Marketing Basics
Module One: Getting Started
Thanks to the rise of technology and social media, the world of marketing and advertising has become bigger than ever. Marketing has gone beyond the classic printed ads, billboards or even television commercials.
Business has only two functions – marketing and innovation. Milan Kundera
Workshop Objectives
Define your market
Communicating with the customer
Marketing goals
Recognize marketing mistakes
Module Two: What is Marketing?
Sometimes marketing is confused with the simple act of selling or increasing sales. But, marketing is the channel companies take to grab the customers’ attention and bring them to make a purchase.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. Peter F. Drucker
What is a Market?
Conduct business
Identifying customers
Shared interest
Potential customers
Marketing is Not Selling Grabbing attention Connect with customers Anticipate needs Leave an impression
Understanding Customer Needs
Customer want? Customer need? Benefit them? Buy from you?
Defining Your Product or Service Know all aspects of the product or service. What does it offer the consumer? Define its qualities and benefits. Determine who your target audience would be.
Case Study When James opened up his restaurant, he was sure that people would love it. He sold hamburgers, and he reasoned that everyone loves hamburgers. He was surprised when business was slower than he expected. His market was made up of health conscious individuals who avoided hamburgers and fried food.
Module Two: Review Questions 1.What are potential customers? a)Target market b)Market c) Marketers d)Sellers 2. What is necessary to determine the market and target market? a)Customers b)Marketers c) Market research d)Income statement
Module Two: Review Questions 3.What is selling? a)Customer recognition b)Building a brand c)Knowing your target market d)Customer purchases the product 4.Marketing focuses on what? a)Money gained b)Gaining customer recognition c)Stock supply d)Customer purchase
Module Two: Review Questions 5.What is not something that will provide an understanding of customers? a)Survey b)Focus group c)Product audit d)Statistics 7.Which of the following should be considered in customer needs? a)How the customer can benefit from your product/service b)The age of the product c)How the product will increase sales d)How many complaints are expected from the product
Module Two: Review Questions 7.Which of the following is a step in defining your product/service? a)The name of the product or service b)Determining your target audience c)The age of the product or service d)Determining the date of the product
9.What must be defined about the product besides its aspects? a)How long it will be relevant b)How it will work c)What its name will be d)What it can do for the public
Module Two: Review Questions 9.What does James decide to sell? a)Health food b)Food c) Hamburgers d)Sandwiches 10.What did James’ target market prefer? a)Food b)Healthy food c) Hamburgers d)Sandwiches
Module Two: Review Questions 1.What are potential customers? a)Target market b)Market c)Marketers d)Sellers A market is a broad term. Potential customers who identify with a product are the target market. 2.What is necessary to determine the market and target market? a)Customers b)Marketers c) Market research d)Income statement There are different markets and target markets. Understanding markets requires market research.
Module Two: Review Questions 3.What is selling? a)Customer recognition b)Building a brand c)Knowing your target market d)Customer purchases the product Selling is the process of convincing a customer to make a purchase from the company and then completing the sale with the exchange of payment. 4.Marketing focuses on what? a)Money gained b)Gaining customer recognition c)Stock supply d)Customer purchase Marketing is aimed at making the customer gain more knowledge about the company and learn brand recognition to draw patients in. While marketing may not lead to an actual sale, it can lead to potential customers who can refer others to your product/service.
Module Two: Review Questions 5.What is not something that will provide an understanding of customers? a)Survey b)Focus group c)Product audit d)Statistics You must understand the customer to offer the best product. The other answers are examples of market research that help improve understanding of the customer. 7.Which of the following should be considered in customer needs? a)How the customer can benefit from your product/service b)The age of the product c)How the product will increase sales d)How many complaints are expected from the product It is important to understand your customer’s needs, including their wants/desires, how they can benefit from buying your item, and how they can easily access it. Understanding these needs can help mold a more solid marketing plan and reach more potential customers.
