Child Care Networking for Marketing Success Getting You and Your Business Noticed The Premier Source for Business Assistance in Florida Copyright 2012, Kevin Monahan
The Premier Source for Business Assistance in Florida
Copyright 2012, Kevin Monahan
What is Networking?
Networking is using your creative talents to help others achieve their goals as you cultivate a network of people strategically positioned to support you in your goals... expecting nothing in return!
- Larry James
• Networking is about making a “small world” even smaller
• Maintaining relationship with current customers
• Meeting new prospects • Getting referrals to new
prequalified prospects • Getting the word out about
workshops or services
Reasons For Networking
• Word of mouth publicity
• Creating ambassadors who will tell about you and connect you with the right prospects
• Receiving more visibility as a person and as an organization
Reasons For Networking
Overall Personal Networking Goal:
To be seen as an EXPERT in what you do.
To be seen as taking an active part in
your COMMUNITY. To be known as a RESOURCE to
others. Only networking can help you achieve
this…
Weathering:
Before…
Weathering:
Before…
Weathering:
After…
Cachet /kaˈSHā/ Noun: The state of being respected or admired; prestige.
Presenter
Presentation Notes
Two Kinds of Networking…
Social Media Networking
Two Kinds of Networking…
Face to Face Networking
True and effective networking must include face to face activity!
Presenter
Presentation Notes
Brief description of your business – what business are you in? 30-second elevator pitch What: Product/service Who: Customer How: Production, Distribution, Sales Why: Competitive advantage, what makes it unique? Mission statement: The UNF SBDC is a team of certified professionals who are dedicated to providing management advice and training to potential and existing entrepreneurs in North Florida. With this assistance, clients can become more successful and, in turn, contribute positively to the area’s economic growth and stability. Business Concept: (READ FROM 3 LITTLE PIGS SAMPLE)
Finding Networking Events: Internet/blogs Chambers of Commerce Networking organizations Church Hobbies Nonprofit Service organizations Trade associations Professional organizations
Presenter
Presentation Notes
Share insights from survey at break? Last of Market Assessment: Competition: Who (Second-hand Sources: Yellow Pages, Marketplace, Chambers of Commerce, web sites, trade shows, ads, etc.; First-Hand: mystery shop, customers, out of market competitors) How do they compete? Competitive Matrix. What’s important? Toothpaste Example - (READ FROM EXAMPLE) Direct competitors (ice cream shop) Other ice cream shops Indirect competitors Grocery stores Conducting a competitive analysis: SWOT Identify your company’s competitive advantage (their strengths and weaknesses are your opportunities and threats); Identify your own (internal strengths and weaknesses) Create a file for each competitor. As you run across things like their marketing literature, tips from sales people or customers about them or articles that mention them, place it in their file. (REFER TO 3 LITTLE PIGS COMPETITIVE MATRIX)
How to Work a Room •Arrive Early •Stay Late
Presenter
Presentation Notes
Customer: Who is buying? Where are they buying? When are they buying? Are they satisfied? Potential customers: They have a particular need They have enough money to buy what you’re selling They have decision-making power They have easy access to your product/service What do they look like? Demographics – Who buys? Characteristics/traits that distinguish your potential customer vs. someone who is NOT. Commonalities. Customer: (READ FROM 3 LITTLE PIGS EXAMPLE) Psychographics – Why buy? “Emotional” traits that influence buying decisions – when do they buy? How often do they buy? How do factors such as brand loyalty, lifestyle, etc. affect your product? What determines price of your product or how much customers will pay? – cost, convenience, quality, demand, status Geographic – Where is your target market located? – reachable, accessible. Where do they currently buy? (REFER TO CREATING A CUSTOMER PROFILE HANDOUT)
Networking Event Checklist: Business cards Dress Appropriately Nametag-Which side? Have a calendar or calendar device Cell phones off or on vibrate Positive attitude Leave the brochures in the car Have a plan!
Presenter
Presentation Notes
Share insights from survey at break? Last of Market Assessment: Competition: Who (Second-hand Sources: Yellow Pages, Marketplace, Chambers of Commerce, web sites, trade shows, ads, etc.; First-Hand: mystery shop, customers, out of market competitors) How do they compete? Competitive Matrix. What’s important? Toothpaste Example - (READ FROM EXAMPLE) Direct competitors (ice cream shop) Other ice cream shops Indirect competitors Grocery stores Conducting a competitive analysis: SWOT Identify your company’s competitive advantage (their strengths and weaknesses are your opportunities and threats); Identify your own (internal strengths and weaknesses) Create a file for each competitor. As you run across things like their marketing literature, tips from sales people or customers about them or articles that mention them, place it in their file. (REFER TO 3 LITTLE PIGS COMPETITIVE MATRIX)
Have a networking objective Why are you at this event? Have you targeted potential clients?
