Market Planning Agenda: Introduction to market planning Features & Benefits Distribution Process Market Research Industry related Customer related Competition related Niche Product/Service Position Building Your Marketing Plan

Marketing customers If you don’t have customers, business you don’t have a business! What ONE thing must your business have in order to do business?

Your Product or Service What product or service do you sell? Is that what your customers buy?

What’s in it for me? Features Advantages Benefits

Truck: Features, Advantages and Benefits FEATUREADVANTAGEBENEFIT Small engineHigh gas mileage Saves money 4-wheel driveCan take off- road, won’t get stuck Freedom Big tiresImproved traction Safety

Tax Service: Features, Advantages and Benefits FEATURESADVANTAGESBENEFITS Electronic filingGet refund faster Payroll taxesHelp you comply with the law Mobile – we come to your site You don’t have to haul paperwork

Tax Service: Features, Advantages and Benefits FEATURESADVANTAGESBENEFITS Electronic filingGet refund faster More money in your pocket Payroll taxesHelp you comply with the law Stay out of jail Mobile – we come to your site You don’t have to haul paperwork Convenience, save time

9 Concluding Thoughts Excerpt from a BMW ad campaign: “ We realized a long time ago that what you make people feel is just as important as what you make. And at BMW, we don’t just make cars, we make joy.”

Distribution Options Your product or service End user Retailer Wholesaler Agent / Sales Rep Your method of distribution affects: Who your customer is and your message Your price and profitability

Market Research What is market research? Who needs to do market research? Why do market research?

Market Research Categories Industry Customers Competition

Market Research Sources Types of Market Research: Primary vs. Secondary Quantitative vs. Qualitative What sources are available?

Your Industry What do you want to know? – Is the industry growing, shrinking or stable? – Are companies entering or leaving the marketplace? – Are there regional vs national differences? – What are the key challenges and issues? – What are the regulations? – What are the trends and projections for the industry? – What are the current events in the industry? – How does technology impact the industry? – What trade associations exist for the industry?

Industry Research Sources NAICS code Trade Association Library reference books and databases Internet Local newspapers Other business owners

Your target customers Who is your customer? Hint: It is NOT everybody or anybody! Narrow your focus Who is most likely to be your customer? Who is your ideal or best customer?

Customer Profile Consider demographics and psychographics Individual consumers Business to Business customers

Customer Research Sources Surveys and focus groups Suppliers Traffic counts Advertising magazines (articles on consumer spending) Web sites and databases with census information

Competition Identify them Evaluate them What about indirect competition?

Competition Research Resources Websites - Internet Secret shopper Parking lot observations Suppliers and manufacturers Yellow pages / internet Library databases

Your niche The results of your competitive analysis help you determine your niche. How can you be different ?

Your Image Your knowledge of your customers and your competition help you determine what image you want your business to portray. You don’t get a second chance to make a first impression!

Naming Your Business Is your type of business clear from the name? – If not, can you add a tagline? Is the name you want to use available? – Check name availability at the Indiana Secretary of State’s web site Is the name too similar to other related businesses, in Indiana or nationally?

Logos, colors, typestyles All the imagery you use related to your business projects a message. Does it match the image you want to portray?

Examples: Logos VS

26 Examples: Logos VS

27 Examples: Logos VS

28 Examples: Typeface What do these type styles make you think of?

29 Examples: Typeface and color Examples: Typeface and color Don’t forget READABILITY!

Your Elevator Speech. A final way you project the image of your business is through your elevator speech. 30 seconds or less Focus on what you DO not what you ARE Focus on the customer and the benefit E.g. “I help WHO do WHAT.” Give just enough information to generate a follow-up question regarding HOW

Homework Begin the market research of your customer, competition, distribution Features and Benefits Analysis Compile Strengths and Weakness for your product or service? Write and practice variations of your ‘elevator’ speech.