Business Plan Working Group: Marketing I Session 6

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1 Business Plan Working Group: Marketing I Session 6 Summer 2017 WESST, 2016 except where other copyrights noted

2 Business Plan Working Group 6.Intro Session objectives To provide an overview of marketing concepts, strategy and activities for small business, including customer persona development Image from Pixabay

3 6.1 Introduction to Marketing The 5 P s of Marketing: Product, Price, Place, Promotion and Positioning PRODUCT: What exactly are you selling? What are its features? How does it meet customer needs, or solve customer problems? PRICE: Is your product priced competitively? Is it affordable for the customers in your target market? (MARKET)PLACE: Where are you going to sell your product? Can you sell it online and from a physical location? PROMOTION: How are you going to tell people about your product? POSITIONING: What is your brand? How is your product DIFFERENT from other, similar products in the marketplace? How is it BETTER? Business Plan Working Group 6.1

4 Business Plan Working Group Introduction to Marketing The 5 P s of Marketing Books: Product, Price, Place, Promotion and Positioning

5 Business Plan Working Group Introduction to Marketing Successful businesses do not just deploy marketing tactics. Every tactic is deployed as part of an overall marketing strategy. Image from Pixabay

6 Business Plan Working Group Introduction to Marketing A good marketing strategy is more than the sum of its parts. It creates an operating plan for all of your business marketing activities, and allows you to measure your activity against your results. Image from Pixabay

7 Business Plan Working Group Introduction to Marketing Marketing vs. Promotion Promotion is just one part of Marketing the larger process of making people aware of your product. Promotion is the announcement that links to the value proposition.

8 Business Plan Working Group Creating Buyer Personas A persona is just a way of defining your ideal customer in a relatable, memorable way. You can have multiple personas representing ideal customers in different segments. Once you develop good personas, you can then ask yourself, in regards to marketing decisions, would my persona see this/like this/respond to this? Is this a good use of my time and resources? The more demographic and psychographic information you have about your market, the easier it will be to develop personas.

9 6.2 Creating Buyer Personas Business Plan Working Group 6.2

10 Business Plan Working Group Creating Buyer Personas Image from Pixabay Persona Name: Mary Smith Age: 52 Married, two grown children Human resources manager for 200-employee company Needs: Another pair of hands!; to not have to think about IT (she just needs it to work!); a solution that will work for the tech junkies AND technophobes What keeps her up at night: The chance that the Wi-Fi may not be working when she gets in tomorrow What motivates her to buy: The idea that she won t have to worry about her IT if she hires the right service provider.

11 Business Plan Working Group Creating Buyer Personas Jacqeline Adadi, student

12 Business Plan Working Group Creating Buyer Personas Millennial Meg, cont d. GOALS: Advance in the company Achieve a work-life balance CHALLENGES: Lack of experience Student loan debt REAL QUOTES: I don t have time to cook all the time, so it would be great to have healthy fast food. I can t live without my iphone. I love hanging out with my co- workers after work. COMMON OBJECTIONS: Is this really healthy? I need to be able to get my food fast enough during my lunch break. Jacqeline Adadi, student

13 Business Plan Working Group Creating Buyer Personas Hubspot

14 Business Plan Working Group Creating Buyer Personas Hubspot

15 Business Plan Working Group Creating Buyer Personas Hubspot

16 Business Plan Working Group Creating Buyer Personas Hubspot

17 Business Plan Working Group Creating Buyer Personas Tips for developing useful personas: Make it detailed, but don t get too bogged down in the details. Use your instincts, but also look at your research. When you have your persona developed, ask yourself hard questions: - Does this person really exist in the marketplace? - Are there enough of this person, or people similar to this person, to sell my product or service to? Can I really make a living selling to this persona?

18 Business Plan Working Group Creating Buyer Personas ACTIVITY Create a group of 3-4 people Read through the description of the product your group is given Take a few minutes to brainstorm Create a preliminary customer persona for the product or service

19 Business Plan Working Group Demand Creation Process Demand Creation Process - driving awareness in your Buyer Persona and their interest TO your products and/or services. Aligns with your later established marketing goals Describes the buyers journey It gets any of the following people A business card you collected at an event A commenter on Facebook A purchaser of a competitor s product One who filled out contact us or mailing list To click a button or call a number

20 Business Plan Working Group Personas in Marketing Now you ve established your target audience. LATER, USE YOUR PERSONAS AS TOOLS: Let them inform your advertising/marketing campaigns the tone, the imagery, the message Develop collateral materials based on this (stickers, magnets, etc.) Guide your media promotional mix based on this BUT FIRST

21 Business Plan Working Group 6.2 Homework for Marketing II Building The Brand, Step One JUST WRITE! write a paragraph of at least five sentences (or a page, or two!) describing why you do what you do - or make what you make, or sell what you sell Try not to overthink it, talk about your product /service starting with an anecdote or inspiration, for example JUST WRITE! It can even be poems

22 Business Plan Working Group Introduction to Marketing 6.2 Creating Buyer Personas 6.3 Demand Creation Process 6.4 Personas in Marketing Questions on this unit?