Networking Strategy:
• Practice a 15 and 30 second summary statement about what you do!
• You won’t get any more time than that to get your message across!
Presenter
Presentation Notes
88% Percentage of people who identify
themselves as shy in some situations. Take heart…most of the room is shy as well!
Presenter
Presentation Notes
Location – buy vs. lease
If You ARE Shy…
• Arrive early and volunteer to help • Designate yourself the head of the
table in your own mind • Volunteer to be on a committee. • Talk about someone or something
other than yourself (passion) • Set small goals
Presenter
Presentation Notes
Target market— defining your target market better off specializing in a particular niche…the more you specialize, the less competition you will have….less chance a much larger company will compete with you Determining Market Potential – do handout
Be Fearless!
• Don’t be afraid. You have a message people want to hear!
• Start a conversation; go up to someone
you don’t know, and introduce yourself.
Presenter
Presentation Notes
Sales and marketing - All of the activities associated with the identification of potential customers, inviting them to buy your product and reminding them to use it again Create an identity: Image/message (we don’t want your arms and legs…) Marketing Strategy�Promotion – AIDA – attention, interest, desire, action Image/Message; Budget/Time line; Evaluation Methods: Paid advertising, E-commerce, Directory listings, Publicity, Direct mail, Personal selling, Business and community involvement Pick clearly defined strategy….if focus on quality, then don’t want to base your marketing strategy on discount coupons or customer rebates.
Use Open Ended Questions!
• How did you get into your profession? • What type of client is your dream client? • Why do people choose your company
over the competition? • Why are you here networking with this
group? • Where were you born?
Presenter
Presentation Notes
Sales and marketing - All of the activities associated with the identification of potential customers, inviting them to buy your product and reminding them to use it again Create an identity: Image/message (we don’t want your arms and legs…) Marketing Strategy�Promotion – AIDA – attention, interest, desire, action Image/Message; Budget/Time line; Evaluation Methods: Paid advertising, E-commerce, Directory listings, Publicity, Direct mail, Personal selling, Business and community involvement Pick clearly defined strategy….if focus on quality, then don’t want to base your marketing strategy on discount coupons or customer rebates.
• If the whole room is introducing themselves around each table,
let people know what you have to offer! • If two of you are representing the
business, both of you should have a different message.
Presenter
Presentation Notes
Pricing: relating to image perceived price of product or service; relationship between price and quality but actual relationship not as important as perceived relationship; most people perceive higher priced to better; ex. Aspirin Elasticity: may sell at low prices to recoup at high volume; others depend on high margins and get by with low volume – pricing depends on elasticity of the product – if prices raise by 10% will sales decrease by less than or more than 10% - neither right nor wrong – but some strategy should be used Perceived value- nail polish Perceived value (recognizable and valued) Red paint story What would you pay for a gallon of red enamel paint? $5/oz (nail polish) = $1280/gallon Price sensitivity: closer your product is to competitors smaller price differences tolerated. Price elasticity - % change in quantity demanded caused by a % change in price – demand changes significantly w/small change in price it’s said to be elastic. Know your product/service elasticity. Unique may not be enough (ketchup) i.e. electricity – inelastic; RVs - elastic May sell at low prices to recoup at high volume; others depend on high margins and get by with low volume Target market’s evaluation of price More sensitive to gasoline prices than to luggage prices Purchase situation – most movie-goers would never pay in other situations the price charged for soft drinks, popcorn and candy at movie concession stands “born to bargain” mentality – warehouse and discount clubs MYTH: “I’m going to sell the highest quality product at the lowest price” VALUE – combines a product’s price and quality attributes, which are used by consumers to differentiate competing brands To build sales projections, may start with competitor’s pricing. Break into units.
Networking Strategy:
• Do not interrupt people who look earnestly engaged in conversation.
• Learn how to
SHARK!
Presenter
Presentation Notes
The best networker’s are the best listeners!
(Think 20% talk, 80% listen!) “People don’t always care how much you
know, but they know how much you care by the way you listen” -Anonymous
Be a Resource!
Don’t wait for someone to suggest what he/she can do for you; propose how you might help your new contact.
Presenter
Presentation Notes
Target market— defining your target market better off specializing in a particular niche…the more you specialize, the less competition you will have….less chance a much larger company will compete with you Determining Market Potential – do handout
Only Give Out Cards… • If people ask for it • If you give them a referral • If you are offering support
Don’t Keep Score!
Avoid the who did what for me syndrome...
Presenter
Presentation Notes
Financials are merely representations of the business idea in a working model mode. Go from business idea (concept) to model (financial data) Fin Stmts are tools - format is for ease of making comparisons and analysis If understand basic math, can use calculator—won’t have trouble with financials Startup and projections------existing businesses with “historical” Understanding cash flow teaches liquidity—which is more important to survival than profitability. Companies without cash flow budgets invariably fail.