Module Two: Review Questions 7.Which of the following is a step in defining your product/service? a)The name of the product or service b)Determining your target audience c)The age of the product or service d)Determining the date of the product
One of the most overlooked steps of defining a company’s product or service is determining who the target audience would be. The company needs to first figure out the pros/cons of the products, its qualities and aspects, and then who would it best be suited for. 9.What must be defined about the product besides its aspects? a)How long it will be relevant b)How it will work c)What its name will be d)What it can do for the public
The different aspects of a product must be identified. It is also necessary to determine the benefits of the product and what is can do for the public.
Module Two: Review Questions 9.What does James decide to sell? a)Health food b)Food c) Hamburgers d)Sandwiches James chooses to make hamburgers. He believes that everyone likes hamburgers. 10.What did James’ target market prefer? a)Food b)Healthy food c) Hamburgers d)Sandwiches James did not do his market research before opening his restaurant. His potential customers preferred healthy food.
Module Three: Common Marketing Types (I) As consumers, we know that there are many ways companies market their ideas and products, including television ads, newspaper flyers, websites, or coupons. Sometimes it can be confusing to determine which methods of marketing will work for your product, but if you familiarize yourself with the different ways of marketing available, you can make the best decision.
There is no such thing as soft sell and hard sell. There is only smart sell and stupid sell. Charles Browder
Direct Marketing Phone Billboard Interactive web site Catalog distributions
Active Marketing
Cold calls Online forum In person networking Responding in blogs
Incoming Marketing SEO Company web site Blogs Social media
Outgoing Marketing
Television commercials Magazine ads Telemarketing calls Internet ads
Case Study Pat chose to use only outgoing marketing when opening a new flower shop The ads were expensive, and Pat did not see the ROI expected
Pat decided to use different types of marketing
After crunching the numbers, she realized that incoming marketing provided the largest ROI
Module Three: Review Questions 1.Which of the following is an example of direct marketing? a)Cold calls b)Text messages c)Personal interviews d)Online forum 2.Which marketing method is typically the most effective? a)Active b)Outgoing c) Direct d)Mixed
Module Three: Review Questions 3.What is an example of active marketing? a)Text message b)Bill boards c) Cold call d)Promotional letter 4.Which of the following provides more methods of active marketing? a)Face to face b)Online c) Physical d)Direct mail
Module Three: Review Questions 5.Which of the following is an example of incoming marketing? a)SEO b)Calls c) Direct mail d)Text messages 6.What is the drawback of incoming marketing? a)Increases the number of people reached b)Reaches a small number of people c) Poor customer connection d)Increased customer connection
Module Three: Review Questions 7.What is an example of outgoing marketing? a)SEO b)Banner ad c) Text message d)Social media 8.What is the traditional marketing method? a)Direct b)Incoming c) Active d)Outgoing
Module Three: Review Questions 9.Which marketing method did was the most effective? a)Outgoing b)Active c) Incoming d)Direct 10.What percentage of sales did Pat attribute to the effective marketing method? a)30% b)25% c) 20% d)50%
Module Three: Review Questions 1.Which of the following is an example of direct marketing? a)Cold calls b)Text messages c)Personal interviews d)Online forum Direct marketing targets customers directly. This includes text messages. The other answers are examples of active marketing. 2.Which marketing method is typically the most effective? a)Active b)Outgoing c) Direct d)Mixed Effective marketing methods vary with each business. Most companies, however, find mixed marketing to be effective.
Module Three: Review Questions 3.What is an example of active marketing? a)Text message b)Bill boards c) Cold call d)Promotional letter Cold calling is an example of active marketing. The other answers are examples of direct marketing. 4.Which of the following provides more methods of active marketing? a)Face to face b)Online c) Physical d)Direct mail There are more methods for active marketing online than in physical marketing. Online marketing is the correct answer.
Module Three: Review Questions 5.Which of the following is an example of incoming marketing? a)SEO b)Calls c) Direct mail d)Text messages Incoming marketing draws customers to the company. SEO is an example of incoming marketing. 6.What is the drawback of incoming marketing? a)Increases the number of people reached b)Reaches a small number of people c) Poor customer connection d)Increased customer connection Incoming marketing allows companies to reach a large number of people. It lacks customer connection.
