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Mastering marketing in 40 mins or there about James Pinchbeck Marketing Partner President Lincolnshire Branch of the Chartered Institute of Marketing

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Mastering marketing in 40 mins or there about <ul><li>Agenda </li></ul><ul><li>Why marketing is important </li></ul><ul><li>What marketing is </li></ul><ul><li>The Marketing process </li></ul><ul><li>Common pitfalls </li></ul>

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Why marketing is more important than ever! <ul><li>Markets flat </li></ul><ul><li>Speed of technology </li></ul><ul><li>Changing and growing expectations </li></ul><ul><li>Globalisation </li></ul><ul><li>Transitory customers </li></ul><ul><li>Little to differentiate </li></ul><ul><li>Businesses no longer stay the same </li></ul>

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Marketing is more than just advertising.

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Marketing ‘ The process of identifying customer needs and then bringing together business resources to satisfy those needs and provide an opportunity for optimising returns’.

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<ul><li>Aims </li></ul><ul><li>To assess market potential </li></ul><ul><li>To identify why, how, when, where and what customers want </li></ul><ul><li>To formulate a marketing plan </li></ul><ul><li>To provide a framework to measure the performance of the business </li></ul><ul><li>To asses the best fit between the business resources and market opportunities </li></ul>The marketing process

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What does your market really look like? Where’s your Wally? ‘ A market is an aggregation of all the alternative goods or services which customers regard as being capable of satisfying the same customer need ’

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A segment not the whole orange <ul><li>Most business operate in segment of a whole market. </li></ul><ul><li>Segmentation allows you to target your marketing more effectively. </li></ul>

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A clear vision and strategy <ul><li>The business reasons for being. </li></ul><ul><li>Essential to be able to clearly and concisely conceptualise this. </li></ul>

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Clarity on internal marketing and common message <ul><li>In conceptualising your business there needs to be a shared ethos. </li></ul>

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Not about turning the tap on and off <ul><li>Marketing is a continuous process not something you do when you’re not busy or need sales. </li></ul>

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Route to market <ul><li>Often the case businesses focus on only one element of their route to market </li></ul>Consumers/ Customers Business Intermediaries/ Distributors / Retailers Influencers - media, trade members and other professionals Multiple decision makers/ specificiers

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Selling the sizzle <ul><ul><li>Too many people promote features and not the benefits or solutions offered by their product or service. </li></ul></ul>

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Speak in the language of your customer <ul><li>It is too easy to adopt your own internal jargon, TWAs and business speak </li></ul>

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Doing the business the way your customer want <ul><li>Too many people want their customers to adopt their ways and or fail to ask the customer how they would like to looked after. </li></ul>

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Does your sales approach close more doors than it opens <ul><li>Lack of appreciation of the buying process </li></ul><ul><li>Failure to demonstrate a reason to buy </li></ul><ul><li>Why switch? </li></ul><ul><li>One approach – the phone </li></ul><ul><li>Un orchestrated approach </li></ul><ul><li>One hit wonder </li></ul><ul><li>Know when to back off! </li></ul>

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Keeping in touch <ul><li>Tendency to focus on new business/ customer generation rather than looking after and developing existing business relationships. </li></ul><ul><li>Often requires a different approach and skills set. </li></ul>‘ It costs seven times as much to generate a new client than it does to sell to an existing customer’

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How much should you spend on marketing – setting a budget <ul><li>Based on previous year’s spend </li></ul><ul><li>% of revenue/turnover </li></ul><ul><li>Based on competitors and industry norm </li></ul><ul><li>What you can afford </li></ul><ul><li>Objective and task based </li></ul>

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Measuring the return on your marketing 50% of my advertising/ marketing activity works But I am not sure which 50% Marketing activity is and should be measurable – if you set objectives and defined outcomes

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Using the marketing tool kit Maximum return for minimum investment : Inexpensive Staff time/CRM Direct sales activity Tele Marketing Media Relations Networking Literature Newsletters New-media Corporate Identity Branding Corporate Hospitality Exhibitions Advertising Expensive Highly targeted and measurable Hit and miss and less measurable

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Recruit or use marketing people <ul><li>Recruiting trained and skilled marketing people is not often high on the agenda </li></ul><ul><li>Use external advisers or agencies </li></ul>

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Networking – not working <ul><li>Be clear as to who you want to network with </li></ul><ul><li>Networking events </li></ul><ul><li>Create your own networks </li></ul><ul><li>Use on line communities – social networks </li></ul>

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Be innovative in your marketing <ul><li>The way you do business </li></ul><ul><li>Keep up to date with changes in consumer behaviour and buying patters </li></ul><ul><li>Look at a fresh approach to your marketing </li></ul><ul><li>Look at new products and services </li></ul><ul><li>Look at new market opportunities </li></ul>

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Looking ahead embracing marketing to stimulate enterprise and prevent us becoming a nation of bonsai growers

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Mastering marketing in 40 mins or there about James Pinchbeck Marketing Partner President Lincolnshire Branch of the Chartered Institute of Marketing Telephone 07710 525746 Email jpinchbeck@streetsweb.co.uk