that your message is coherent and believable. § A 1 Muffler § No need to make an appointment, we’ll hear you coming. § Federal Express § When it absolutely, positively has to be there.

Make the Connection § Your product can’t be all things to all people. § Great products connect with us in an emotional and positive way. § Cotton § The fabric of life. § BMW § The ultimate driving machine. § De Beers § A diamond is forever. § Calvin Klein § Between love and madness lies Obsession.

Create a Marketing Strategy � A marketing strategy is all the steps you take to put your product in front of your targeted customer whom you hope will buy your product over and over again. � The combination of theses marketing initiatives is called the Marketing Mix: �Product �Place �Promotion �Price �People

Marketing Objectives & Strategies § Objectives are what you want to do. Strategies are how you accomplish your objectives, i. e. § If your objective for the first year of operation is to switch 20% of all long-term crutch users to use your Collapsible Crutch, your strategies might be: § Send out discount coupons. § Advertise “free trial” special offers. § Offer a trade-in program for used crutches. § Offer a “no questions asked” money-back guarantee

Launch Your “Product” § Develop a standard format. § Set a price. § Give it a name that stresses your benefits. § List all the advantages of your “Product” that zero-in on the one thing that gives you a unique identity.

Ideas for naming a product § (easy to market) When people hear the name they should get a general impression about what your business does. § (easy to remember) People are far more likely to remember creative, descriptive names than boring, corporate sounding names. Keep it professional but let the name say something about what you do. § (easy to pronounce) If a name is hard to pronounce, people won’t remember it nor will they refer your name to others.

Qualities of a good name: � Communicates the correct information. � Avoid anything in your business name that could substantially confuse potential customers about what you do. � Conveys the right feeling. � Choose a name with positive connotations. � Won’t get outdated quickly. � Be careful not to choose a name that is too closely identifies with recent trends or that is too limiting. � Is easy to spell & pronounce. � If a name is too hard to spell, it becomes too difficult for a potential customer to remember. � Is memorable. � If customers have an easy time remembering your name, they’re more likely to do business with you again.

What’s in a name? More than you think! § Before launching a new product, check that the product name works as a domain address too. § www. virusexchange. com § Check these sources: § uspto. gov § networksolutions. com § thomasnet. com § nameprotect. com § trademark. com

Answer these question about your name - What about your name tells your customers what you do? What about your name tells your customers what they get? What about your name conveys a feeling? What kind of feeling? Can you trademark your name? Are there companies with similar or confusing names? Is the domain name (web address) available for your name?

§ Origins: § Focuses on the site’s origins, which was to allow people to post their homemade videos on the Web for others to see. § Why it’s good: § The catchy nature of the name perfectly captures the youthful and energetic spirit of the brand.

§ Origins: § Captures the core mission of the social networking business, which is to give individuals a personal spot on the Web to create an online persona. § Why it’s good: § Perfectly describes what the site does---succinctly with style.

§ Origins: § Reflects the company’s original operating hours from 7: 00 am until 11: 00 pm. § Why it’s good: § Gives critical information on one of the key things that make a convenience store convenient --- that it’s open at times when other stores aren’t

§ Origins: § Greek goddess of victory. § Why it’s good: § Appeals to the competitive instincts of the firm’s target market of sports enthusiasts.

§ Origins: § A combination of veritas (Latin for truth) and horizon. § Why it’s good: § Good associations for a telecommunications firm that recently consolidated a number of Bell subsidiaries.

§ Origins § Named after the river to indicate the tremendous volume potential of online sales § Why it’s good. § Has made the firm’s presence and high growth rates synonymous with imagining an unstoppable and fiercely competitive force.

§ Origins: § From the coca leaves and Koca nuts of the ingredients making up the flagship drink. § Why it’s good: § Perfectly describes the ingredients (which were once thought to have medical value). The alliteration gives it a pleasant, memorable sound.

§ Origins: § A deliberate misspelling of the scientific term googol, the very large number 10 to the 100 th to indicate the very large volume of data the firm would be processing. § Why it’s good: § Has a friendly, even goofy connotation that makes the very techie notion of a ‘search engine’ accessible to the general public.

Developing a Marketing Plan § What unique benefit do you offer? § What is the consumer need you are fulfilling? § How do you want your customers to think about you? § How will the world be different because of the solution you provide? § What primary market niche will most likely be interested in your product? § How will your target group find out about your product? § What information or documentation will you provide to change the buying patterns of your target market? § How will you position your product relative to your competition?

Here’s what customers really want… - Functions - How the product meets customer’s concrete needs. - Finances - How the purchase affects the customer’s overall financial situation. Price + Quality = Value - Freedom - How convenient it is for customers to purchase and use the product. - Feelings - How using the product relates to customer’s self image. - Future - How customers will deal with the product over time.

Marketing Mix § Develop a Marketing Strategy for your product that addresses the 5 P’s: § Product § Place § Promotion § Price § People

Product § Product Name § Packaging § Unique Selling Proposition § Features and Benefits

Place § Channels of Distribution § Inventory § Transportation & Locations

Promotion § Advertising & Public Relations § Social Media § Facebook, Twitter, Linked. In, Instagram, Pinterest, You. Tube, Google+ § Internet § Google Ad. Words § Viral marketing---blogging, email campaigns, social network § Trade Shows § Web § Online ordering § Personal Selling § Direct Dales Force § Manufacturer’s Representatives

People § Management Team § Employees § Consultants § Customer Service

Price § Cost Pricing § Market Pricing § Competitive Pricing § Discounts & Credit Terms § Warranties & Returns

Cost Pricing § Production costs are the key factor in determining the selling price. § A major disadvantage is that cost pricing does not take into consideration the target market’s demand for the product. § Costs + Markup = Selling Price

Market Pricing § Cost is not the main factor driving selling price decisions, rather the selling price is based on an analysis of the market research in which the customer’s expectations are measured. § So, why doesn’t everyone use market pricing? This approach requires a strong market research effort to measure customer reaction which is costly and high risk.

Competitive Pricing § Selling Price decisions are based around competitive offerings: § Below Competition Pricing § Usually requires high sales volume to meet market share objectives. § Above Competition Pricing § Product must be perceived a category leader in terms of features, brand image or disruptive technology to support higher selling price. § Parity Pricing § Simply matches competitors selling price.

The many ways to market: Traditional Marketing: - Print --- Newspapers & Magazines - Direct Mail - Electronic --- Television & Radio Digital Marketing: - Social Media - Email Marketing - Search Engine Marketing - Pay-Per-Click Marketing - Content Marketing

Media Kit Checklist: - Company Story - Compelling facts about your business - Product Descriptions with high resolution photos - Founder’s Bio - Testimonials - Business-related Statistics - Screenshots of your Digital Assets - website, social media, blog, etc.