Module Three: Review Questions 7.What is an example of outgoing marketing? a)SEO b)Banner ad c) Text message d)Social media Outgoing marketing sends outgoing messages. A banner ad is an example of outgoing marketing. 8.What is the traditional marketing method? a)Direct b)Incoming c) Active d)Outgoing Outgoing marketing introduces the product. It is the traditional method that includes media and magazine ads.
Module Three: Review Questions 9.Which marketing method did was the most effective? a)Outgoing b)Active c) Incoming d)Direct Pat chose to mix her marketing methods. Incoming was the most effective. 10.What percentage of sales did Pat attribute to the effective marketing method? a)30% b)25% c) 20% d)50% Pat linked 30% of sales to incoming marketing. This is the most effective marketing method.
Module Four: Common Marketing Types (II)
Marketing has gone beyond our usual, run-of-the-mill methods. In this fast-paced and fastmoving society, our marketing tactics have to keep up with the times and be in tune with what the people are interested in.
Good advertising does not just circulate information. It penetrates the public mind with desires and belief. Leo Burnett
Guerrilla Marketing PR stunts Oversized displays Public giveaways Interactive advertisements
B2B Marketing Direct calls Promotional sales Special business offers Networking and social meetings
B2C Marketing Store coupons Display flyers Instant discounts Buying points or rewards
Promotional Marketing Sweepstakes entries Cash back incentives Raffle tickets Chance for free gifts
Case Study The CEO of Happy Time Party has a small marketing budget, but needs to expand the customer base He asks his employees to use guerrilla marketing
Employees think that a flash mob is the best solution and organize a time and place via Twitter and Facebook
New customers are drawn to the fun loving company
Module Four: Review Questions 1.What is guerrilla marketing? a)Traditional marketing techniques b)Marketing to businesses c)Marketing using ‘Wow’ tactics d)Marketing to consumers 2.Which of the following is an example of guerrilla marketing? a)Coupons b)Flyers c)Flash mobs d)Promotional sales
Module Four: Review Questions 3.B2B marketing focuses on what? a)Marketing online b)Marketing to customers c)Marketing to families d)Marketing to other businesses 4.What is one form of B2B marketing? a)Flash mobs b)Business only discounts c)Flyers d)Free gifts
Module Four: Review Questions 5.Which target group is B2C marketing aimed at? a) Online customers b) Businesses c) Public consumers d) All customers
7.What is one example of B2C marketing? a)Buying rewards b)Flash mob c) Banner ads d)Direct calls
Module Four: Review Questions 7.What is one advantage of promotional marketing? a)Increases leads b)Creates loyal customers c) Improves ROI d)Decreases ROI 8.Which of the following is an example of promotional marketing? a)Flash mob b)Direct calls c) Flyers d)Sweepstake entries with purchase
Module Four: Review Questions 9.What was the complaint against the flash mob? a)It was fun b)It was boring c) It was inconsiderate d)It was interesting 10.What was the appeal of the flash mob to the CEO? a)High cost b)Low cost c) Low profile d)Easy targeting
Module Four: Review Questions 1.What is guerrilla marketing? a)Traditional marketing techniques b)Marketing to businesses c)Marketing using ‘Wow’ tactics d)Marketing to consumers Guerrilla marketing is meant to take the customer by surprise and is often implemented in the most unexpected place. They are meant to ‘Wow’ the customer and create a unique visual perspective. 2.Which of the following is an example of guerrilla marketing? a)Coupons b)Flyers c)Flash mobs d)Promotional sales Flash mobs are an extreme case of guerrilla marketing because they involve some sort of preplanned routine to grab the consumer’s attention and focus on what the marketer has to offer.
Module Four: Review Questions 3.B2B marketing focuses on what? a)Marketing online b)Marketing to customers c)Marketing to families d)Marketing to other businesses B2B is marketing that is designed to promote and sell to other businesses, such as suppliers and retail stores. This type of marketing does not utilize some of the typical outgoing marketing tactics and will often use ‘business only tools’ to do so. 4.What is one form of B2B marketing? a)Flash mobs b)Business only discounts c)Flyers d)Free gifts One form of B2B marketing is to offer a special business only discount that can only be given or redeemed by other businesses. These types of discounts are not generally offered to the public.
