Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies You need to let your customers know that you are here to service their every need. What are the most effective methods; Internet Newspapers Television (free-to-air or pay) Outdoor signs (e.g.bus shelters, billboards, posters) Outside and window signs Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Brochures, pamphlets or fliers Direct mail Stationery Product labels Packaging Carry bags Telephone Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Publicity Publicity is using free exposure to promote your business. You could get media coverage from your business by offering information to the local media that is of general interest to the community. For example, 'a seafood retailer informs us that eating fish is good for you'. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Public Relations (PR). Public Relations is defined as 'the deliberate, planned and sustained effort to establish and maintain mutual understanding between an organization and its publics' (Institute of Public Relations). PR can be relatively cheap, but it is certainly not free. Successful strategies tend to be long-term and plan for all eventualities. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Publicity cont’d…. Another way of getting publicity is by having satisfied customers. Satisfied customers not only return, they tell others about your business. Networking is an effective way to freely expose your business. It involves making networks of useful contacts with other people. These people may in turn recommend your business to potential customers Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Online promotions Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Personal Selling. Personal Selling is an effective way to manage personal customer relationships. The sales person acts on behalf of the organization Sales Promotion. Sales promotions tend to be thought of as being all promotions apart from advertising, personal selling, and public relations- “buy one-get one free” Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Direct Marketing. Direct marketing is any marketing undertaken without a distributor or intermediary. In terms of promotion it means that the marketing company has direct communication with the customer. e-mail is a form of online direct marketing. You register, or opt in, to join a mailing list for your favourite website. You confirm that you have opted in, and then you will receive newsletters and e-mails based upon your favourite topics. CRM…?? Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Trade Fairs and Exhibitions. Such approaches are very good for making new contacts and renewing old ones. Expensive, may not generate sales Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Advertising. Advertising is a 'paid for' communication. It is used to develop attitudes, create awareness, and transmit information in order to gain a response from the target market. There are many advertising 'media' such as newspapers (local, national, free, trade), magazines and journals, television (local, national, terrestrial, satellite) cinema, outdoor advertising (such as posters, bus sides). Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Sponsorship. Sponsorship is where an organization pays to be associated with a particular event, cause or image. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Online Promotions Online promotions will include many of the promotions mix elements which we considered above. For example advertising exists online with pay per click advertising which is marketed by Google. You can sponsor are website for example. Online businesses regularly send out newsletters which are targeted using e-mail and mailing lists, which is a form of direct marketing. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies Competitive advantage Is an advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition. There can be many types of competitive advantages including the firm's cost structure, product offerings, distribution network and customer support. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Advertising and Promotional strategies There are two main types of competitive advantages: comparative advantage and differential advantage. Comparative advantage, or cost advantage is an ability to produce at a lower cost. Differential advantage is created when a firm's products or services differ from its competitors and are seen as better than a competitor's products by customers. What’s your competitor advantage…? Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Marketing controls Measuring and monitoring the marketing planning process. There is no planning without control. Marketing control is the process of monitoring the proposed plans as they proceed and adjusting where necessary. If an objective states where you want to be and the plan sets out a road map to your destination, then control tells you if you are on the right route or if you have arrived at your destination. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Marketing controls Control involves measurement, evaluation, and monitoring. Resources are scarce and costly so it is important to control marketing plans. Control involves setting standards. The marketing manager will than compare actual progress against the standards. Corrective action (if any) is then taken. If corrective action is taken, an investigation will also need to be undertaken to establish precisely why the difference occurred. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Marketing controls Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Marketing controls There are many approaches to control: Market share analysis. Sales analysis. Quality controls. Budgets. Ratio analysis. Marketing research. Marketing information systems (MkIS). Feedback from customers satisfaction surveys. Cash flow statements. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Marketing controls Customer Relationship Management (CRM) systems. Sales per thousand customers, per factory, by segment. Location of buyers and potential buyers. Activities of competitors to aspects of your plan. Distributor support. Performance of any promotional activities. Market reaction/acceptance to pricing polices. Service levels. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Customer relationship Management (CRM) What is Customer Relationship Management? CRM is a term that is often referred to in marketing. However, there is no complete agreement upon a single definition. This is because CRM can be considered from a number of perspectives. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Customer relationship Management (CRM) In summary, the three perspectives are: 1. CRM from the Information Technology Perspective. From the technology perspective, companies often buy into software that will help to achieve their business goals. For many, CRM is far more than a new software package, the renaming of traditional customer services, or an IT-based customer management system to support sales people. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Customer relationship Management (CRM) 2. CRM from the Customer Life Cycle (CLC) Perspective. The Customer Life Cycle (CLC) has obvious similarities with the Product Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of lifetime value to the customer i.e. looks at the products of services that customers need throughout their lives. It is marketing orientated rather than product orientated. Essentially, CLC is a summary of the key stages in a customer's relationship with an organisation. Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Customer relationship Management (CRM) 3. CRM from the Business Strategy Perspective. The Business Strategy perspective has most in common with many of the lessons and topics contained on this website, and indeed within the field of marketing itself. The diagram below shows the MarketingTeacher Model of CRM and Business Strategy. Our model contains three key phases - customer acquisition, customer retention and customer extention, and three contextual factors - marketing orientation, value creation and innovatove IT Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1

Cert IV Small business management Marketing Plan 4_WOB 1 Customer relationship Management (CRM) Market the small business The Marketing Plan Cert IV Small business management Marketing Plan 4_WOB 1