Marketing for entrepreneurs part 1
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Part 1 of my lecture series for micro entrepreneurs. This is a very simplified and straightforward discussion for non-marketers.
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Marketing for entrepreneurs part 1
- 1. Marketing Essentials F O R E N T R E P R E N E U R S
- 2. About me MIKE PANGILINAN Managing Director, IMSI Consulting Training Resource, The Executive Edge Consulting Group, Inc. Former Head of Pharmaceutical Marketing, Bayer Healthcare Certified Social Marketing Associate, e-Marketing Association, Inc. Core competencies: Strategic Planning, Marketing Communications, Product Management, Sales Management, and Entrepreneurship Lecturer: Marketing, SME Forum http://www. mikepangilinan.com ph.linkedin.com/in/mikepangilinan https://www.facebook.com/TheInboundMarketer
- 3. Today’s Schedule Morning Overview Understanding Customers Marketing Mix Afternoon Promotional Mix Marketing Plan New Trends & Winning Strategies MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 3
- 4. Failing to plan is like planning to fail ~ unknown 4
- 5. Overview 5
- 6. The Philippine Business Landscape There are 780,437 MSME, 9 registered enterprises 9.60% based on the DTI 2009 Report Large enterprises account for less than 1% of the Large, 0 business .40% Breakdown of MSME: Micro is 91.4% N.b. MSME (medium, small, & micro entrepreneurs) Small is 8.2% Medium is 0.4% MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 6
- 7. The biggest challenge of entrepreneurs… EVERYBODY is an ENTREPRENEUR! Crowded market Highly competitive Limited resources to compete MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 7
- 8. But, is it really a crowded market? MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 8
- 9. Or, you are just unable to find your way through? MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 9
- 10. Maybe, you just need a little push! MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 10
- 11. What is Marketing? 11
- 12. Marketing is the management process responsible for identifying, anticip ating, & satisfying customer requirements profitably ➔ Process ➔ Customer-centric ➔ Profitable MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 12
- 13. ➔ Selling? ➔ Promotion? ➔ Advertising? ➔ Customer service? ➔ Doing flyers? ➔ Entertaining customers? ➔ Sales calls? ➔ Print ads? ➔ Tele-marketing ➔ Email blast? ➔ Engaging small talks? uhm… sort of, a ➔ Hanging banners? little ➔ Putting signage? bit, some ➔ Discounts marketing ➔ Coupons? perhaps! MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 13
- 14. If I’m already doing these things and essentially doing some marketing… what is my problem? MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 14
- 15. The problem lies in NOT REALIZING you are doing marketing. Most likely, you cannot REPEAT the activity CONSISTENTLY over time. MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 15
- 16. ➔ Are you making a particular effort to know your customers more? ➔ Is there a particular customer you are trying to please thinking that if you do you will be earning his loyalty? ➔ Did you just realize that you are actually not doing anything to cultivate customer relationship and its about time to do it? If you answered YES… you are not far from doing MARKETING MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 16
- 17. As entrepreneurs, we must chase the customers until it is no longer profitable to do so! This should be our MARKETING task every single day! 17
- 18. Understanding Customers Customers are the reason why we are in business. No customers, no business! 18
- 19. What’s going on inside the customer’s mind?
- 20. price quality “madaling kausap” fast turnaround availability satisfaction etc.
- 21. The customer is confused with so many options! The PREY to every entrepreneur! MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
- 22. The customer’s mind is the battlefield! WIN THEIR TRUST, INFLUENCE THEM, BUILD THEIR CONFIDENCE! These are the key success factors.
- 23. Which one? UNDERSTANDING HOW BUYERS MAKE DECISIONS MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
- 24. STEP Do I Want it 1 DESIRE NEED MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
- 25. STEP 2 • Past Experience • Brand Perception • Quality of Service Internal • Place to Purchase • Multiple Sources • Internet • Family & Friends • Product Reviews • Customer Reviews External • Brand Strength • Sales & Marketing Staff 25
- 26. STEP Is it Value for Money 3 Is the product worth the money as advertised? •“Does the DSLR camera really show that it is worth this much?” Does the product satisfy my need for what I end up paying? •“Is it worth upgrading my mobile with another one which has just got a better camera?” MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 26
- 27. STEP Is it for Me? 4 “Would I be comfortable to be seen with this product?” “Would I be happier when I own this product?” “What would others think of me when they see me with this product?” MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 27
- 28. STEP When and Where to Buy 5 Where When Decide & Buy Impulse Buy Research, Think Non-Impulse & Decide Buy MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 28
- 29. STEP When and Where to Buy 5 Convenience Price Promotions Quality of service Return policy Brand loyalty Previous positive Cheaper repeat Club cards or negative purchase experience Exclusive Customer Bundles availability testimonials 29
- 30. Again, summing up the CUSTOMER BUYING PROCESS… STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 • Do I want • What do I • Is it value • Is it for • When and it? know for me? where to about it? money? buy?
- 31. Who are your customers? MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
- 32. Not every Tom, Dick or Harry is your customer! YOU NEED TO SEGMENT AND TARGET! MARKETING SKILLS FOR ENTREPRENEURS 6/29/12
- 33. Segmentation & Targeting Matrix ENTIRE POPULATION Those interested in the product POTENTIAL MARKET Those who have money to buy AVAILABLE MARKET Those you want to target TARGET MARKET PENETRATED MARKET Those who have already purchased the product MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 33
- 34. Are all customers created equal? MARKETING SKILLS FOR ENTREPRENEURS 6/29/12 34
- 36. 6/29/12 Benefits of Segmentation & Targeting • Just focus on the right customers • Cost-effective promotions • Increase efficiency and effectiveness MARKETING SKILLS FOR ENTREPRENEURS 36
- 37. 6/29/12 End of part 1 lecture MARKETING SKILLS FOR ENTREPRENEURS 37