Chapter 8: Building a Powerful Bootstrap Marketing Plan - Coggle Diagram
Chapter 8: Building a Powerful Bootstrap Marketing Plan
Principles of building a bootstrap marketing plan
The 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
Pinpointing the Target Market
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.
: the specific group of customers at whom the company aims its products or services.
: the study of important population characteristics, such as age, income, race and education
: the vehicle for gathering the information that serves as the foundation for the marketing plan
How to conduct market research?
Define the objective – To define the research objective clearly and concisely. Have customer taste change? Is our product line too narrow?
Collect the data.
Individualized (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.
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.
4.Draw conclusions and act: The owner then decide how to use information in the business
Building a Competitive Edge
7) Create an identity for your business through banding
8)Embrace social marketing
6) Connect with customers on an emotional level
9)Be dedicated to service and customer satisfaction
5) Build a community with customers
10)Retain existing customers
4) Strive to be unique
3) Don't just sell; entertain!
11)Be devoted to quality
2) Use the power of publicity
12)Attend to convenience
1) Find a niche and fill it
13)Concentrate on innovation
14) Emphasize speed