Marketing on a Budget
Wisconsin Women’s Business Initiative Corporation Statewide economic development organization Over 25 years 501 C3; founded in 1987 Offices in Milwaukee, Madison, Racine and Kenosha Local, Regional, National and International Partnerships Emphasis: women, low-income individuals and minorities
WWBIC’S Primary Services Business Education & Workshops Creative Financing Solutions One-on-One Assistance Networking Opportunities Business Laboratory, CWC Make Your Money Talk Financial Capability & Individual Development Accounts (IDA’s) Bella Blvd WWBIC Loan Client
Marketing Describes business’ products or services Describes target customers Identifies how you will bring them together Identifies industry and market AND size and trends Evaluates competition Sets market strategies and goals
The Questions Who is your ideal customer. What do you make or do The Questions Who is your ideal customer? What do you make or do? Where is your ideal customer? Why are you in business? How? Set strategy and goals
Target Customer Who buys the most? Individuals or other businesses? What do you know about them? Why will they buy from you? What are their expectations (cost, selection, hours, etc.)? Who are they buying from now?
How do you reach those people who are buying the most? Marketing Strategies How do you reach those people who are buying the most?
Promotion Components Advertising Personal selling Public relations Special events Word of mouth/referrals Educational activities
Promotional Considerations Cost-effectiveness Ability to reach target customers Image consistency
Free Promotional Tools Public relations Press releases Stories of interest Cross promote with other businesses Free calendar listings Don’t be afraid to talk about it Be an expert in your field Speaking engagements, TV, podcasts, blogs, etc.
Use Social Media! Facebook Number 1 social media site in the world Business pages-users can like, rate, leave reviews and share 42% of marketers report that Facebook is important to their business Twitter 70% small businesses are on Twitter 42% of consumers learn about products and services via Twitter Instagram 75 million users log on daily Users post 1,000 comments every second and like posts 1.2 billion times a day
Promotional Tools (under $10) Every month, give customers a chance to win free stuff! Donate to charity for a certain number of purcahses Hold a contest Hire a student or family member to hold a sign outside Show up in person to deliver goods to a client Use flyers
Promotional Tools (under $20) Attend free networking events to expose yourself to community Use Vista Print or other online printers to print inexpensive business cards, thank yous, magnets, etc. Use Constant Contact or other email marketing program. $15/month gives you up to 500 email promotions! Use flyers
Business Development Know your uniqueness Price isn’t everything Look for long term, renewable relationships Understand how your customer makes decisions Don’t be a ‘peddler,’ be professional Know when to move on Track activities Work on retaining current customers Give back to community
How to Contact WWBIC www.wwbic.com Milwaukee: (414) 263-5450 Madison: (608) 257-5450 Kenosha: (262) 925-2850 Racine: (262) 898-5000 www.wwbic.com
Thank You!