Module Four: Review Questions 5.Which target group is B2C marketing aimed at? a) Online customers b) Businesses c) Public consumers d) All customers
B2C is marketing that is focused on marketing to the general public. Marketing tactics are based on drawing the customers in and gaining their purchase loyalty over time, such as with special sales, advertisements, or incentives. 7.What is one example of B2C marketing? a)Buying rewards b)Flash mob c) Banner ads d)Direct calls Many companies offer some sort of reward program for customers when they make continuous purchases, such as earning points to redeem for prizes or earning cash back after spending a set amount in their store.
Module Four: Review Questions 7. What is one advantage of promotional marketing? a)Increases leads b)Creates loyal customers c) Improves ROI d)Decreases ROI Promotional marketing offers customers a ‘bonus’ for coming to your company, such as with free giveaways or a chance to win a prize. Customers are drawn to the chance to win or be given something, so promotional marketing can create a loyal customer base by making offers that keep customers coming back. 8. Which of the following is an example of promotional marketing? a)Flash mob b)Direct calls c) Flyers d)Sweepstake entries with purchase Many marketing groups have created some sort of campaign where people can enter a sweepstakes in return for something such as a purchase or even shopping with a company. The more they shop/buy/invest in, the more entries they get.
Module Four: Review Questions 9. What was the complaint against the flash mob? a)It was fun b)It was boring c) It was inconsiderate d)It was interesting The flash mob had complaints and praise. People complained that it was inconsiderate. 10.What was the appeal of the flash mob to the CEO? a)High cost b)Low cost c) Low profile d)Easy targeting The CEO had a small budget. The low cost of the flash mob appealed to the CEO.
Module Five: The Marketing Mix
The marketing mix is also called the 4 Ps of marketing. The 4 Ps are product, price, place, and promotion. Each element of the marketing mix is linked to the others, and they all need to be carefully integrated and coordinated to be effective.
What really decides consumers to buy or not to buy is the content of your advertising, not its form. David Ogilvy
Product
Introduction Growth Maturity Decline
Price
Value based
• Customers willing to pay for the product
Cost based
• What the product actually costs to make
Promotion
Advertising
Selling
Publicity
Word of mouth
Place Where purchased 20% of cost Affects the price Method of delivery
Case Study Casey noticed an 18% decline in sales of printers after the first few years of business She decided to improve sales with marketing.
Casey doubled the marketing budget, but she did not see a significant ROI. She updated her product and used a value based pricing system. This lead to a 23% increase in sales.
Module Five: Review Questions 1.What should be done at the end of the life cycle? a)Increase the marketing b)Remove it from the market c)Close the business d)Change marketing tactics 2.Which of the following is true? a)Products always follow the life cycle b)Products never skip stages of the life cycle c) Products do not always follow the life cycle d)Products are not based on customer needs
Module Five: Review Questions 3.What is the risk of a high price? a)Discourage customers b)Increase demand c) Decrease production d)Loss of interest 4.What is value based pricing based on? a)Cost of production b)Profit c) Customer interest d)What a customer is willing to pay
Module Five: Review Questions 5.Which promotion would include a press release? a)Publicity b)Word of mouth c) Selling d)Advertising 6.What is promotion confused with? a)4 Ps b)Advertising c) Marketing d)Value
Module Five: Review Questions 7.How much of the cost does place make up? a)18% b)20% c) 23% d)25% 8.What does place affect? a)Marketing b)Product c) Promotion d)Price
Module Five: Review Questions 9.What was wrong with her price point? a)Value based b)Too high c) Cost based d)Too low 10.What was the improvement in sales after Casey made the necessary adjustments? a)23% b)18% c) 20% d)25%
Module Five: Review Questions 1.What should be done at the end of the life cycle? a)Increase the marketing b)Remove it from the market c)Close the business d)Change marketing tactics Products have a natural life cycle. When they reach the end of the cycle, they should be removed from the market. 2.Which of the following is true? a)Products always follow the life cycle b)Products never skip stages of the life cycle c) Products do not always follow the life cycle d)Products are not based on customer needs Products typically follow a life cycle. They do not always follow the life cycle, and they may skip stages of the life cycle.
