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14. Developing a startup marketing plan. Learning Objectives. Discuss the role of the product adoption/diffusion curve for marketing strategy. Explain how to create an effective marketing plan. Discuss the forms of advertising and promotion that entrepreneur can tap.

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Developing a startup marketing plan

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learning objectives
Learning Objectives
  • Discuss the role of the product adoption/diffusion curve for marketing strategy.
  • Explain how to create an effective marketing plan.
  • Discuss the forms of advertising and promotion that entrepreneur can tap.
  • Describe the role of publicity in a marketing strategy.
  • Explain how entrepreneurs can employ new media to their advantage.
  • Discuss the role of personal selling in a marketing strategy.
the product adoption diffusion curve
The Product Adoption/Diffusion Curve
  • Groups customers into categories based on how quickly they adopt a new product:
    • Innovators
    • Early adopters
    • Early majority
    • Late majority
    • Laggards
the marketing plan
The Marketing Plan
  • Details the strategies and tactics that will create customer awareness and build a brand and a loyal customer base
  • Provides a consistent message to the customer and creates an opportunity for the entrepreneur to make a sale
  • An investment in the future of the business that takes time to mature
creating customer value
Creating Customer Value
  • Define the approach to the market
    • Message
    • Differentiation tactics
    • Channel strategies
    • Performance goals
  • Identify the niche to dominate
    • Typically is a segment of the market not being served
developing the pitch
Developing the Pitch
  • Presenting a solution to the problem the customer is experiencing in such a way as to highlight the benefits or value
    • Identify possible marketing options
    • Explore options by talking to other business owners, customers, suppliers
    • Study the competition
    • Identify and rank the top ten options
setting sales and marketing goals
Setting Sales and Marketing Goals
  • Set SMART goals (sensible, measurable, achievable, realistic, and time specific)
  • The marketing plan in one paragraph, including:
    • Purpose of the marketing plan
    • Benefits of the product/service
    • The target market
    • The market niche
    • The marketing tactics
    • The company’s convictions and identity
    • The percentage of sales represented by the marketing budget
launch objectives and milestones
Launch Objectives and Milestones
  • Key goals for the marketing campaign
  • Startup objectives:
    • Create awareness for the company and its brand
    • Reach target customers to product sales quickly
  • Additional objectives added as firm grows
brand strategy
Brand Strategy
  • Brand: a name, term, design, symbol, or other feature that identifies one seller’s good or service as distinct from other sellers
  • Brand strategy: a set of decisions around the brand’s positioning in the marketplace
  • Brand equity: the effectiveness of the brand in the market, often in terms of financial metrics
    • Requires that customers form an emotional attachment
advertising and promotion
Advertising and Promotion
  • Advertising is employed to pull the product through the distribution channel (pull strategy).
  • Promotion tends to be more price-focused or incentive-focused (push strategy).
entrepreneurial market strategies
Entrepreneurial Market Strategies
  • Traditional advertising
    • Newspapers
    • Magazines
    • Direct marketing
    • Yellow pages
    • Signs
  • Broadcast media
  • Television
  • Cable TV shopping
  • Infomercials
  • Miscellaneous
publicity referrals
Publicity & Referrals
  • Publicity and word-of-mouth (referrals) are two of the most effective entrepreneurial marketing tools around because they don’t cost the company any money.
    • Require a compelling story
    • Network with the media
    • Issue a press release
constructing an effective press release
Constructing an Effective Press Release
  • Contents:
    • Date
    • Name of contact person
    • Phone number
    • Release date
    • Descriptive headline
    • Release information
    • The who, what, where, when, and why
    • Photo/Illustration
    • Explanatory note regarding why the release was sent
getting customer referrals
Getting Customer Referrals
  • Ask satisfied current customers
  • Take a customer to lunch to get ideas
  • Do a global Internet search on rumors
  • Conduct in-depth third party interviews
  • Administering an open-ended online survey
  • Host an online discussion
  • Create a customer advisory board
when to give it away
When to Give It Away
  • When the customer is likely to return
  • The cost for each additional item is low and margins are high
  • When customers need to try the product/service in order to risk the money to buy it
  • When samples of the product/service can be offered at a large event
internet marketing and new media
Internet Marketing and New Media
  • Internet advertising was a $300 billion dollar market in 2009.
  • Traditional media boundaries disappearing.
  • Barriers to content creation have been breached.
  • New challenges and opportunities for entrepreneurs.
social media
Social Media
  • Viral marketing is widely used to describe a marketing strategy that entices customers to pass on the marketing message to others.
  • Types of social media:
    • Blogs, Twitter, and e-newsletters
    • Podcasts and vodcasts
    • RSS readers (Really Simple Syndication)
    • Wikis
    • Facebook & YouTube
social media cont d
Social Media (cont’d)
  • Tips for successful viral strategies:
    • Provide free products
    • Make it easy to pass on the message
    • Make sure that the mail server can handle the traffic
    • Take advantage of existing social networks
    • Use other people’s websites
social media metrics
Social Media Metrics
  • Registration
    • People who register and provide information help development of a customer profile
  • Sharing
    • Gives users ability to share content, ratings, and other information
  • Traffic
    • Track the percentage of traffic coming from social networking sites
search engine marketing
Search Engine Marketing
  • Search engine marketing (SEM) and search engine optimization (SEO) are simply tools for increasing the level of visibility of a website when customers search.
  • Means for creating revenue streams:
    • Conversion rate
    • Cost-per-action
    • Cost-per-click
    • Cost-per-impression
    • Pay per lead
affiliate programs
Affiliate Programs
  • Strategic partnerships that offer complimentary products and services
    • Banner exchange program
content strategy
Content Strategy
  • Addresses customer needs at every stage of buying process
  • Stages include:
  • Awareness
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Post purchase behavior
privacy issues
Privacy Issues
  • Online commerce makes customers more aware.
  • Internet magnifies things done in offline world.
  • Companies must do more to protect customer privacy.
personal selling
Personal Selling
  • Become a value-added company by tailoring products to meet customer’ needs.
  • Improve personal selling skills.
    • What do customers want from the sale?
    • Give them what they want
  • Trade shows and exhibits
    • Expose products
    • Give away samples or hold raffle
    • Follow up on prospects after show
managing customer relationships crm
Managing Customer Relationships (CRM)
  • CRM is a system for gathering/using customer information which combines:
    • Technology
    • Training
    • Business strategy
  • The CRM system contains:
    • Names
    • Addresses
    • Attributes of people who are likely to purchase
identifying and rewarding the best customers
Identifying and Rewarding the Best Customers
  • For many companies 24 percent of its customers account for 95 percent of its revenues.
  • Calculate lifetime customer value
complaint marketing
Complaint Marketing
  • A dissatisfied customer will probably tell at least nine other people about the problem.
  • Complaints should be viewed as opportunities for continual improvement.
  • Use satisfaction surveys.
new venture action plan
New Venture Action Plan
  • Determine your business’s compelling story.
  • Analyze your marketing options and rank them.
  • Write a clear, concise, one-paragraph statement of the marketing plan.
  • Develop an advertising, publicity, and promotion strategy incorporating social media.