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

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understanding the market and your place in it

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

understanding the market and your place in it1

Understanding the Market and Your Place in It

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

agenda
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)

Homework / Next Steps

Resources

just some of the problems
(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
what is your marketing objective
What is your marketing objective?
  • Create Awareness
  • Communicate Outrageous Value
  • Create Urgency
what is your marketing objective1
What is your marketing objective?
  • Create Awareness
  • Communicate Outrageous Value
  • Create Urgency

…but wait, there’s more !!

key questions
Key Questions
  • What are you selling?
  • Who are your competition?
  • Why should your customers buy from you instead of them?
key questions1
Key Questions
  • What are you selling?
  • Who are your competition?
  • Why should your customers buy from you instead of them?

 Your competition includes:

Doing nothing

key questions2
Key Questions
  • What are you selling?
  • Who are your competition?
  • Why should your customers buy from you instead of them?

 Your competition includes:

Doing nothing, Buying habits

key questions3
Key Questions
  • What are you selling?
  • Who are your competition?
  • Why should your customers buy from you instead of them?

 Your competition includes:

Doing nothing, Buying habits, Bad experiences

key questions4
Key Questions
  • What are you selling?
  • Who are your competition?
  • Why should your customers buy from you instead of them?

 Your competition includes:

Doing nothing, Buying habits, Bad experiences, “Good enough”

the marketing mix
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/

what is your product or service really
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?
where is your place
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
what is your place who is your ideal customer
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc.
what is your place who is your ideal customer1
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!
what is your place who is your ideal customer2
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
  • Size
what is your place who is your ideal customer3
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
  • Size Can you scale or must you enter large?
what is your place who is your ideal customer4
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
  • Size Can you scale or must you enter large?
  • Current buying behaviors
what is your place who is your ideal customer5
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
  • Size Can you scale or must you enter large?
  • Current buying behaviors
  • Existing competitors & weaknesses
what is your place who is your ideal customer6
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. 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 your place who is your ideal customer7
What is your ‘Place’?Who is your ‘Ideal Customer’?
  • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. 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?
pricing terms
Pricing & Terms
  • Are you better? (Can you charge more?)
pricing terms1
Pricing & Terms
  • Are you better? (Can you charge more?)
  • Is it easy to buy from you?
pricing terms2
Pricing & Terms
  • Are you better? (Can you charge more?)
  • Is it easy to buy from you?
  • Guarantees create trust (but create liability)
pricing terms3
Pricing & Terms
  • Are you better? (Can you charge more?)
  • Is it easy to buy from you?
  • Guarantees create trust (but create liability)
  • Can you create demand with a lower price?
    • Price elasticity
pricing terms4
Pricing & Terms
  • Are you better? (Can you charge more?)
  • Is it easy to buy from you?
  • Guarantees create trust (but create liability)
  • Can you create demand with a lower price?
    • Price elasticity
  • Can you afford discounts?
    • Salesmen, specials, combinations, spiffs/referrals
pricing terms5
Pricing & Terms
  • Are you better? (Can you charge more?)
  • Is it easy to buy from you?
  • Guarantees create trust (but create liability)
  • Can you create demand with a lower price?
    • Price elasticity
  • Can you afford less?
    • Salesmen, specials, combinations, spiffs/referrals
  • Can you value price upgrades?
promotion
Promotion
  • Superbowl advertising = $3M for 30 seconds
promotion1
Promotion
  • Superbowl advertising = $3M for 30 seconds

PROBABLY NOT IN YOUR BUDGET – YET!

promotion2
Promotion
  • What is your promotion Budget?
promotion3
Promotion
  • What is your promotion Budget?
  • Where/How do your customers find it - now?
    • Web, Yellow-Pages, Directories, Flyers, Mailbox
    • Consumer: Billboards, TV/Radio, Car wraps
    • Trade shows, Endorsements, Tie-ins, Cold-Calling
promotion4
Promotion
  • What is your promotion Budget?
  • Where/How do your customers find it - now?
    • Web, Yellow-Pages, Directories, Flyers, Mailbox
    • Consumer: Billboards, TV/Radio, Car Wraps
    • Trade shows, Endorsements, Tie-ins, Cold-Calling
  • Where do your competitors advertise?
promotion5
Promotion
  • What is your promotion Budget?
  • Where/How do your customers find it - now?
    • Web, Yellow-Pages, Directories, Flyers, Mailbox
    • Consumer: Billboards, TV/Radio, Car Wraps
    • Trade shows, Endorsements, Tie-ins, Cold-Calling
  • Where do your competitors advertise?
  • Advertising Specialties: Pens, Shirts, SWAG
promotion6
Promotion
  • What is your promotion Budget?
  • Where/How do your customers find it - now?
    • Web, Yellow-Pages, Directories, Flyers, Mailbox
    • Consumer: Billboards, TV/Radio, Car Wraps
    • Trade shows, Endorsements, Tie-ins, Cold-Calling
  • Where do your competitors advertise?
  • Advertising Specialties: Pens, Shirts, SWAG
  • Networking, Referrals, Rewarding customers for sending you leads
marketing facts
Marketing ‘facts’
  • Your prospects are exposed to hundreds of thousands of marketing messages a day
marketing facts1
Marketing ‘facts’
  • Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
marketing facts2
Marketing ‘facts’
  • Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
  • It may take 8+ impressions before they even know you exist – leverage multiple media.
marketing facts3
Marketing ‘facts’
  • Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
  • It may take 8+ impressions before they even know you exist – leverage multiple media.
  • Interruption marketing is out; referrals, viral communication and entertainment is in.
marketing facts4
Marketing ‘facts’
  • Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
  • It may take 8+ impressions before they even know you exist – leverage multiple media.
  • Interruption marketing is out; referrals, viral communication and entertainment is in.
  • ‘Free’ talks directly to the cerebral cortex – can you give something away to get them to give you a try?
homework next steps
Homework / Next Steps
  • Practice the answer to the question: “What Do You Do?”
  • Define your brand (promise to deliver)
  • Establish the size of the market you’re going after and a goal for your share and a timeline.
  • Get a simple brochure, terms & price list designed/ printed – ask 10 friends and 10 strangers for feedback; fix what’s broken.
homework next steps1
Homework / Next Steps
  • Collect information about your competition and be prepared to differentiate yourself.
  • Create a Customer Relationship Management (CRM) system and start refining your sales process.
  • Ask new customers “Why did you pick me?” & “How did you find me?”

Add their testimonials to your next brochure.

  • Constantly test every assumption you make about the market.
resources
Resources

HeWhoEnters.PBWiki.com - my Wiki for Entrepreneurs

SBA.GOV – Federal Government

IndianaEntrepreneurship.com – State Government

GoRainmakers.com, BNI-Indiana.com, OneDegreeConnected, SmallerIndiana.com – local networking organizations

ActumGroup.com – free sales book chapter: “Captivate Attention in One Sentence”

Anything by Ries & Trout – 22 Immutable Laws, etc.

Google.com – everything else