Module Five: Review Questions 3.What is the risk of a high price? a)Discourage customers b)Increase demand c) Decrease production d)Loss of interest Pricing needs to be monitored carefully. A high price point may discourage customers. 4.What is value based pricing based on? a)Cost of production b)Profit c) Customer interest d)What a customer is willing to pay Value pricing is based on what the customer is willing to pay. This is driven by the supply and demand.
Module Five: Review Questions 5.Which promotion would include a press release? a)Publicity b)Word of mouth c) Selling d)Advertising All of the answers are methods of promotion. Publicity includes mentions in the press or online media. 6.What is promotion confused with? a)4 Ps b)Advertising c) Marketing d)Value Promotion is part of the marketing mix. The actions of promotion, however, may be confused with marketing.
Module Five: Review Questions 7.How much of the cost does place make up? a)18% b)20% c) 23% d)25% Place makes up a significant amount of the cost. It is typically 20% of the cost. 8.What does place affect? a)Marketing b)Product c) Promotion d)Price Place is costly. This has an impact on the price of the product in the marketing matrix.
Module Five: Review Questions 9.What was wrong with her price point? a)Value based b)Too high c) Cost based d)Too low Casey’s price point was too high. Customers did not value it highly, and they refused to pay that much. 10.What was the improvement in sales after Casey made the necessary adjustments? a)23% b)18% c) 20% d)25% The sales originally slipped by 18%. They increased by 23% after she made the necessary changes.
Module Six: Communicating the Right Way Communication is essential to successful marketing. Poor or unfocused communication will not help close a sale. Communication requires practice, understanding of value, and entertainment.
Bad human communication leaves us less room to grow. Rowan D. Williams
The Marketing Pitch Be concise Write it down Practice
Sell Value, Not the Price
1/3 buy on price
List strengths
Offer great service
Fun and Entertaining is Powerful
Catch interes t
Creates buzz
Super Bowl
Choosing the Right Media Television
Publications
Internet Social media
Expensive and the message may be ignored Reach your target market in specific publications Banner ads and SEO broaden the market Allows customers to follow and share
Case Study Nick did his homework and took time to study his target market and what they value Charts and graphs proving that his product would best meet the needs of his customers He was surprised when his sales were short of his projections by 15% Nick realized that the consumers found the competitor to be more memorable and entertaining.
Module Six: Review Questions 1.What is the purpose of the pitch? a)Create interest b)Close a sale c)Improve price d)Gain media 2.What is not useful in a pitch? a)Writing it down b)Practicing c) Too much information d)Making it short
Module Six: Review Questions 3.How many customers base their purchases on price? a)2/3 b)All c) 1/4 d)1/3 4.What must you understand to sell value? a)Price points b)Target market c) Market value d)Cost Price
Module Six: Review Questions 5.What are Super Bowl ads? a)Traditional b)Boring c) Entertaining d)Factual 6.What is the benefit of fun and entertaining communication? a)Catch and keep attention b)Not taken seriously c) Does not include facts d)Is not done often
Module Six: Review Questions 7.The media you choose depends on which of the following? a)Time b)Customer c) Place d)Entertainment 8.What is the drawback to social media? a)Nothing b)Small audience c) Expensive d)Requires maintenance
Module Six: Review Questions 9.How short were the sales from the projections? a)Half b)20% c) 15% d)25% 10.What was Nick missing from his communication? a)Research b)Fun c) Facts d)Charts
Module Six: Review Questions 1.What is the purpose of the pitch? a)Create interest b)Close a sale c)Improve price d)Gain media The pitch is an introduction to the company. The purpose is to create interest, which occurs when the pitch is done correctly. 2. What is not useful in a pitch? a)Writing it down b)Practicing c) Too much information d)Making it short A pitch should be short and concise. Too much information will make the sales pitch difficult to follow and cause potential customers to lose interest.
Module Six: Review Questions 3.How many customers base their purchases on price? a)2/3 b)All c) 1/4 d)1/3 Most customers do not base their purchases solely on price. The number of customers who rely solely on price is 1/3. 4.What must you understand to sell value? a)Price points b)Target market c) Market value d)Cost Price Different target markets have different values. It is necessary to understand the target market to provide value.
