Understanding the Market and Your Place in It

1. Understanding the Market and Your Place in It 4755 Kingsway Drive, Suite 314Indianapolis, IN 46205Phone: 317.917.3266 | Fax: 317.916.8921Email: information@businessownership.org www.businessownership.org

2. Presented by: Kim J. Brand President, Computer Experts, Inc. CEO/Founder, FileEnginePhone: 317.833-3000Email: Kim@FileEngine.com “Computer Repair Indianapolis” or “FileEngine” or “Kim Brand” + Indianapolis Jeff Bowe President & Chief Sales Strategist ACTUM Group, Inc. Author of INFOCUS Selling™Phone: 317.577/3750Email: Jeff@ActumGroup.com “INFOCUS Selling” or “Jeff Bowe” + Indianapolis

3. Agenda •  The market is like a rock •  (Just some of) the problems • What is your Marketing Objective? - Key Questions • The Marketing Mix – Four Ps of Marketing • Product – Place – Price – Promotion • Marketing facts (you need to know) • Learning what is selling • Combining and Coordinating Selling with your Marketing • Homework / Next Steps • Resources

4. Quick Quiz #1 • Marketing is how you tell prospective customers about your product? True/False

5. Quick Quiz #1 • Marketing is how you tell prospective customers about your product? True/False • Selling involves a lot of presentations and convincing prospects why you are the best solution? True/False

6. Sales & Marketing • Marketing is about The Masses • Sales is about The Singles • Must be Sending and Receiving • A Continuous Feedback Loop Send Out Messages & Analyze Feedback Meet With Prospects & Collect Feedback

7. The ‘Market’ is like a rock

8. A big rock

9. But much harder to move ;(

10. Your objective is to move the rock

11. (Just some of) The Problems • You have a wonderful product or service but nobody knows • Buying habits of your customers don't include you • You have no reputation • You have no money • You've never 'marketed' a product or service like this before (You may have sold them before, but marketing is different) • Competitors • Most of what you know is wrong (which leads to mistakes & wasted time & money - but adds to experience ;) • The rules, once you figure them out, change - and usually not in your favor

12. What is your marketing objective? • Create Awareness • Communicate Outrageous Value • Create Urgency

13. What is your marketing objective? • Create Awareness • Communicate Outrageous Value • Create Urgency …but wait, there’s more !!

14. Your First (Natural) Marketing Challenge • Keeping your message… • Short

15. Your First (Natural) Marketing Challenge • Keeping your message… • Short • Simple

16. Your First (Natural) Marketing Challenge • Keeping your message… • Short • Simple • Selfish

17. The Sales Process • Old Definition: Always Be Closing

18. The Sales Process • Old Definition: Always Be Closing • Seller Focused

19. The Sales Process • Old Definition: Always Be Closing • Seller Focused • Transaction Focused (* You Tube video)

20. The Sales Process • Old Definition: Always Be Closing • Seller Focused • Transaction Focused (* You Tube video) • How do YOU like to Buy?

21. The Sales Process • Old Definition: Always Be Closing • Seller Focused • Transaction Focused (* You Tube video) • How do YOU like to Buy? • New Definition: Always Build Commitment

22. The Sales Process • Old Definition: Always Be Closing • Seller Focused • Transaction Focused (* You Tube video) • How do YOU like to Buy? • New Definition: Always Build Commitment • Relationship Focused

23. The Buying-Selling Process Build Rapport & Relationship Connection & Project Development Commitment

24. Key Questions • What are you selling?

25. Key Questions • What are you selling? • Who are your competition?

26. Key Questions • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?

27. Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?  Your competition includes: Lack of awareness

28. Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?  Your competition includes: Lack of awareness, Doing nothing

29. Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?  Your competition includes: Lack of awareness, Doing nothing, Buying habits

30. Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?  Your competition includes: Lack of awareness, Doing nothing, Buying habits, Bad experiences,

31. Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?  Your competition includes: Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough”

32. Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?  Your competition includes: Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough,” and LACK OF AWARENESS

33. Your Business in One Sentence • Focus • Results • Ask • Magical • Energetic • …and practice, practice, practice

34. Quick Quiz #2 • The first thing to do when meeting a prospect is… • A) Find out if the person is the decision maker • B) Find out his or her budget to make sure you are not wasting time • C) Look for common ground to build a relationship • D) Pull out your marketing material so it is ready to show

35. Quick Quiz #2 • In marketing, your competition… • A) Dictates your maximum price • B) Can be mostly ignored when you are a better salesperson • C) Detracts from your message • D) Is your enemy

36. The Marketing Mix The Four ‘P’s of Marketing What you sell, the Product Where/How you sell it, the Place The Price you sell it for How you get attention: Promotion Source: http://www.netmba.com/marketing/mix/

37. The Four Ps of Marketing

38. What is your Product or Service? – Really!! • Your BRAND – your promise to deliver • Your MESSAGE – how you describe it . . . • You only have 13 words • Your POSITION – How do your customers view your product or service in the field of all other products and services? • How will you be compared and described? • What is the PAIN your product or service relieves?

39. Where is your ‘Place’? • Locality: • Lemonade stand, Neighborhood? • Side of town, City, Region? • State, Country, Planet? • Distribution system: • Direct, Indirect, Multi-Level • Retail, Wholesale, Discount • Storefront, Web-store, corner bar, catalog

40. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc.

41. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Surprisingly: The narrower the better!

42. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size

43. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size Can you scale or must you enter large?

44. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size Can you scale or must you enter large? • Current buying behaviors

45. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size Can you scale or must you enter large? • Current buying behaviors • Existing competitors & weaknesses

46. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size Can you scale or must you enter large? • Current buying behaviors • Existing competitors & weaknesses • Communication channels (current – new)

47. What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size Can you scale or must you enter large? • Current buying behaviors • Existing competitors & weaknesses • Communication channels (current – new) • What is the potential–share you want/need?

48. Quick Quiz #3 • When setting price, first… • A) Look at your cost and determine your profit margin • B) Look at your competition so you can go just under their price • C) Know how much money your offering saves your customer • D) Start with a low price to build volume

49. Quick Quiz #3 • In marketing, you want your target market to be… • A) As big as possible for maximum volume • B) Hard to define • C) Narrow • D) Growing

50. Pricing & Terms • Are you better? (Can you charge more?)