market like you mean it

Market Like You Mean It.!

So, what is marketing?!

Dare we try and define it?!

Yep…we dare.!

McKinseyʼs definition:!Marketing is the art and science of entertaining, engaging, delighting and informing your target market clients in a way that drives results that tie back

to your organizationʼs goals and objectives.!

Marketing is a process, not a product.!

Meet Sean.!

Letʼs start with you!•  Who are you?!•  What do you do?!•  Why does it matter?!

Re. Differentiation…!

Our brains filter out irrelevant info and let in whatʼs different and

useful. So remind me, why does your product matter?!

--Marty Neumeier!

Re. All Brands…!!

Only one can be the cheapest. The rest have to use branding.!

Re. Your Brand… !!

Your brand is not what you say it is. It is what they say it is.!

--Marty Neumeier!

Re. Charismatic Brands…!

A charismatic brand is any product, service or company for which

people believe there is no substitute. Any brand can be

charismatic…even yours.!--Marty Neumeier!

Marketing Plan 101!•  Objectives!•  Audience!– Demographics!– Psychographics!

•  Message(s) !!– Branding or calls to action (or a mix)?!– May differ among audiences!

Re. Differentiation, remember?!

Our brains filter out irrelevant info and let in whatʼs different and

useful. So remind me, why does your product matter?!

Marketing Plan 101!•  Marketing objectives!•  Strategies (print, social, special events,

sponsorships…)!•  Tactics (Facebook, Evening Under The

Stars, Warrenton Lifestyle…)!•  Media plan (when and what media)!•  Budget!•  Measure & refine!!

Back to “C”!

Budgeting!Three popular models:!

Percentage of revenues.!Desired customer growth.!Spend nothing. Market for free!!

Percentage of revenues.Most talked about method of determining a marketing budget.!

Takes a fixed percentage of your revenues (all money your company brings in) and allocates it for marketing. !

Revenue Marketing Budget !

•  Less than $5 million 7–8% !•  $5–10 million 6–7% !•  $10–100 million 5–6% !•  $100–300 million 3–5% !•  More than $300 million 3-4%!

Some variations by industry:!

Retail and pharmaceuticals lead the spending, with many of these companies spending more than 20%. !

Average across all industries is 4-6%. !

Source: ImageWorks SMB 2011!

Desired customer growth.

•  Method of budgeting based on acquiring a specific number of new customers.!

•  Must know how much it takes you to acquire a new customer and then multiply that cost by the number of new customers you want to acquire.!

Spend nothing. Market for free!

•  Yes, there are “free” tools and resources available, particularly online.!

•  Remember: Time is money and money is time! !

Putting the Plan Together!

Determined your business objectives.!Set a marketing budget.!Go shopping!!

Available Tools!•  Print Publications   !•  Public Relations !•  Online Advertising!•  Direct Mail !•  Marketing Collateral !•  Outdoor Advertising !•  Website/Search Engine Optimization!

Available Tools!•  Blogging !•  Social Media !

•  Facebook!•  Twitter!•  LinkedIn!•  Yelp!•  YouTube!

•  Professional Memberships/Networking !•  Email Marketing !•  Sponsorships !•  Radio !•  TV !•  Photography !

Available Tools Cont.!

Customer !Service!

Key Ad Buying Questions:!•  What is the opportunity reach?!•  What are the market demographics?!•  What is the message frequency?!•  What is the cost?!

Metrics & Measuring!•  How will you determine the effectiveness

of your campaign?!

•  How do you know if your message is reaching your intended audience?!

•  How do you know if the market is aware of your brand?!

5 Metrics to Track at the Executive Level!

1) Website Grade - The great thing about this score is that is it very easy to understand. Visit www.websitegrader.com and see how your site measures up to those of your peers..

•  Source: HubSpot!

5 Metrics to Track at the Executive Level!

2) Website Traffic - This is the total number of unique visitors to your website over a time period, usually a month.  At a high level, this gives you a sense of the overall interest in your business, and if the marketing programs you are doing are working or not. What key words did your visitors search to find you?

•  Source: HubSpot!

5 Metrics to Track at the Executive Level!

3) Leads - This is the next step in the sales funnel, and is the most important metric for measuring your marketing efforts.

5 Metrics to Track at the Executive Level!

4) New Customers - "How many sales did you close this month?" is probably the most important question you should answer for your business.!

5 Metrics to Track at the Executive Level!

5) Customer Acquisition Cost - Many businesses don't compute this on an ongoing basis, but knowing the total sales and marketing cost for each new customer (on average each month) is important.  It gives you a good sense of how your business is going, and if it is getting easier or harder to grow.

Welcome Tony!!

Thank you!!

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www.McKinseyDevelopment.com