Module Six: Review Questions 5.What are Super Bowl ads? a)Traditional b)Boring c) Entertaining d)Factual Super Bowl ads are example of entertaining communication. Viewers discuss the ads during and after the Super Bowl. 6.What is the benefit of fun and entertaining communication? a)Catch and keep attention b)Not taken seriously c) Does not include facts d)Is not done often Fun and entertaining communication will catch and keep the attention of customers. It may include facts, and it is a technique used by different companies.
Module Six: Review Questions 7.The media you choose depends on which of the following? a)Time b)Customer c) Place d)Entertainment You must choose media that your customer uses. This requires an understanding of the target audience. The budget will also determine the media chosen. 8.What is the drawback to social media? a)Nothing b)Small audience c) Expensive d)Requires maintenance Television ads may be expensive. Social media is not expensive, but it does require constant maintenance.
Module Six: Review Questions 9.How short were the sales from the projections? a)Half b)20% c) 15% d)25% Nick studied his market carefully. Still, his sales were 15% below projection. 10.What was Nick missing from his communication? a)Research b)Fun c) Facts d)Charts Nick did careful research with charts and graphs. He was missing fun and entertainment in his communication.
Module Seven: Customer Communications
Communication is never oneway. What your customers communicate with you is just as important as what you communicate with them, if not more so. You need to listen to and value communication from customers.
You need to give customers what they want, not what you think they want. John Ilhan
Give Your Customers a Voice Feel like they matter Helps address problems Increase retention Improve branding
It’s Not About You, It’s About Them
Customers view
What they value
Feedback
Earn customers
Every Interaction Counts Manage the relationship Marketing opportunity Treated with respect Never waste an opportunity
Answer Questions Honestly Do not treat all complaints the same Communicate respectfully Lying will create distrust Personalized answers
Case Study Jane noticed a 27% drop in her sales after two years. Jane decided to observe her store on her days off.
She was appalled at what she saw. Employees either ignored customers or treated them like interruptions. She immediately, implemented an employee training program and after six months, her sales increased 25%.
Module Seven: Review Questions 1.What will happen if customers do not feel like they have a voice? a)Remain loyal b)Take business elsewhere c)They will not question the company d)They will not have any complaints 2.What is not a method of communication? a)Survey b)Interview c) Blog d)Focus groups
Module Seven: Review Questions 3.What should you advertise about the product? a)Price b)Importance c) How the company matters d)How life is improved 4.What do you need to do to communicate effectively in advertising? a)Connect with customers b)Monitor sales c) Blog d)Talk with employees
Module Seven: Review Questions 5.What will you risk if an interaction does not go well? a)Complaint b)Increased interest c) Losing customers d)Unstable price point 6.What training is needed to improve customer interactions? a)Customer service b)Branding c) Communication d)Monitoring
Module Seven: Review Questions 7.What do you need to do first to answer customer questions? a)Be honest b)Listen c) Be respectful d)Research 8.What happens if you are not honest in your answers? a)The customer is temporarily happy. b)Nothing c) Employees will tell the truth. d)Loss of trust
Module Seven: Review Questions 9.How much did sales slip for Jane? a)25% b)31% c) 27% d)29% 10.How long did it take for sales to improve with changes? a)3 months b)6 months c) 1 year d)2 years
Module Seven: Review Questions 1.What will happen if customers do not feel like they have a voice? a)Remain loyal b)Take business elsewhere c)They will not question the company d)They will not have any complaints A voice makes customers feel that they matter. Without a voice, they are likely to leave. 2. What is not a method of communication? a)Survey b)Interview c) Blog d)Focus groups A blog is communication to customers. The other answers provide a customer voice.
Module Seven: Review Questions 3.What should you advertise about the product? a)Price b)Importance c) How the company matters d)How life is improved Advertising should revolve around the company. Advertise how the product improves the lives of customers. 4.What do you need to do to communicate effectively in advertising? a)Connect with customers b)Monitor sales c) Blog d)Talk with employees In order to communicate with customers, it is important to connect with them. This creates an understanding that allows you to create effective advertising.
