Pike Place Market Farm Program Pike Place Market Farm Program Local is Key.
Understanding the Market and Your Place in It
description
Transcript of Understanding the Market and Your Place in It
![Page 1: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/1.jpg)
Understanding the Market and Your Place in It
4755 Kingsway Drive, Suite 314Indianapolis, IN 46205
Phone: 317.917.3266 | Fax: 317.916.8921Email: [email protected]
www.businessownership.org
![Page 2: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/2.jpg)
Understanding the Market and Your Place in It
Presented by:
Kim J. BrandPresident, Computer Experts, Inc.
CEO/Founder, FileEnginePhone: 317.833-3000
Email: [email protected]
“Computer Repair Indianapolis” or “FileEngine”or “Kim Brand” + Indianapolis
![Page 3: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/3.jpg)
Agenda
The market is like a rock
(Just some of) The Problems
What is your Marketing Objective? - Key Questions
The Marketing Mix – Four Ps of Marketing
Product – Place – Price – Promotion
Marketing facts (you need to know)
Homework / Next Steps
Resources
![Page 4: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/4.jpg)
The ‘Market’ is like a rock
![Page 5: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/5.jpg)
A big rock
![Page 6: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/6.jpg)
But much harder to move ;(
![Page 7: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/7.jpg)
Your objective is to move the rock
![Page 8: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/8.jpg)
(Just some of) The Problems
You have a wonderful product or service but nobody knows Buying habits of your customers don't include you You have no reputation You have no money You've never 'marketed' a product or service like this before
(You may have sold them before, but marketing is different) Competitors Most of what you know is wrong (which leads to mistakes &
wasted time & money - but adds to experience ;) The rules, once you figure them out, change - and usually
not in your favor
![Page 9: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/9.jpg)
What is your marketing objective?
Create Awareness Communicate Outrageous Value Create Urgency
![Page 10: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/10.jpg)
What is your marketing objective?
Create Awareness Communicate Outrageous Value Create Urgency
…but wait, there’s more !!
![Page 11: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/11.jpg)
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
![Page 12: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/12.jpg)
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing
![Page 13: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/13.jpg)
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing, Buying habits
![Page 14: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/14.jpg)
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing, Buying habits, Bad experiences
![Page 15: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/15.jpg)
Key Questions
What are you selling? Who are your competition? Why should your customers buy from you
instead of them?
Your competition includes:
Doing nothing, Buying habits, Bad experiences, “Good enough”
![Page 16: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/16.jpg)
The Marketing Mix
The Four ‘P’s of Marketing
What you sell, the Product
Where/How you sell it, the Place
The Price you sell it for
How you get attention: Promotion
Source: http://www.netmba.com/marketing/mix/
![Page 17: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/17.jpg)
The Four Ps of Marketing
![Page 18: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/18.jpg)
What is your Product or Service? – Really!!
Your BRAND – your promise to deliver Your MESSAGE – how you describe it . . .
You only have 13 words Your POSITION – How do your customers
view your product or service in the field of all other products and services? How will you be compared and described?
What is the PAIN your product or service relieves?
![Page 19: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/19.jpg)
Where is your ‘Place’?
Locality: Lemonade stand, Neighborhood? Side of town, City, Region? State, Country, Planet?
Distribution system: Direct, Indirect, Multi-Level Retail, Wholesale, Discount Storefront, Web-store, corner bar, catalog
![Page 20: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/20.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc.
![Page 21: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/21.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Surprisingly: The narrower the better!
![Page 22: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/22.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size
![Page 23: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/23.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large?
![Page 24: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/24.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors
![Page 25: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/25.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses
![Page 26: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/26.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new)
![Page 27: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/27.jpg)
What is your ‘Place’?Who is your ‘Ideal Customer’?
Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. The narrower the better!
Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new) What is the potential–share you want/need?
![Page 28: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/28.jpg)
Pricing & Terms
Are you better? (Can you charge more?)
![Page 29: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/29.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you?
![Page 30: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/30.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability)
![Page 31: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/31.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?
Price elasticity
![Page 32: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/32.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?
Price elasticity Can you afford discounts?
Salesmen, specials, combinations, spiffs/referrals
![Page 33: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/33.jpg)
Pricing & Terms
Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability) Can you create demand with a lower price?
Price elasticity Can you afford less?
Salesmen, specials, combinations, spiffs/referrals Can you value price upgrades?
![Page 34: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/34.jpg)
Promotion
Superbowl advertising = $3M for 30 seconds
![Page 35: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/35.jpg)
Promotion
Superbowl advertising = $3M for 30 seconds
PROBABLY NOT IN YOUR BUDGET – YET!
![Page 36: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/36.jpg)
Promotion
What is your promotion Budget?
![Page 37: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/37.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
![Page 38: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/38.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise?
![Page 39: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/39.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise? Advertising Specialties: Pens, Shirts, SWAG
![Page 40: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/40.jpg)
Promotion
What is your promotion Budget? Where/How do your customers find it - now?
Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling
Where do your competitors advertise? Advertising Specialties: Pens, Shirts, SWAG Networking, Referrals, Rewarding customers
for sending you leads
![Page 41: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/41.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day
![Page 42: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/42.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
![Page 43: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/43.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
![Page 44: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/44.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
Interruption marketing is out; referrals, viral communication and entertainment is in.
![Page 45: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/45.jpg)
Marketing ‘facts’
Your prospects are exposed to hundreds of thousands of marketing messages a day – How will yours stand out in the ‘Message Frenzy’??
It may take 8+ impressions before they even know you exist – leverage multiple media.
Interruption marketing is out; referrals, viral communication and entertainment is in.
‘Free’ talks directly to the cerebral cortex – can you give something away to get them to give you a try?
![Page 46: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/46.jpg)
Homework / Next Steps
Practice the answer to the question: “What Do You Do?”
Define your brand (promise to deliver)
Establish the size of the market you’re going after and a goal for your share and a timeline.
Get a simple brochure, terms & price list designed/ printed – ask 10 friends and 10 strangers for feedback; fix what’s broken.
![Page 47: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/47.jpg)
Homework / Next StepsCollect information about your competition and be prepared to differentiate yourself.
Create a Customer Relationship Management (CRM) system and start refining your sales process.
Ask new customers “Why did you pick me?” & “How did you find me?”
Add their testimonials to your next brochure.
Constantly test every assumption you make about the market.
![Page 48: Understanding the Market and Your Place in It](https://reader035.fdocuments.us/reader035/viewer/2022062315/56814fdc550346895dbda283/html5/thumbnails/48.jpg)
Resources
HeWhoEnters.PBWiki.com- my Wiki for Entrepreneurs
SBA.GOV – Federal Government
IndianaEntrepreneurship.com – State Government
GoRainmakers.com, BNI-Indiana.com, OneDegreeConnected, SmallerIndiana.com – local networking organizations
ActumGroup.com – free sales book chapter: “Captivate Attention in One Sentence”
Anything by Ries & Trout – 22 Immutable Laws, etc.
Google.com – everything else