Please enable JavaScript.
Coggle requires JavaScript to display documents.
Building a Powerful Bootstrap Marketing Plan - Coggle Diagram
Building a Powerful Bootstrap Marketing Plan
Building a Bootstrap Marketing Plan
Definition of marketing
Marketing is a process of creating and delivering desired goods and services to customers, involves all of the activities associated with winning and retaining loyal customers
Bootstrap Marketing Strategies
Are unconventional, low-cost, and creative marketing techniques that allow a small company to realize a greater return from its marketing investment than do larger rivals.
Do not require large amounts of money to be effective – just creativity. For example, Roxxane Pettipas and Buddy
Bootstrap Marketing plan objectives
Pinpoint the specific target markets the company will serve.
Determine customer needs and wants through market research.
Analyze a firm’s competitive advantages and create a marketing strategy to communicate its value proposition to the target market.
Pinpointing the Target Market
Definition of target market
Target market is the specific group of customers at whom the company aims its products or services. Marketing strategy must be built on a clear definition of a company’s target customers. For example, Black Rapid and Levi Strauss.
Target customer must permeate the entire business – merchandise sold, background music, layout, décor, and other features.
Without a clear image of its target market, a small company tries to reach almost everyone and ends up appealing to few.
Market research
Determine what customer needs
Demographics
The study of important population characteristics, such as age, income, race, and education.
Market Research
The vehicle for gathering the information that serves as the foundation for the marketing plan.
Tracking trends
Read many diverse current publications
Watch the top 10 TV shows
Talk with the 10 smartest people you know
Listen to your children and their friends
How to Conduct Market Research
Step 1: Define the objective
To define the search objective clearly and concisely. Have customer taste change? Is our product line too narrow?
Step 2: Collect the data
A system based on gathering data on individual customers and developing a marketing program designed to appeal specifically to their needs, tastes and preferences.
Can use 2 types of research which are primary research and secondary research
Example of primary research:
Focus group, Social media conversation, Test market
Example of secondary research:
Business directories, Direct mail lists, demographic data
Step 3: Analyze and interpret the data
There are no hard and fast rules for interpreting market research result; entrepreneur must use judgement and common sense to determine result from research
Step 4: Draw conclusions and act
The owner then decide how to use information in the business.
Building a competitive edge
Connect with customers on an emotional level
Create an identity for your business through branding
Build a community with customers
Strive to be unique
Embrace social marketing
Don't just sell, need to entertain
Be dedicated to service and customer satisfaction
Use the power of publicity
Retain existing customers
Find a niche and fill it
Be devoted to quality.
Attend to convenience
Concentrate on innovation
Emphasize speed