THE IMPORTANCE OF AN EFFECTIVE MARKETING STRATEGY Wall To Wall Sunshine - Paul Stevenson November 16th 2016 © Wall To Wall Sunshine Ltd. 1999-2016 www.walltowallsunshine.com

Contents What is Marketing (and what it is not) Marketing Strategy Fundamentals Major Considerations

These are the ‘tools’ marketers use to communicate to target audiences ‘Marketing’ is NOT … Advertising Graphic Design Websites PR Radio Billboards Sponsorship Direct Mail Brochures Video Social Media These are the ‘tools’ marketers use to communicate to target audiences

Marketing IS … “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably” * * Definition Source:

Where Marketing ‘Fits’ The ‘board’ – corporate strategy / leadership HR IT Operations Marketing Finance Agencies Web PR Print Ads Media Design

Simple framework, but still relevant The Traditional Marketing Mix The 4 P’s & 7 P’s (service) • Product • People • Price • Process • Place (distribution) • Physical Evidence • Promotion The Establishing Mix – Triple Bottom Line The New 3 P’s • People (Social Res.) • Planet (Environmental Sus.) • Profit (Society)

Marketing IS … (for non-marketers) Profitably providing the right service/product, to the right people, at the right time, for the right price and communicated in the right way

Marketing Strategy Fundamentals

OK – let’s get into ‘strategy’ Sun Tzu, philosopher and head of the Chinese army for much of the 5th century BC - The Art Of War He understood the difference between … Tactics (which we do every day) and Strategy (which guides what we do every day) and he knew what happens if you try using one without the other. He wrote that: “Strategy without tactics is the slowest route to victory”, but added it was even worse to get it the other way round, “Tactics without strategy is the noise before defeat.”

1 – 3 of S.O.S.T.A.C.

Understand your business. Objectives - goals/motivation Understand your business Objectives - goals/motivation Strengths/core competencies

Understand your target audience(s) Customers Prospects

Understand your marketplace. Political, Economic, Social Understand your marketplace Political, Economic, Social Technological, Legal, Environmental

Understand your competitors. Their market position/strategy Understand your competitors Their market position/strategy The threat/risk

SWOT analysis – a great summary tool Strengths | What’s great about your business Weaknesses | What’s fragile in your business The first two are internal – you need to be honest Opportunities | How can you grow Threats | What might prevent you The second are external – can you influence them? Can your objectives be met given the results?

Major Considerations

Your BRAND – and what it is Product/Service = Physical Assets BRAND = Emotional Assets BRAND is the PERSONALITY

Why is ‘brand’ so important ? Physical Reasons Emotional Reasons Without an emotional connection, you are only appealing to customers with ‘half a voice’ In most cases, 20% of the decision is logical and 80% is emotional* (* Marketing Profs) WTWS - Otter Nurseries_ 19.10.15

The value (£) of a brand Price ? Price ? Candles … Which would demand the higher price? Do Waterford make candles? Is this their expertise? How much more would you pay for the ‘branded’ product? Convert to a percentage then apply to annual sales

The UK enjoys world class communications

The market leader is rarely the best product

It’s not all about price

Explosion of choice

Pick a fight you can win

Understand the weapons in the armoury

Growth requires pace

Differentiate or die

Make it easy to buy

The Consideration Set

No quick fixes. Commitment

The Rewards Growth Profitability Stability Engaged/motivated employees Greater customer retention More resource for development/diversification More enjoyable

Thank You. Any questions?