Module Seven: Review Questions 5.What will you risk if an interaction does not go well? a)Complaint b)Increased interest c) Losing customers d)Unstable price point Every interaction with a customer is important. Poor interactions will cause businesses to lose customers. 6.What training is needed to improve customer interactions? a)Customer service b)Branding c) Communication d)Monitoring Every interaction with customers affects your brand. Employees need to be trained in customer service to improve interactions.
Module Seven: Review Questions 7.What do you need to do first to answer customer questions? a)Be honest b)Listen c) Be respectful d)Research Before you can give an answer, you need to listen to the question. Do not treat all questions like they are the same. 8.What happens if you are not honest in your answers? a)The customer is temporarily happy. b)Nothing c) Employees will tell the truth. d)Loss of trust Always communicate honestly. A loss of trust occurs if an employee realizes that you lied.
Module Seven: Review Questions 9.How much did sales slip for Jane? a)25% b)31% c) 27% d)29% After 2 years, Jane’s sales began to slip. They dropped 27%. 10.How long did it take for sales to improve with changes? a)3 months b)6 months c) 1 year d)2 years Sales dropped after two years. They improved after 6 months when the changes were implemented.
Module Eight: Marketing Goals
Marketing goal provide the direction of your marketing campaign. Without goals, it is impossible to know what needs to be done. Goals need to be long-term, broad, and provide aspirations for what you want to achieve through marketing.
Setting goals is the first step in turning the invisible into the visible. Tony Robbins
Brand Switching
Increase market share New product Not easily swayed Listen to customers
Repeat Purchases Essential for business
Cheaper than new customers
Loyalty programs
Customer service
Direct communication
Brand Loyalty
Brand Champions
• Draft them • Interact with them • Give them perks • Listen to them
Inform and Educate Webcast Social media Newsletters White papers
Case Study Customers were switching to online news magazines, so Hank decided to create an e-zine. He expected a smooth transition, but customers complained and he lost 12% His mentor told him to market the benefits of the changes. He was not able to retain all of his customers, but he was able to gather new ones.
Module Eight: Review Questions 1.What is the shift from store to online movie rentals an example of? a)Brand shifting b)Brand loyalty c)Repeat purchases d)Education Brand shifting occurs when the product is changed to something similar. The change to online movies is an example of brand shifting. 2.When does brand shifting occur? a)At the beginning of the life cycle b)In the middle of the life cycle c) At the end of the life cycle d)Before the life cycle Brand shifting is a change in product to keep it relevant. This needs to take place at the end of the life cycle.
Module Eight: Review Questions 3.What will you spend more money on? a)Repeat customers b)Social media c) Giveaways d)New customers More money is spent on advertising for new customers than repeat customers. Marketing to repeat customers is more cost effective. 4.What will make up the majority of sales? a)Online sales b)Repeat customers c) Physical sales d)New customers Repeat customers make up the majority of sales. Therefore, an effort must be made to market to customers.
Module Eight: Review Questions 5. What do customers who repeat purchases exhibit? a)Brand Switching b)Informing c) Brand loyalty d)Educating Brand loyalty is shown in the actions and behaviors of customers. Repeat purchases signals brand loyalty. 6. What do brand champions provide? a)Word of mouth marketing b)Direct marketing c) Inbound marketing d)Active marketing Brand champions provide word of mouth marketing. This is low cost marketing that improves the brand.
Module Eight: Review Questions 7.Content needs to be ______. a)New b)Relevant c) Educational d)Fun Content needs to be relevant to inform and educate customers. It also needs to be well written. 8.What will divide information for customers? a)Titles b)Graphs c) Charts d)Subheadings It is important to divide information in informative content. Subheadings will help divide the information.
Module Eight: Review Questions 9.What percentage of customers did Hank lose after the announcement? a)None b)18% c) 12% d)15% Hank’s customers complained about the change. This caused a loss of 12%. 10.What benefit could Hank provide customers with the shift? a)New content b)Decreased price c) Increased content d)Increased price The cost of publication would go down. This allows Hank to decrease the price.
Module Nine: The Marketing Funnel Market funnels are traditional tools used by marketers. The marketing funnel contains the stages that a customer takes on the way to purchase your product. The funnel may vary slightly, but there are basic stages in the AIDA funnel that remain the same.
