Marketing on a Shoestring Budget
Prepared by: Nicola Lacey
Marketing your Business Marketing is not just about advertising or
design – it’s at the heart of making sure your business has the best chance of success.
Great marketing should help you get and keep profitable customers.
Marketing your Business The most successful businesses are those that
put the consumer at the heart of everything they do - so the key is to identify, attract and satisfy consumers. The aim of marketing is to help you ensure that your business has (4 P’s):
The right product or service At the right price In the right place and at the right time With the right promotion to your target market
4/7 P’s of Marketing
Innovation In today’s economy, the marketplace is crowded and the pace
of change ever quicker. In this context, it is increasingly difficult for companies to capture and maintain a competitive advantage.
Consider the consumer context: when choosing food and beverages, shoppers are presented with an overwhelming number of options. Most consumer decisions are made within seconds, out of habit rather than a rational appraisal of all the possibilities.
How do you therefore cut through the clutter sufficiently to make people reappraise their choice, and consider your products? Or indeed, if you are the market leader, how do you create sufficient distance between you and the competition in order to hold onto your competitive edge?
Innovation “Innovation provides a competitive advantage so
businesses or economies that stand still and do what they have always done will lose out to those prepared to take the risk.” Sir Terry Leahy, CEO Tesco
The ability to keep your brand or product different and relevant in consumers’ minds is vital to gaining and maintaining a competitive advantage. Innovation is the tool to unlock this advantage.
Innovation means continually improving and invigorating your offer to customers. It is a way of thinking that applies to all areas of your business, including products, service delivery, packaging, manufacturing and marketing.
Innovation Innovation can be small in scale, for example making
improvements to a product recipe, or it could mean launching an entirely new product, range or brand.
"Companies that ride the currents succeed; those that swim against them usually struggle. Identifying the currents and developing strategies to navigate them is vital". McKinsey & Company
How to develop effective communication
1. Identify your target audience2. Outline communication objectives3. Create the message4. Select channels of communication 5. Collect the feedback
Case Study
• Finalists in 28 categories (2010)
Winner of 18 awards across all disciplines
Quantified results Team awards
Excellence in execution Marketing communications
ATL Radio
Sean Doherty Show Fix it Friday Sponsor County Game
TV Expose Ear to the Ground Dragon’s Den Ireland AM The Apprentice
ATL Trade Magazines
Cara Magazine Ryanair Inflight Magazine
Local/National Press Out and About Pages Own personal column
Outdoor Building Wraps Lorries / Vans Billboards
BTL PR Flyers Merchandise Guerrilla Marketing Events Mobile Marketing
Social Networks Blogging Search Online Advertising Website
PR “Public relations practice is the planned and
sustained effort to establish and maintain good-will and understanding between an organisation and its publics”. Institute of Public Relations, UK.
In summary: PR involves creative means of building reputation and
credibility. PR means effective, timely and targeted communication. PR relies on the principle that good business sets out to
earn and keep the goodwill and support of its key stakeholders.
PR means careful analysis of feedback and information and the ability to adapt to changing circumstances.
PR Successful enterprises depend on a range of
key relationships. Well-managed public relations can turn all these vital relationships into assets for the organisation. Key relationships include: Consumers Investors Legislators The media Employees Neighbours
Flyers Cheap and Effective If clear message can be very worthy
Merchandise Depending on the situation but it might be
relevant Think of your business – is there a specific
scenario where they may need your phone number/details? If so should you be there?
Guerrilla Marketing Guerrilla marketing is aimed at taking us by
surprise and intrude on our lives when we least expect it
Events Either organise an event to create custom for
your business Or use an event to maximise profits
Social Networks Can be really useful to any business if used
appropriately. Need to be committed. Need to be interacting with audience.
Blogging E-WOM is massive
Weddingsonline.ie Noticeboards.ie Tripadvisor.ie
Be aware which user-generated websites your customer is interacting with
Google Alerts
Search Need to understand how your consumer
searches Need to ensure you are using the key words
Google Insights
Search Engine Optimisation
Website – Google Analytics
YouTube - Website Use of Video can be very effective Picture paints a thousand words
Mobile Marketing Text Messages Mobile Applications
By 2014, 76.9 billion download’s in US and will be worth US$35 billion
Use of mobile phone (Europe) -2011• 28% – browser• 28% – app• 83% - text
By end of 2011 there were 6 billion mobile subscriptions – 87% of population (Source: ITU)- Mobile Subscription has reached saturation point in developing countries
Other Loyalty Schemes Business Development
Database of Potential Customers Database of Current Customers
Sales – “Beat on the Street” Referral Schemes CRM
Gifting Thank you message
Measuring It No point in spending money on marketing if
you do not know it is working Measure it! Ask people how they heard about you! Try and track spend.
PressOutdoor
Measures that Drive Performance
Net Promoter Score Balance Score Card The balanced scorecard is a
strategic planning and management system that is used extensively in business and industry, government, and non-profit organizations worldwide to align business activities to the vision and strategy of the organisation, improve internal and external communications, and monitor organisation performance against strategic goals.
By asking one simple question — How likely is it that you would recommend [your company] to a friend or colleague? — you can track these groups and get a clear measure of your company’s performance through your customers’ eyes.
Key Take Away’s You should make a pact that you do at least
one thing per week for your business that is driving it in some way
Keep it simple – it does not have to cost a fortune to be innovative
Reinvent yourself - Einstein once said the definition of insanity was “to keep doing the same things and expect to get different results”
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