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Topic 7: Building Powerful Marketing Plan - Coggle Diagram
Topic 7: Building Powerful Marketing Plan
Building a Bootstrap Marketing Plan
Bootstrap Marketing Strategies
- unconventional, low-cost, and creative marketing techniques that allow a small company to realise a greater return from its marketing investment than do larger rivals.
3 Objectives:
Pinpoint the specific target markets the company will serve.
Target market
- the specific group of customers at whom the company aims its products or services.
Determine customer needs and wants through market research.
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.
Market research does not have to be time consuming, complex, or expensive to be useful.
Analyse a firm's competitive advantages and create a marketing strategy to communicate its value proposition to the target market.
Marketing
- the process of creating and delivering desired goods and services to customers.
Tracking Trends
See the top 10 movies
Talk to at least 150 customers a year
Watch the top 10 TV shows
Talk with the 10 smartest people you know
Read many diverse current publications
Listen to your children and their friends
How to Conduct Market Research
Collect the data.
Individualised (one-to-one) marketing
- a system based on gathering data on individual customers and developing a marketing program designed to appeal specifically to their needs, tastes, and preferences.
Primary research
Secondary research
Data mining
- a process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customers' behaviour.
Analyse 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.
Define the objective.
- to define the research objective clearly and concisely.
Draw conclusions and acts.
- the owner then decide how to use information in the business.
Primary Research
Social media conversation
Test market
Focus group
Daily transactions
Customer survey and questionnaires
Other ideas
Secondary Research
Forecast
Market research
Census data
Articles
Demographic data
Local data
Direct mail lists
The internet
Business directories
Bookstrap Marketing 14 Principles
10. Retain existing customers
- customer experience management.
11. Be devoted to quality
- Total Quality Management (TQM).
Total quality management (TQM):
quality in the product or service itself.
quality in every aspect of the busiiness and its relationship with the customer.
continuous improvement in quality.
9. Be dedicated to service and customer satisfaction
- address comments and complaints.
14. Emphasise speed
- use principles of time compression management (TCM).
Time compression management (TCM):
speed new products to market.
shorten customer response time in manufacturing and delivery.
reduce the administrative time required to fill an order.
3. Don't just sell; entertain!
Entertaining:
a marketing concept designed to draw customers into a store by creating kaleidoscope of sights, sounds, smells, and activities - and of course, sell (think Disney).
12. Attend to convenience
- make it easy to do business with you.
2. Use the power of publicity
Publicity
- any commercial news covered by media boost sales but for which a small company does not pay.
13. Concentrate on innovation
1. Find a niche and fill it
- a focus (niche) strategy allows a small company to maximise the advantages of its size and compete effectively even in industries dominated by giants.
4. Strive to be unique.
- product and services, marketing and promotional campaign, store layout, business strategy.
5. Build a community with customers.
- company website, social media.
6. Connect with customers on an emotional level.
- build trust, define a unique selling proposition (USP).
7. Create an identity for your business through branding.
- coommunicating a USP to the target market in a consistent and integrated manner.
8. Embrace social marketing.
- start a blog, create online videos, host a special event.
Addressing Comments and Complaints
The customer is always right
Never be defensive
Respond and take responsibility
Keep a database of all complaints and suggestions
Consistently track all social media
Achieving Stellar Customer Service and Satisfaction
Listen to customers
Define superior service
Set standards and measure performance
Hire the right employees
Examine your company's service cycle
Use technology to provide improved experience
Train employees to deliver superior service
Reward superior service
Tactics of Publicity
Write news release and fax or email them to the media
Sponsor an event designed to attract attention
Publish a newsletter
Involve celebrities "on the cheap"
Offer or sponsor a seminar