START YOUR OWN ENTERPRISE Module 4 – Welcome! Tutor:

Handouts provided and/or online resources COURSE ARRANGEMENTS 4.00 finish 11.15 and 2.45 1.00 - 1.45 Handouts provided and/or online resources Off or silent

GROUP AGREEMENT FOR SUCCESSFUL LEARNING : Generated during week 1 - to include: Attend all sessions on time If running late, inform Tree Shepherd office If unable to attend or leaving early, make arrangements with class colleagues to collect homework/handouts and/or access them online Contribute Complete homework tasks Respect others Eat outside of classroom, except during designated breaktimes Keep learning area clean and tidy Observe health and safety and other TS/venue policies and procedures

GROUP INTRODUCTIONS

HOMEWORK: Individual homework: 1 – COMPLETE TWO CIRCLES EXERCISE 2 – Prepare elevator pitch for your business idea 3 - Complete ‘customer retention’ section of business plan 4 - Discuss feasibility of business ideas, e.g. costings Group homework: 5 - WCDI groups focussing on the above topics

SESSION AIMS: - Review homework & more on customer service/retention - Marketing – USP, Benefits vs features - Social media - Elevator pitches

QUOTE OF THE WEEK: “Networking is more about ‘farming’ then it is about ‘hunting’ it’s about cultivating relationships” Dr. Ivan Minser BNI

MARKETING

‘MARKETING’

DEFINITIONS OF MARKETING “The ‘umbrella’ function that links the business with customer needs and wants” Result: to get the right product to the right place at the right time “Meeting and exceeding customer needs better than the competition” “Identifying, anticipating and supplying customer requirements efficiently and profitably”

MARKETING: KEY ELEMENTS Marketing Concept Meeting the needs and wants of customers Customer Demand A want for a specific product and ability and willingness to pay for it Marketing Mix The way a business uses the ‘4 Ps’ to promote and sell its product/service Product (or service) Place - distribution Price - £ Promotion - finding and persuading the customer

AN EFFECTIVE MARKETING MIX Presents a product or service that meets customer needs Offers the products or service at the time and place the customer wants it Offers it at a price that is affordable for the consumer Offers it in a way that reaches the customer and grabs their interest The marketing mix for each business and industry will vary; it will also vary over time.

WHAT IS YOUR UNIQUE SELLING PROPOSITION (USP)? Exercise: What does your business do to look different from your competition? Particular Skill? Special Experience? Better Product?

FEATURES v BENEFITS People buy BENEFITS A factual statement about the product or service “This bracelet is made from haematite. Haematite is a semi- precious stone found in East Africa.” Benefits answer the question ‘What will it do for me?’ “Haematite is said to have mood enhancing properties and is claimed to promote happiness. It’s often worn by people who have depression.” People buy BENEFITS

SOCIAL MEDIA see tablet/website for further information

SOCIAL MEDIA An online marketplace to get in direct contact with your potential customers. A billboard to advertise your business worldwide. A space to have conversations and build relationships with your customers.

MAIN SOCIAL MEDIA PLATFORMS FACEBOOK Post anything. Must have personal FB page to have a business page. https://www.facebook.com/pages/Diverse/105051386207617 TWITTER Short, sharp messages. Only 140 characters. https://twitter.com/honestburgers YOU TUBE Share a video and have it watched all over the world. https://www.youtube.com/watch?v=op2rCoIuD3Q INSTAGRAM Photo-sharing site. Share artistic pictures. https://instagram.com/clamcorrespondence/ PINTEREST Online mood-board. Interest-based site where you can ‘pin’ images, ideas and techniques https://www.pinterest.com/diversegifts/ HOOTSUITE Message scheduling platform

SOCIAL MEDIA TIPS Be selective Share updates, new products/services, developments, images and video, information, call to action Use them appropriately (and be accurate; links working) Post little and regularly - be consistent Ask for shares, retweets Check for comments regularly and acknowledge Address negative messages promptly and constructively Be social!

THE ELEVATOR PITCH A brief persuasive speech to create interest in your business. Should be: interesting, memorable and to the point. Motivation – my vision and personal driver. Market – my customers. Mechanics – what and how I deliver to my customers.

TARGETS FOR NEXT WEEK:. Understanding Business revenue/cashflow TARGETS FOR NEXT WEEK: *Understanding Business revenue/cashflow * Elevator pitches *Tax/National Insurance, registration and other compliance *Structural requirements

HOMEWORK: Individual homework: 1) Complete USP on Business Plan 2) Social Media – explain which social media platform is most appropriate for your business and why? Group homework: 3) Arrange WCDI groups to discuss?

REVIEW OF DAY

SESSION EVALUATION

Feedback Link https://www.surveymonkey.co.uk/r/SYOE_4