marketing on a shoe string budget
DESCRIPTION
How to maximize your impact in the market, ensure sustainability and ROI In the current volatile and competitive business environment, it is becoming more and more important for business people to make very relevant and strategic decisions that enable them to remain in business. Businesses of today are increasingly exposed to a high level of rivalry amongst competing brands of all sizes and shapes, increasing threats of new entrants and substitute products into their markets on daily bases, escalating high levels of bargaining powers of customers and suppliers among other economic, technological, ecological and human resource challenges It is the fact that small businesses stand to suffer most when there’s turbulence, and it always becomes an issue of the survival of the fitters, where business with bigger financial muscles and economies of scale takes all there is to take. Nevertheless, it is very imperative at these times for small and medium enterprises to master the art of strategic decision making in order to ensure they create value for customers, create return on investment for their shareholders whiles remaining sustainable and competitive. Unfortunately however, the reality is that there are far too many organisations that simply play at marketing. If senior management doesn’t understand what marketing is and what it involves, the chances of being successful quickly decline. Winners understand that marketing has to be led from the top. Without this commitment, you are wasting your time. Although this is a little bit like the chicken and the egg, the reality is that as I suggest above, good marketing demands expertise. All too often, though, managers talk about it, but they don’t understand it. It is good to always remember that marketing, like many other areas of business, is a specialism and unless you have the expertise, you aren’t likely to succeed. Given this, it is important to invest in developing marketing expertise amongst your staff and learn from others. My presentation will focus on how SMEs and startups operating with shoe string budgets, can take a second look at their strategic marketing decision making processes, responsibilities and marketing performance metrics, (balance scorecard) in the bid to maximize their impact, ensure business sustainability and Return on capital employed. Delegates will go away with a better understanding of; •The basic principles of marketing as they apply to small budget organisations •The importance and the process of undertaking a marketing audit to ensure effective, result oriented marketing decision making. •The concept of branding, carving a niche, a unique differentiator and competitive edge. •A case of recognising the constraints and then trying to be sharper, faster, more focused and more creative than your competitors •Finding answers to three of the most straightforward marketing questions ever devised.TRANSCRIPT
The Economies of Unscale
THIS IS THE TIME. The tide is turning. A series of breakthrough
technologies and new business models are destroying the old rule that bigger is better.
By exploiting the vast (but cheap) audience afforded by the Internet, and taking advantage of a host of modular
services, small becomes the new big. The global business environment is decomposing into
smaller yet more profitable markets, so businesses can no longer rely on scaling up to compete, but must instead
embrace a new economies of unscale.
Our Conversation Today
Marketing and Branding on a shoe string Budget. How to maximize your impact in the market, ensure sustainability and ROI
The basic principles of marketing as they apply to small budget organisations
The importance and the process of undertaking a marketing audit to ensure effective, result oriented marketing decision making.
The concept of branding, carving a niche, a unique differentiator and competitive edge.
A case of recognising the constraints and then trying to be sharper, faster, more focused and more creative than your competitors
And some Lessons from the winners (and the losers) in the days of volatility.
Our task
Find answers to the most straight forward marketing questions ever devised:
Why should any one bother dealing with us?
What are we capable of offering that will be of interest?
How does it differ from what everyone else is doing?
How do we generate value for the shareholder?
And that gives us the definition for marketing.
‘The management process that identifies, anticipates and satisfies customer requirements PROFITABLY’
The Chartered Institute of Marketing
Marketing = Value creation (customer/ shareholder/ means to competition)
THE NEED
Societal Marketing and Social
Entrepreneurship is the way forward.
Go Opposite
To See Invisible Opportunities
our biggest challenges are often quite different from what we think our biggest challenges are.
Doing the opposite has always been a smart strategy for breakthrough.
Make a list of everything your competitors are doing. Look at each item on the list
ask yourself, “How can I gain an advantage by doing the opposite?”
Implications for marketing Who are our existing / potential customers?
What are their current / future needs?
How can we satisfy these needs?
Can we offer a product/ service that the customer would value?
Can we communicate with our customers?
Can we deliver a competitive product or service?
Why should customers buy from us?
How do we remain in business?
AVOID MARKETING MYOPIA.
