Developing Your Agricultural Business Enterprise20Your%20...• Number of inquiries, leads or sales...
Transcript of Developing Your Agricultural Business Enterprise20Your%20...• Number of inquiries, leads or sales...
Developing Your Agricultural Business Enterprise
Session 3Business Planning for Farm
Entrepreneurs, Market Research & Marketing Strategy
Business Model Canvas
AgPlan Marketing Topics
• Marketing Plan Sections• Target Customers• Product or service mix• Competitive assessment• Distribution & packaging• Pricing• Brand messaging• Promotion • Marketing strategy
Market & Market Research
Market Research – understand your target market• Size• Income level (consumer)• Sales (business)• Purchasing habits• Demographics• Purchasing channels• Geographic location
Market Research
Market Data Sources
• Simply Analytics (Market Research – JJ Hill Library)• IBIS World (Industry Research – JJ Hill Library)• Reference USA (Competitor & market – local library)• US Census data (https://www.census.gov/)• American FactFinder (http://factfinder.census.gov)• National Bureau of Economic Research (www.nber.org)• Hoover’s (www.hoovers.com)• ThomasNet (www.thomasnet.com)• Trade associations
Customer & Target Market Research
Customer ProfileWhat questions will help define your target market? • Age• Gender• Family status• Family size• Education Level• Occupation• Income Level• Purchasing Patterns• Buying Sensitivities …
Your Product & Service
Self AssessmentHow would you describe your business focus, product offering, features & benefits and unique differential advantage?
Competitive Research
Know Your Competition:• Differentiation• Pricing & Marketing• Future Competition• Why do customers go to
your competitors?• What can you learn from
your competitors (good & bad) to make your business better?
Pricing
How Are You Pricing?• Competitor assessment• Average accepted pricing• Value based pricing• Cost based pricing
Check out: https://www.pricinginnovations.comfor a useful approach to evaluating and structuring your pricing models.
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Distribution Strategies
Distribution Channels
What’s your distribution strategy – is it optimized?
BrandingIs Your Brand Clear?Branding is the core of your marketing strategy. Branding is the image, logo and market positioning of your company, product or service.
3 steps to brand creation:1. Understand your target market2. Identify your unique selling
proposition3. Communicate brand
consistently
Branding Resources
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Marketing Message
Values CustomerKnowledge
CompetitorKnowledge
P/SDetail
BrandDescriptionUVP
GeneralMarketingMessage
CustomerMarketingMessage
CustomerMarketingMessage
CustomerMarketingMessage
CustomerMarketingMessage
GeneralGeneral
Customer Customer Customer CustomerCustomerCustomer
InfluencerMarketingMessages
Influencer
Marketing StrategyWhat’s Right for You?
When evaluating the following options, ask:• Will this help achieve my
goals?• Will this reach my target
customer(s)?• Does this fit my budget? • What resources do I need to
implement?
Marketing Mix
Marketing Mix:
• Online: website, newsletter, emails, mobile, rating and review sites
• Social Media: social networks, geo location sites, group deal sites
• Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages, online
• Public Relations (PR): print, radio, TV, online• Collateral: business cards, tri-folds, stationary, flyers
Marketing Resources
Tactical Planning
Online Marketing
Website
Benefits of a Business Website
• Builds awareness• Helps customers find you• Builds credibility• Drives sales• Customer service• Additional sales channel• National/global reach• E-commerce
Website
Determine Goals Overall Business Strategy
Overall Marketing Strategy
Development Requirements
To include:
Ease of use, sales, customer service, branding, search
Developing an Effective Website
Website
Principles of Web Design
• User-focused• Simple to navigate• Direct users to take action• Consistent with your marketing message
See Workshop: Anatomy of a Website
Website
Search Engine Optimization (SEO) is a marketing discipline focused on growing visibility in organic (non-paid) search engine results. SEO encompasses both the technical and creative elements required to improve rankings, drive traffic, and increase awareness in search engines
• Create quality content• Use targeted keywords• Measure results
See workshop: Intro to Google AdWordsFor a primer on SEO: The Beginners Guide to SEO
Website
Web Analytics can measure:• Number of visitors • Number of page impressions• Average visit length• Most popular site entry pages• Where users come from (sites or search engine phrases)• Number of inquiries, leads or sales generated• Conversion rates• Total sales volume online• Average purchase per online customerUse analytics to determine if your site is achieving your goals
Email Marketing
E-mail Marketing – ways to get e-mail addresses:• Opt in• Sign up in-store• Offer incentives• Barter or buy lists• Privacy policyE-mail examples:• Newsletter (monthly, weekly, daily)• Sales or specials: Weekly or as needed• Announcements• Event invitations
Mobil Marketing
Mobile marketing is multi-channel online marketing technique focused at reaching a specific audience on their smartphones, tablets, or any other related devices through websites, E mail, SMS and MMS, social media or mobile applications.
