Worcester Boot Camp - Marketing Course

Matt's marketing course for the Worcester Enterprise Boot Camp. June 2017. The course covers the 3 fundamental elements of marketing and leads into structuring a basic marketing plan. It's idea for those looking for a basic introduction to Marketing.

Transcript

1. Marketing © M. C. Rogers-Draycott 2017 @draycottmc
2. The Marketing Process Identify Profile Analyse Plan Communicate Evaluate
3. Session 1: Customer Identification
4. The Process of customer Identification is frequently overcomplicated…
5. The Process of customer Identification is frequently overcomplicated… Everyone Potential Customers
6. The Process of customer Identification is frequently overcomplicated… Everyone Your Product / Service Potential Customers
7. The Process of customer Identification is frequently overcomplicated… Everyone Your Product / Service Potential Customers
8. The Process of customer Identification is frequently overcomplicated… Everyone Your Product / Service Potential Customers Needs Wants
9. Big Customer Pool…
14. ?
15. ?
16. ? Demographics Psychographics
17. ? ?
18. ?
19. ?
20. …Find a niche!
21. 3 Questions: 1. Know your product / service Q. Who benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
22. 3 Questions: 1. Know your product / service Q. Who benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
23. 3 Questions: 1. Know your product / service Q. Who benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
24. 3 Questions: 1. Know your product / service Q. Who benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
25. Activity - Customer Profile: 1. Describe your customer • Consider both Demographics and Psychographics 2. Locate your customer • Where do you find them? 3. Understand their purchasing process • How do they buy your product / similar products and from where? 4. Connect with current / potential customers • Test the profile and understand if it’s valid, make any amendments necessary 5. Finalise the profile • Ensure that it’s a valid market that maximises your return
26. Session 2: Market Analysis
27. So, now we know who the ideal customer is and why the might purchase your product / service we need to assess if the market you’ve identified is worthwhile based on your goals.
28. So, now we know who the ideal customer is and why the might purchase your product / service we need to assess if the market you’ve identified is worthwhile based on your goals. There are two ‘Golden’ metrics:
29. So, now we know who the ideal customer is and why the might purchase your product / service we need to assess if the market you’ve identified is worthwhile based on your goals. There are two ‘Golden’ metrics: Market Value (size) and Market Growth Rate (potential)
30. Bottom - Up Top - Down vs. Market Value
31. Bottom - Up • Market Value = Volume of Transactions x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
32. Bottom - Up • Market Value = Volume of Transactions x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
33. Bottom - Up • Market Value = Volume of Transactions x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
34. Bottom - Up • Market Value = Volume of Transactions x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
35. Bottom - Up • Market Value = Volume of Transactions x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
36. Bottom - Up • Market Value = Volume of Transactions x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
37. Starting with a global number and reducing it pro-rata… Value of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
38. Starting with a global number and reducing it pro-rata… Value of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
39. Starting with a global number and reducing it pro-rata… Value of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
40. Starting with a global number and reducing it pro-rata… Value of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
41. When coming up with an estimate yourself it is always a good practice to test both the Bottom - Up and Top - Down approaches and to compare the results. If the numbers are too far away then you probably missed something or used the wrong proxy.
42. Fiscal Intellectual vs. Market Growth Rate (Potential)
43. • Current Market Value - Previous Market Value • = Change in Market • Change in Market / Previous Market Value • = Market Growth Rate
44. 3 Tools: Assessing Yourself (Micro) - SWOT Assessing Your Environment (Macro) - PESTLE Assessing Your Market - Porter’s Five Forces
45. Strengths Weaknesses Opportunities Threats
46. Political Economic Social Technological Legal Environmental
47. Competitive Rivalry Threat Of Entry Supplier Power Buyer Power Threat Of Sub Competitive Rivalry - Number of Competitors - Quality Differences - Other Differences - Switching Costs - Customer Loyalty Buyer Power - Number of Customers - Size of Each Order - Differences Between Competitors - Price Sensibility - Ability to Substitute - Cost of Changing Threat of New Entry - Time and Cost of Entry - Specialist Knowledge - Economies of Scale - Cost Advantages - Technology Protection - Barriers to Entry Supplier Power - Number of Suppliers - Size of Suppliers - Uniqueness of Service - Ability to Substitute - Cost of Changing Threat of Substitution - Substitution of Performance - Cost of Change
