Understanding the Market and Your Place in It

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

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

Jeff BowePresident & Chief Sales Strategist ACTUM Group, Inc.Author of INFOCUS Selling™Phone: 317.577/3750Email: [email protected]

“INFOCUS Selling” or “Jeff Bowe” + Indianapolis

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)

Learning what is selling

Combining and Coordinating Selling with your Marketing

Homework / Next Steps

Resources

Quick Quiz #1

Marketing is how you tell prospective customers about your product? True/False

Quick Quiz #1

Marketing is how you tell prospective customers about your product? True/False

Selling involves a lot of presentations and convincing prospects why you are the best solution? True/False

Sales & Marketing

Marketing is about The Masses Sales is about The Singles Must be Sending and Receiving A Continuous Feedback Loop

Send Out Messages &

Analyze Feedback

Meet With Prospects &

Collect Feedback

The ‘Market’ is like a rock

A big rock

But much harder to move ;(

Your objective is to move the rock

(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

What is your marketing objective?

Create Awareness Communicate Outrageous Value Create Urgency

What is your marketing objective?

Create Awareness Communicate Outrageous Value Create Urgency

…but wait, there’s more !!

Your First (Natural) Marketing Challenge

Keeping your message… Short


Keeping your message… Short Simple


Keeping your message… Short Simple Selfish

The Sales Process

Old Definition: Always Be Closing

The Sales Process

Old Definition: Always Be Closing Seller Focused

The Sales Process

Old Definition: Always Be Closing Seller Focused Transaction Focused (* You Tube video)

The Sales Process

Old Definition: Always Be Closing Seller Focused Transaction Focused (* You Tube video) How do YOU like to Buy?

The Sales Process


New Definition: Always Build Commitment

The Sales Process


New Definition: Always Build Commitment Relationship Focused

The Buying-Selling Process

Build Rapport & Relationship

Connection & Project

DevelopmentCommitment

Key Questions

What are you selling?

Key Questions

What are you selling? Who are your competition?

Key Questions

What are you selling? Who are your competition? Why should your customers buy from you

instead of them?

Key Questions: The Core of Selling


instead of them?

Your competition includes:

Lack of awareness



instead of them?


Lack of awareness, Doing nothing



instead of them?


Lack of awareness, Doing nothing, Buying habits



instead of them?


Lack of awareness, Doing nothing, Buying habits, Bad experiences,



instead of them?


Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough”



instead of them?


Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough,” and LACK OF AWARENESS

Your Business in One Sentence Focus Results Ask Magical Energetic …and practice, practice, practice

Quick Quiz #2

The first thing to do when meeting a prospect is… A) Find out if the person is the decision maker B) Find out his or her budget to make sure you

are not wasting time C) Look for common ground to build a

relationship D) Pull out your marketing material so it is

ready to show

Quick Quiz #2

In marketing, your competition… A) Dictates your maximum price B) Can be mostly ignored when you are a

better salesperson C) Detracts from your message D) Is your enemy

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/

The Four Ps of Marketing

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?

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

What is your ‘Place’?Who is your ‘Ideal Customer’? Demographic: men, women, owners of a

product, age, family status, income, taste, race, etc.


product, age, family status, income, taste, race, etc. Surprisingly: The narrower the better!


product, age, family status, income, taste, race, etc. Remember: The narrower the better!

Size



Size Can you scale or must you enter large?



Size Can you scale or must you enter large? Current buying behaviors



Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses



Size Can you scale or must you enter large? Current buying behaviors Existing competitors & weaknesses Communication channels (current – new)



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?

Quick Quiz #3

When setting price, first… A) Look at your cost and determine your profit

margin B) Look at your competition so you can go just

under their price C) Know how much money your offering

saves your customer D) Start with a low price to build volume

Quick Quiz #3

In marketing, you want your target market to be… A) As big as possible for maximum volume B) Hard to define C) Narrow D) Growing

Pricing & Terms

Are you better? (Can you charge more?)

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you?

Pricing & Terms

Are you better? (Can you charge more?) Is it easy to buy from you? Guarantees create trust (but create liability)

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

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

Pricing & Terms (Differentiation) 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?

Promotion

Superbowl advertising = $3M for 30 seconds

Promotion

Superbowl advertising = $3M for 30 seconds

PROBABLY NOT IN YOUR BUDGET – YET!

Promotion

What is your promotion Budget?

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

Promotion


Web, Yellow-Pages, Directories, Flyers, Mailbox Consumer: Billboards, TV/Radio, Car Wraps Trade shows, Endorsements, Tie-ins, Cold-Calling Networking, Associations, Groups

Where do your competitors advertise?

Promotion


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

Promotion


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

Marketing ‘facts’

Your prospects are exposed to hundreds of thousands of marketing messages a day


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.




The number of touches is going up rapidly—active is not enough.




The number of touches is going up rapidly—active is not enough.

Fence sitters are not prospects—“think it over” means move on

More Sales and Marketing Facts

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?

Give away what you have the least of…your expertise.

Where do I Spend my Budget?

Every person selling you is better trained


Every person selling you is better trained Statistics can be made to support any

argument



argument The cost of marginal sales…isn’t



argument The cost of marginal sales…isn’t “Not for profit” is only a tax issue

Keeping Track of Prospects

CRM—An electronic stack of 3x5 cards


CRM—An electronic stack of 3x5 cards Contacts


CRM—An electronic stack of 3x5 cards Contacts Prospects


CRM—An electronic stack of 3x5 cards Contacts Prospects Clients


CRM—An electronic stack of 3x5 cards Contacts Prospects Clients Consistency over confusion

Quick Quiz #4

In marketing, your primary goal is that you want your message to be… A) Louder than your competition B) In front of your prospects more frequently

than your competition C) Prettier and fancier than your competition D) Memorable to your prospect when they are

ready to search for a solution

Quick Quiz #4

When networking and meeting people… A) All contacts are created equal B) Prospects are easy to spot C) Prospects need immediate follow up D) Knowing more people will build your

business

Quick Quiz #4

In marketing, you want your target market to be… A) As big as possible for maximum volume B) Hard to define C) Narrow D) Growing

Quick Quiz #4

In sales and marketing, you want to be known as… A) The only provider of what you sell B) The least expensive provider of what you

sell C) Having the best service in your industry D) A credible expert

Homework / Next Steps

Practice the answer to the questions: “What Do You Do?” and

“What business are you in?”

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.

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.

Resources

HeWhoEnters.PBWiki.com - my Wiki for Entrepreneurs

SBA.GOV – Federal Government

IndianaEntrepreneurship.com – State Government

AddressTwo.com – Low cost CRM system

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

Understanding the Market and Your Place in It

Documents

Transcript of Understanding the Market and Your Place in It