Building a Foundation for Growth, Marketing (and Sales) Strategy Growth Planning for Small and Midsized Companies Presented By: Reed Stith Senior Growth Advisor, Marketing and Sales Presented By: Sam Wasylyshyn Manufacturing Support Specialist 1
Today s Objective: To provide a methodology for growing your business by penetrating existing customers and attracting new customers
Agenda Introductions and Today s Objectives Determining your Growth Strategy Business Value Creation Growth Strategy, Marketing Elements, Sales Structure Connecting Marketing to Sales How to Create Brand Clarity Branding and Brand Messaging Understanding Who You Are Understanding What, How and Why Problems, Promises and Proof How to Align your Sales Structure/Process How to Determine the your Ideal Customer Customer Profiling Buyer Personas/Buying Habits MVC (Most Valuable Customer List) New Prospect Development List Putting it All Together Master Growth Strategy Marketing Plan with Tactics Sales Plan with Tactics Wrap-up and Individual Next Steps 3
Business Value = Foundation + Operations + Growth Value $ Growth Strategy Operations Excellence Foundation People, Processes, Product/Service, Technology, Brand, Messaging, Vision, MVC, MVP Profits/Business Value
Business Growth Methodology/Process VP of Marketing and Sales VPs of Marketing and Sales oversee the entire lifecycle from strategy to execution Growth Strategy Measurement CUSTOMER Marketing Sales
Growth Strategy Breakdown VP of Marketing and Sales Strategy Measure CUSTOMER Marketing Research Sales Planning Growth Strategy Strategy Branding Pricing
Marketing Breakdown VP of Marketing and Sales Strategy Measure CUSTOMER Marketing Sales Internet Advertising Social Content Inbound Marketing Outbound Marketing Publicity Events Direct Sales
Sales Breakdown VP of Marketing and Sales Strategy Measure CUSTOMER Marketing ecommerce Sales Manufacturer Sales Reps Sales Direct Distributors Dealers
Marketing Brand Identity Company and/or Product Market Messaging To various segments - markets To various channels key players To various functions key personas Market Research What industry are you in What are your target markets Who are your target prospects What are their unmet needs that you can solve Who are you competing against, what are they saying Market Strategies New Markets : New Products/Services New Markets : Existing Products/Services Existing Markets : New Products/Services Existing Markets : Existing Products/Services Inbound Marketing Website, Social Media, SEO, Blogs, Remarketing, Adwords, PPC,Newsletters, Whitepapers Outbound Marketing Advertisements, Brochures, Calling Programs, Email Blasts, Tradeshows, Press Release, Appreciation Events Connecting: Marketing to Sales Sales Training the Sales Team Equip and Align Sales roadmap marketing explains targets, buying process, FAQs, and differentiators Brand Identity and Messaging needs to be shared by all Ability to clearly communicate Problems, Promises, and Proofs of products/services Sales Strategies (tied to Market Strategies) New Customer Attraction Existing Customer Penetration Existing Customer Recapture Sales & Marketing Management Restructuring Who are the hunters; who are the gardeners; who is the leader? CRM System 360 view of customer; opportunity management Formalized Sales Process Measurements (KPIs) Management (Adjustments) Sustainment (Continuous Improvement)
Five (5) Step Process: Branding Manufacturers: From Inside/Outside 1. Internal brand discovery (Internal Discovery and Validation) a. Who you are What you do How you do it Why you do it. b. Problems, Promises and Proofs 2. External brand assessment (External Discovery and Validation) a. VOC Survey b. Competitor Analysis c. Market Research 3. Creating distinctive brand statements (Define the "who," the "how" and the "why." Not the "what ) a. Value Proposition b. Marketing Messaging Not to be confused with mission or purpose statements. Brand statements separate you from your competitors and make you a leader in your category. 4. Internal brand adoption (Develop the strategy for getting people to engage with the Brand) Once the brand is defined, strategies must be created to ensure everyone within the organization buys into the brand, believes in the brand, lives the brand and delivers brand expectations throughout all touchpoints. The internal adoption must be a success before the new brand can be promoted externally through marketing and public relations. 5. Operationalize the brand (Development & Deployment, Implementation Brand Awareness) Marketing & sales communications plans are developed in this stage to promote the new/enhanced brand to customers, vendors, channel partners, the supply chain community and other business partners. Source: The Five Critical Steps of Brand Development for Manufacturers, Scott Seroka, principal, Seroka 10
Understanding What, How and Why? The Golden Circle What we do? What How Why Core Purpose How we do it (differently)? 1) 2) 3) Why we do it? Do you Consider yourself a Product Owner/Innovator? Do you Consider yourself a Manufacturing Company?
Understanding Problems, Promises, and Proofs? Problems What Problems do you solve? What Problems do your products solve in the marketplace? Promises What do you promise the marketplace? What do you promise your customers? Proofs How do you back-up your promises?