48. Activity - Market Analysis: 1. Complete a Market Analysis • Market Value (Top - Down & Bottom - Up) • Market Growth Rate • Financial (If Appropriate) • Intellectual • SWOT • PESTLE Porters Five Forces 2. Evaluate your data • What does it indicate about the Market, is it worthwhile based on your goals?
49. Session 3: Marketing Channels
50. 0 200 400 600 800 1000 1200 1400 1600 Cost to Reach 1000 People
51. 0 200 400 600 800 1000 1200 1400 1600 Radio £600+ Print £300+ Magazine £1000+ Direct Mail £1500+ Cost to Reach 1000 People Traditional
52. 0 200 400 600 800 1000 1200 1400 1600 Radio £600+ Print £300+ Magazine £1000+ Direct Mail £1500+ Facebook £5-10 Content £200+ Twitter £500+ Google Ads £1000+ Cost to Reach 1000 People Digital Traditional
53. 3 Key Channels: 1. Website 2. Social Media 3. Email
54. 3 Key Channels: 1. Website 2. Social Media 3. Email }Optimisation!
55. 1. Website Optimisation: .
56. 1. Website Optimisation: Design and Layout - • Easy to read typography; • Clear and consistent design and branding; • A single, large call to action; • Consistent division of sub-sections; • Regularly updated content with a consistent tone of voice, style and key messages • Mobile performance.
57. Desktop PC Mobile Device
58. 1. Website Optimisation: Design and Layout - • Easy to read typography; • Clear and consistent design and branding; • A single, large call to action; • Consistent division of sub-sections; • Regularly updated content with a consistent tone of voice, style and key messages • Mobile performance Search and Social - • Use of the same style, tone, branding and graphics as your website; • Focus on content marketing using your main site as the hub; and • Promote conversation, discussion and interaction to engage customers. E-Commerce - • Always-visible shopping cart, images of all of the items and correct pricing; • Customisation or personalisation options (if available); • Showing (and reducing) the number of steps from order to completion; • Incorporating free shipping (by far the biggest conversion-producer for e-commerce websites); • Use of security and trust seals where appropriate; and • Forms with easy-to-understand errors to let the customer know if they missed or forgot to enter something.
59. 1. Website Optimisation: Design and Layout - • Easy to read typography; • Clear and consistent design and branding; • A single, large call to action; • Consistent division of sub-sections; • Regularly updated content with a consistent tone of voice, style and key messages • Mobile performance Search and Social - • Use of the same style, tone, branding and graphics as your website; • Focus on content marketing using your main site as the hub; and • Promote conversation, discussion and interaction to engage customers. E-Commerce - • Always-visible shopping cart, images of all of the items and correct pricing; • Customisation or personalisation options (if available); • Showing (and reducing) the number of steps from order to completion; • Incorporating free shipping (by far the biggest conversion-producer for e-commerce websites); • Use of security and trust seals where appropriate; and • Forms with easy-to-understand errors to let the customer know if they missed or forgot to enter something.
60. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
61. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
62. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
63. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
64. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
65. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
66. 1. Social Media Optimisation: A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
67. 3. Email Optimisation: Everyone should feel that the email is just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded no-reply@example.com or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
68. 3. Email Optimisation: Everyone should feel that the email is just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded no-reply@example.com or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
69. 3. Email Optimisation: Everyone should feel that the email is just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded no-reply@example.com or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
70. 3. Email Optimisation: Everyone should feel that the email is just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded no-reply@example.com or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
71. 3. Email Optimisation: Everyone should feel that the email is just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded no-reply@example.com or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
72. Activity - Channel Audit: 1. Assess The Channels you are using Q. How are you communicating with you audience? Q. Are these the most cost effective methods you could use? 2. Review their effectiveness Q. Are you using the channel as effectively as possible? 3. Action improvements Q. What can you do to improve you channels and communications?
73. Session 4: Planning Documentation
74. Your Marketing Plan… 1. An Analysis of your current position 2. Identification and explanation of your goals and how they link to your target market (Profile) 3. An evaluation of your target markets potential 4. An audit of potential sales channels