IMC for Small Business and Entrepreneurial Ventures Chapter 15 with Duane Weaver

Range: Small Bus. to New Venture May Include: Small family-owned (dry cleaner, restaurant, specialty shop…) Business start-up seeking growth Corporate Start-up Groups of Professionals in practice together (clinics, law firms, etc…) ENTREPRENEURSHIP: company formed with the express goal of becoming larger through an aggressive growth agenda. INTREPRENEURSHIP: corporate spin-off or start-up.

Starting Out: MARKET ANALYSIS 1.Understand and define consumer needs 2.Establish a clearly defined product/service 3.Develop a unique market niche (entrench and/or expand from) – having a unique selling proposition (USP). USP: some feature that allows the new company to stand alone and be distinct from all other competitors. Could be based on: Price (major difference) New service not available Some other feature not easily duplicated

FINDING CUSTOMERS: critical IMC component Locating customers –Guerilla marketing (low cost, creative strategies) –Trade shows –PR programs –Alternative medias –Lifestyle marketing venues Increasing accessibility for customers (contact points) –Traditional venues –Networking* –Lifestyle marketing –Web Sites Reducing “first-purchase” risk for consumers –Samples –Coupons –Discounts –Referral discounts –Free first consultation* (or perceived free) –Money-back guarantee

Developing customer ADVOCATES ADVOCATE: loyal to the business and draws other customers (and/or advocates) through positive communications. Database Management –(often neglected by small business start ups, can be the key to repeat business, market knowledge, & pattern awareness) Direct Marketing –Works well with database (buy or build referral program 3*3*3*3). –STEPS: 1. Goals, 2. Define Audience, 3. Target, 4. Produce DM piece, 5. Print and Distribute, 6. Track response rate. Personal Selling –Vital to small business to build and keep customers. Trade and Consumer Promotions –Keep the cost effective and goal driven