Don’t Be A Hummingbird!
Don’t try to meet everyone! Concentrate on quality contacts, not
quantity.
Presenter
Presentation Notes
Aspects of specific industries Service – sells units of time, perishable, variation in quality, intangibility Retail – location, positioning/niche, store image, merchandising, inventory (cost, retail, sales per sq ft, inventory turns) Mfg – supply chain mgt, quality (processes), material and labor, margins, distribution What changes are taking place in the market? consolidation in the industry demographic shifts supply chain disturbances….example ---INTERNET AND DISINTERMEDIATION
• Set Goals for yourself; during each networking event, try to meet a certain number of new people.
(aim for 5 - 10 maximum) • Set a target number of follow-up
appointments ( 2-3 coffee/lunch meetings).
Avoid too much small talk. Explore with another person how you can
support each others ideas, missions, and goals.
How do you end a conversation?
Presenter
Presentation Notes
Sales projections Industry comparisons Market share/potential Competitor comparisons Ability to produce/perform Break into units
Don’t spend too much time with people you already know, except to introduce them to your new contacts.
Other Networking Tips: Watch your consumption of alcohol. Watch your consumption of caffeine Don’t gossip!
• Keep your contacts up to date! • Surprise your contact by e-mailing
them the next day! • Send a note if you are up to it! • Engage them via social media! • Set up a meeting!
Follow-up!
Two Reasons People Don’t Use Social Media:
Fear
Time
• 64% of U.S. adults are active on social media
• 79% of social media users are likely to
seek the opinions of others before buying goods or services, and 64% of them have changed their minds because of those opinions
Presenter
Presentation Notes
Aspects of specific industries Service – sells units of time, perishable, variation in quality, intangibility Retail – location, positioning/niche, store image, merchandising, inventory (cost, retail, sales per sq ft, inventory turns) Mfg – supply chain mgt, quality (processes), material and labor, margins, distribution What changes are taking place in the market? consolidation in the industry demographic shifts supply chain disturbances….example ---INTERNET AND DISINTERMEDIATION
• 59% of social media users say a company’s social media activities make the company appear “accessible and responsive”
• 64% of social media users want to see companies use social media for customer service. June 2012 Allstate and National Journal Survey
Presenter
Presentation Notes
Aspects of specific industries Service – sells units of time, perishable, variation in quality, intangibility Retail – location, positioning/niche, store image, merchandising, inventory (cost, retail, sales per sq ft, inventory turns) Mfg – supply chain mgt, quality (processes), material and labor, margins, distribution What changes are taking place in the market? consolidation in the industry demographic shifts supply chain disturbances….example ---INTERNET AND DISINTERMEDIATION
Just being on social media platforms like Twitter and Facebook can improve the way consumers view your organization. And that can’t hurt.
Presenter
Presentation Notes
Aspects of specific industries Service – sells units of time, perishable, variation in quality, intangibility Retail – location, positioning/niche, store image, merchandising, inventory (cost, retail, sales per sq ft, inventory turns) Mfg – supply chain mgt, quality (processes), material and labor, margins, distribution What changes are taking place in the market? consolidation in the industry demographic shifts supply chain disturbances….example ---INTERNET AND DISINTERMEDIATION
The secret to social media is knowing: • What to write! • When to write it! • Where to put it!
Face To
Face
All Other Media
Final Thoughts on Networking
• It’s not who you know, it’s who knows you!
• Networking means never having to
say you’re in business alone!
Monahan’s Social Media Tips:
Facebook: • Your personal Facebook page will
always out market your organization page.
• People want to follow other people, not things.
• SBDC jobs are perfect for Facebook.
Monahan’s Social Media Tips:
Facebook: • Use ‘layering” to keep people following
you. • Posts created between 1-4 p.m. on
weekdays are seen and reacted to the most.
• Posts before 8 a.m. and 8 p.m. are less likely to be shared.
• Recognize your clients!
Monahan’s Social Media Tips: Twitter: • Become a thought leader. Write about
what you do and how you do it. • It’s a great way to stay in touch with your
clients • Follow hashtag (#) conversations and
topics that interest you and then forge relationships with those people.
• Twitter peaks Mon. – Thurs. between 9 a.m. and 3 p.m.
Monahan’s Social Media Tips: LinkedIn: • Acquire new customers through online
recommendations and word of mouth. • Search LinkedIn’s Groups directory to
find industry associations and networks. • Use forums on LinkedIn to share the
knowledge you’ve gained in your area of expertise.
• Keep your profile up to date. People are checking you out!
Monahan’s Social Media Tips:
Google: Having a slow news day? Use Google NEWS to find fresh stories about small business, lending, marketing, data and studies!
