7-1 Developing Market Strategies I don’t like the chapter I don’t like the chapter Let’s do something different Let’s do something different Chapter 7 USDA/ARS, Photo by Scott Bauer

7-2 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. HP Survey According to an HP survey, 64% of small businesses lack confidence in their marketing decisions, 60% felt their marketing could be more effective, and only 27% had designed a company logo According to an HP survey, 64% of small businesses lack confidence in their marketing decisions, 60% felt their marketing could be more effective, and only 27% had designed a company logo

7-3 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Basic Marketing Customer orientation – identify needs Customer orientation – identify needs Segmentation & Targeting Segmentation & Targeting Positioning vis-à-vis competition Positioning vis-à-vis competition Marketing mix (Four Ps) Marketing mix (Four Ps) Plus people, processes, physical evidence ( case studies, testimonials, demonstrations) Plus people, processes, physical evidence ( case studies, testimonials, demonstrations)

7-4 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Five Questions What's unique about your business idea? The USP. What's unique about your business idea? The USP. What's unique What's unique Who is your target buyer? Who is your target buyer? Who is your target buyer Who is your target buyer Who buys your product or service now, and who do you really want to sell to? Who buys your product or service now, and who do you really want to sell to? Who are your competitors? Who are your competitors? Who are your competitors Who are your competitors Can you effectively compete in your chosen market? Can you effectively compete in your chosen market? What positioning message? What positioning message? What positioning message What positioning message How can you position your business or product to let people know it is special How can you position your business or product to let people know it is special What's your distribution strategy? What's your distribution strategy? What's your distribution strategy What's your distribution strategy How will you get your product or service in the hands of your customers? How will you get your product or service in the hands of your customers?

7-5 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. More questions What things on your list are unique versus your direct competitors. What things on your list are unique versus your direct competitors. Which of these benefits is most important to your clients? Which of these benefits is most important to your clients? Which of these would be difficult for other's in your industry to copy? Which of these would be difficult for other's in your industry to copy? Which of these can be easily communicated? Which of these can be easily communicated? Craft headlines to promote your USP Craft headlines to promote your USP

7-6 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tips Remember the Basics: Remember the Basics: Quality — do it better. Quality — do it better. Promotion — buyers must be aware of and motivated to purchase your product. Promotion — buyers must be aware of and motivated to purchase your product. Price — do it cheaper or provide better value. Price — do it cheaper or provide better value. Distribution — make it easy to get, to get fixed, or to get more of. Distribution — make it easy to get, to get fixed, or to get more of.

7-7 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. 35 online marketing tactics Blogging Blogging Search engine optimization Search engine optimization Blogger relations Blogger relations marketing marketing Social networks (Facebook, LinkedIn) Social networks (Facebook, LinkedIn)

7-8 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tactics ctd. Corporate web site Corporate web site Pay per click Pay per click Online public relations Online public relations Webinars/Teleconference Webinars/Teleconference Online display ads Online display ads Online communities/forums Online communities/forums

7-9 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tactics ctd Social News / Bookmarking Social News / Bookmarking Viral marketing Viral marketing eCommerce Feeds/Comparison Shopping eCommerce Feeds/Comparison Shopping Blog advertising Blog advertising IM / Microblogging (Twitter) IM / Microblogging (Twitter)

7-10 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tactics ctd Sponsorship / Cross Branding Sponsorship / Cross Branding Paid reviews Paid reviews Affiliate marketing Affiliate marketing Free content (white papers) Free content (white papers) Online contests, giveaways Online contests, giveaways RSS advertising RSS advertising

7-11 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tactics ctd Behavioral targeting Behavioral targeting Advergames Advergames Podcasts Podcasts Rich media apps/demos (Flash) Rich media apps/demos (Flash) Rich media avatars Rich media avatars

7-12 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tactics ctd. Virtual worlds Virtual worlds Virtual tradeshows Virtual tradeshows Video marketing Video marketing Contextual Advertising Contextual Advertising Widgets Widgets Mobile ads Mobile ads

7-13 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Tactics ctd. User generated content User generated content Branded microsites Branded microsites

7-14 McGraw-Hill/Irwin© 2006 The McGraw-Hill Companies, Inc. All rights reserved. Marketing Metrics Tracking who buys, when, how, why, where Tracking who buys, when, how, why, where Cost to acquire and retain Cost to acquire and retain Following up leads Following up leads