• 48% of users start their mobile internet sessions on a search engine.• 56% of B2B buyers frequently use smartphones to access vendors’ content.
For a primer on mobile marketing see: Marketo; What is Mobile Marketing
Mobil MarketingMobile Marketing Methods
• Is your web site mobile-friendly? Check at mobiReady• Mobile banner advertising: Banner space on a site that is mobile-
device-ready• Mobile local search: Having your business pop up when someone
is looking for a local business; Google My Business• Mobile apps: Creating a mobile application to promote your
business
For more information on mobile apps see TechTarget WhatIs.com Mobile App
Ratings & Review Services
Rating and Review Sites
A review site is a website on which reviews can be posted about people, businesses, products, or services. Feature customer reviews and ratings of businesses. Top 10 business review sites:
• Amazon • Yelp• TripAdvisor • Yellowpages• Better Business Bureau • Manta• Foursquare • Angie's List
For more info: Understanding How Rating and Review Sites Work
Ratings & Review Services
Getting Started with Ratings and Reviews
Claim your listing and optimize it with:• Photos• Description of business• Maps/directions• Coupons/special offers• Tracking/analytics
Ratings & Review Services
Monitor Accounts• Google alerts• Paid tracking services• Manually visit sites
Respond to Negative Reviews• Reputation management
Convert Users to Buyers• Put reviews on your site
Learning Tool• Use analytics• Learn from reviews
Maximize Ratings and Reviews
Social Media Marketing
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Social Media Marketing
Social Media Overview • Review the Social Media Overview
handout
• Discuss which sites you currently use (or are thinking about using) and why.
Social Media Resources
Social Media Resources
Start with each site’s free social media analytics tools Other tools include:
Manage Your Twitter Activity
• Cotweet.com• SocialOompth.com• Tweedeck.com
Manage Multiple Social Media
Accounts
• Hootsuite.com• NutshellMail.com• SproutSocial.cm
Keep Up With Social Media News and
Trends
• Mashable.com
Social Media Marketing
Social Media Time Commitment
• Time requirements
• Management of updates
• Frequent changes required
• Learning curve for effective use
• Deciding what is appropriate for the media
For more info see: Let’s Get Social workshop
Event Marketing
Event Marketing
Set goals
Plan event
Promotions at events
Invite partners/sponsors
Publicize/
market
Collect customer
data
Thank attendees
Follow up
Steps to Hosting an Event
Event Marketing
Sponsoring an Event
• Good promotional tool for businesses with local customers• Options include sports teams, charity events, schools, races, fairs• Investigate event organizer
To consider:• What will you give?• What will you get?
Public Relations
Public Relations
Understanding Public Relations
Public relations is a means of generating attention from the media that can be as effective as advertising in building awareness of your business.
What are some topics related to your business that you could write a press release for?
Who would you target and why?
Public Relations
Standard Format
• Headline• Date• Summary• Body• About/Boilerplate• Contact
Target to Each News/Media Outlet
• Relevant Topics• Timely• Interesting
Resource
• Newswire’s PR Toolkit
(http://toolkit.prnewswire.com)
Writing a Press Release
Public Relations
Press Release Distribution
Target publications, reporters and bloggers:• E-mail release• Link to your website• Follow up
Free press release distribution services:• FreePressRelease.com• PR.com• PRLog.org
Creating “Raving Fans”
Creating “Raving Fans”
Why Customer Retention Matters
• As your business grows, retaining existing customers is key to success
• It costs 5 times more to find a new customer than it does to keep one*
• Loyal customers can refer other customers to your business*Source: Gallup
Creating “Raving Fans”
Customer Loyalty Programs
Keep customers coming back with loyalty programs that can include:
• Loyalty cards• Geolocation websites• Discounts and special offers• Events • Giveaways
Creating “Raving Fans”
Customer ServiceCustomer service is key to repeat business. Are the following aspects of your business meeting customers’ expectations?
• Physical location• Website• Phone• Your staff• Questions, problems, answers• Customer feedback• Post-sale follow up• Secret shopper
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