Account Segmentation Segment accounts by Ideal Customer Profile Sales Structure/Process Lead Management Generate MQL/SAL/SQL Sales Process Map customer/prospect buying process to custom built sales process 1 STEP Develop Sales Strategy Channels Determine optimal route to market 2 Develop Go-to- Market Plan Sales Force Structure Organizational model effectiveness vs. efficiency Sales Force Size Match selling capacity to market demand 3 Design Sales Force Sales Infrastructure Create performance conditions for optimal results 4 Build Infrastructure
Determine the Ideal Customer Develop a Customer Persona Checklist (Rate and Rank MVC s): 1. Financial & Market Characteristics NAICS Code (Market or Market Segment) Revenue $ % of Overall Revenue Profit Margin Rate the MVC (Future Growth, Risk, Payment History, Effort, etc.) 2. Customer Intimacy (How well do you know them) What are their goals and objectives? What are their pain points, challenges, problems or issues? What is their size, structure, geography? 3. Buying Habits What do they buy from you? When do they buy from you? What buying barriers do they encounter? What are their buying cycles? How else can you serve them? 4. Interests What do they find entertaining and/or valuable? How do they research information related to your business or industry? Why do they do business with us / Why do we do business with them? 14
Develop Focused Prospect Lists Most Valuable Prospects (MVP) Tips to Consider: 1. Start MACRO Analyze Industry Reports to determine market growth potential and geographic clusters 2. Break it down 6 Digit NAICS searches provide many industry subsections 3. Vet each Subsection Determine what size companies and where geographically you want to focus on 15
Develop Focused Prospect Lists Most Valuable Prospects (MVP) Deeper Dive: Get to know the Prospect you are Pursuing Tips to Consider: (Vet each prospect to learn the following): Location Size Customers and Industries Served Products and Services Value Propositions 16
Putting it all Together Master Growth Strategy Marketing Plan with Tactical Execution Sales Plan with Tactical Execution 17
Putting it all Together Growth Strategy: Recapture, Retention, Penetration, Diversification Recapture Attract Past Customers Retention Keep Existing Customers Happy Penetration Do More with Existing and New Customers in Existing Markets Diversification New Markets with New or Existing Products/Services Master Business Growth Strategy Overall Mission: Major Problems, Obstacles, and Threats 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) 6) 6) 7) 7) 8) 8) 9) 9) 10) 10) Solutions/Strategies 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) 6) 6) 7) 7) 8) 8) 9) 9) 10) 10) Hard Mission Goals Critical Success Factors 18
Putting it all Together Marketing Plan with Tactical Execution Marketing Brand Identity Company and/or Product Market Messaging To various segments - markets To various channels key players To various functions key personas Market Research What industry are you in What are your target markets Who are your target prospects What are their unmet needs that you can solve Who are you competing against, what are they saying Market Strategies New Markets : New Products/Services New Markets : Existing Products/Services Existing Markets : New Products/Services Existing Markets : Existing Products/Services Inbound Marketing Website, Social Media, SEO, Blogs, Remarketing, Adwords, PPC,Newsletters, Whitepapers Outbound Marketing Advertisements, Brochures, Calling Programs, Email Blasts, Tradeshows, Press Release, Appreciation Events Marketing Department Quad Plan Mission: Major Problems, Obstacles, and Threats 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) 6) 6) 7) 7) 8) 8) 9) 9) 10) 10) Strategies 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) 6) 6) 7) 7) 8) 8) 9) 9) 10) 10) Measurable Objectives Tasks 19
Putting it all Together Sales Plan with Tactical Execution Sales Department Quad Plan Mission: Major Problems, Obstacles, and Threats 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) 6) 6) 7) 7) 8) 8) 9) 9) 10) 10) Strategies 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) 6) 6) 7) 7) 8) 8) 9) 9) 10) 10) Measurable Objectives Tasks Sales Training the Sales Team Equip and Align Sales roadmap marketing explains targets, buying process, FAQs, and differentiators Brand Identity and Messaging needs to be shared by all Ability to clearly communicate Problems, Promises, and Proofs of products/services Sales Strategies New Customer Attraction Existing Customer Penetration Existing Customer Recapture Sales & Marketing Management Restructuring Who are the hunters; who are the gardeners; who is the leader? CRM System 360 view of customer; opportunity management Formalized Sales Process Measurements (KPIs) Management (Adjustments) Sustainment (Continuous Improvement) 20
Where to Begin? Assess your Brand Image Is your brand up to date & does it truly define Who you are What you do How you do What you do differently Why you do what you do (Why do you truly exist, real reason for being in business) Do you know what problems you solve, benefits you offer (Promises) and evidence that you can deliver (Proofs) Have you or can you articulate into messaging that connects with your target audience Assess your website Get your website scored (website.grader.com) Visual Content, Info-Graphic, Style, Look, Navigation Structure (Is it structured properly for Inbound Marketing) Capability for Inbound Marketing Assess your Marketing (Research, Inbound and Outbound) Budget (Do we have the time and money to invest in this strategy) Strategy (Elements of Inbound Marketing, what should we do, what is not necessary) Content Development Internal Capacity Assess your customer base and gain knowledge of customer personas Customer Intimacy (Problems, goals, objectives, pain points, objections to overcome, etc) Buying Habits (what do they buy, timing, buying barriers, buying cycles, etc.) Interests (trigger point, topics of interests, etc) Assess your ability to execute Commitment (Leadership) Internal Champion ( Do we have someone to lead this and stay up to date) Resources/People (internal/external, who will all be involved, buy-in, capacity, skill) Process (do we need to invest in systems software, other processes/procedures) 21
Six Essential Questions 1. Can you identify the best customers now and in the future? 2. Can you articulate a compelling brand message/value proposition? 3. Do you know which market niches (customer groups) to focus on now and in the future? 4. Do you know what kinds of products/services the best customers want? 5. Can you adequately compare your products/services to your competitors in terms of value? 6. Do you know if you are making adequate margins on each product, service or job? 22
Gaps Individual Next Steps Opportunities Next 90 Days what will you do?
MAGNET can help! THANK YOU! Email: sam.wasylyshyn@magnetwork.org Cell: 440.225.3029 Email: reed.stith@magnetwork.org Cell: 330.656.2023 http://www.manufacturingsuccess.org/ 24