(management’s failure to recognise the scope of its business)
Define your organizational goals oriented towards consumer needs, making you stand out in highly competitive environments.
APIC.
ANALYSIS
PLANING
IMPLEMENTATION
CONTROL
Are you practicing a WANA BE/ Surface/ Cosmetic marketing
or A Real Holistic Result Oriented Marketing?
TOP DOWN
Innovate or die
PRODUCTPRICE
PLACEPROMOTION
PEOPLE
PROCESS PHYSISCAL EVIDENCE
Stop Competing – Start Winning By Innovating
Contrary to popular belief, competing with other
individuals or companies is counterproductive.
From a business perspective, focusing on your competition instead of focusing on continuous innovation by creating
new, must have products, and services, will over time result in you looking and acting more like your
competitors, not to mention fighting an escalating battle over shrinking margins.
So even when you’re in the lead, eventually someone else will copy what you are doing, which makes you compete
with them even more. Unfortunately, the majority of companies are so focused on competing that they’re
locked in a losing battle – a vicious cycle of one-upmanship.
SERVICE QUALITY AND TOTAL QUALITY MANAGEMENT
Quality is what customers say it is. QUALITY: WHEN CUSTOMER EXPECTATION MEETS HIS PERCEPTION.
Close the Service quality Gaps. To Improve service quality 1. Actual customer expectation and management perception of customer perception 2.Management perception of customer expectation and service quality specifications 3. Service quality specification and the actual service delivered 4. Service delivery and what is communicated about the service to customers 5.Customer expectations and perceptions of what is actually received. This gap is influenced by the first four.
Use BENCH MARKING to close the gaps.
Build Quality, Sustainable, Beneficial Relationships
The Shift from Transaction based marketing to Relationship Marketing
CRM
mass marketing Aimed at individuals
= External and internal relationships
= Accountability of managers = Projects an image and style = Ethical responsibilities towards consumers = Social responsibility = Dishonest marketing and promotion = The abuse of power = The availability of information
Transform or Perish
Today, embracing change is no longer enough; we need to
transform. Its good everyone has been touting the phrase
“think outside the box” The problem isn’t that we
need new ways to simply step outside the box—we need to completely transform the
box itself. In fact, whatever your box is—your job,
company, career, situation—it is going to transform whether you like it or not.
Some 10 “Early Bird” take away Tips Customers can not tell you what they need. ( if u wana change the world)
Just plant the seed. Believe and U will See (Believe, begin, become)
Start with solving little problems and hope many people have that little problem
Don’t wait till its all perfect. (take it to market, promote and improve on it)
Design counts (Even when customers talk about price)
Value is different from price ( it can be cheaper elsewhere but create value (be unique and don’t compete on price)
Today, You need to jump curves to be successful (not 10% better but ten times better) be remarkable if you wana change the world.
Hire A+ Players if you are an A player. (be proud to say my marketing guy is a genius or I have a rock star team)
Don’t stuck with or worship a religion.
Real CEOs can PITCH/DEMO/ SELL.
DIFFERENTIATE OR DISAPPEAR
Today, your organization must innovate to be successful. Innovation comes from creativity and creativity derives from
diversity. And when we think about diversity, we focus on the unique
ingredient each employee can contribute to the organization’s objectives.
In the new world of work, it’s not about getting the most
from each employee, it’s about getting the best.
Successful supper Brands drive passion excitement and loyalty and that accounts for the gains they make. Think about why you are so excited and passionate about that football club, that product and that celebrity. BRANDS ARE NOT JUST LOGOS, NAMES AND SOME TAGLINE, PUT EMOTIONS IN YOUR BRAND.
People Are The Brand. What matters most in business is people. Without committed employees, loyal customers and hard-working partners, you really don’t have much.
Some lessons from the small budget winners.
Lesson 1Lesson 2:
Lesson 3:
Lesson 4: Lesson 5:
Lesson 6: Lesson 7:
Lesson 8:
Lesson 9:
Lesson 10:
Lesson 11:
Lesson 12: Lesson 13:
Lesson 14:
Lesson 15
How is my offer different from the competition?
What value am I creating for the customer?
Will this create and continue to create more value for the shareholder? ROI
In Conclusion, always ask your self these three key questions.