Don’t be afraid to get creative and experiment with your marketing. Mike Volp
Awareness First stage Customer becomes aware of product Word of mouth Positive experiences
Interest Advertise benefits Show advantages over competition Show how it will solve problems
Desire
Aspire to own Convince brand will satisfy Offer incentives Offer samples
Action Purchase occurs Calls to action Coupons Subscriptions
Case Study The CEO of Time Corp was curious about the marketing funnel He noticed that fewer customers were taking action, even if they showed interest and desire He realized that there was no call to action to lead customers through the process He began offering incentives, both physically and on social media
Module Nine: Review Questions 1.How can customers create awareness? a)Advertising b)Word of mouth c)Communication d)Discovery 2.What is awareness? a)Interest in the product b)Purchasing c) Knowing the product is necessary d)Introduction to a product
Module Nine: Review Questions 3.What is not included in the value proposition? a)Benefits b)Problem solving c) Pricing d)Advantage over competition 4.Interest must be ________. a)Active b)Passive c) New d)Established
Module Nine: Review Questions 5.What will establish desire? a)The brand is satisfying b)Educate customers c) Use large letters on ads d)Brand switching 6.What can be done to increase desire? a)Advertising b)Graphs and charts c) Offer demonstrations d)Subscriptions
Module Nine: Review Questions 7.What is the most common mistake that marketers make? a)Provide benefits b)Ignore call to action c) Establish value proposition d)Offer call to action 8.Who leads a customer to take action? a)Customer b)Employees c) CEOs d)Marketer
Module Nine: Review Questions 9.What was missing from the funnel? a)Interest b)Desire c) Call to action d)Awareness 10.How did the changes affect action? a)Increase by 38% b)Decrease by 38% c) Increase by 62% d)Decrease by 62%
Module Nine: Review Questions 1.How can customers create awareness? a)Advertising b)Word of mouth c)Communication d)Discovery Customers play an important role in raising awareness. They provide word of mouth advertising to potential customers. 2.What is awareness? a)Interest in the product b)Purchasing c) Knowing the product is necessary d)Introduction to a product Awareness is the first step in the funnel. It is the way a customer is introduced to the product.
Module Nine: Review Questions 3. What is not included in the value proposition? a)Benefits b)Problem solving c) Pricing d)Advantage over competition Pricing may be included as an advantage. Pricing, however, is not always necessary for a value proposition. 4. Interest must be ________. a)Active b)Passive c) New d)Established The second phase of the marketing funnel is interest. At this stage, the customer must show active interest.
Module Nine: Review Questions 5.What will establish desire? a)The brand is satisfying b)Educate customers c) Use large letters on ads d)Brand switching Desire needs to be established in the marketing funnel. Convincing people that the brand is satisfying helps establish desire. 6.What can be done to increase desire? a)Advertising b)Graphs and charts c) Offer demonstrations d)Subscriptions Demonstrations allow customers to see how the brand will satisfy their needs. This will increase desire.
Module Nine: Review Questions 7.What is the most common mistake that marketers make? a)Provide benefits b)Ignore call to action c) Establish value proposition d)Offer call to action The final stage of the funnel requires a call to action. Ignoring the call to action is the most common mistake that marketers make. 8.Who leads a customer to take action? a)Customer b)Employees c) CEOs d)Marketer Marketers lead customers to take action with calls to action. CEOs and employees may or may not be marketers.
Module Nine: Review Questions 9.What was missing from the funnel? a)Interest b)Desire c) Call to action d)Awareness The research revealed poor action. The call to action was missing. 10.How did the changes affect action? a)Increase by 38% b)Decrease by 38% c) Increase by 62% d)Decrease by 62% The changes affected action. Action increased by 38%.
Module Ten: Marketing Mistakes (I) Marketing is essential for driving your business. Done correctly, marketing will increase sales and improve customer relationships. This is why it is so important to avoid the common mistakes that people make when marketing.
The most common trouble with advertising is that it tries too hard to impress people. James Randolph Adams
Not Taking Social Media Seriously Without it, you will not be able to maintain contact with customers Needs to be updated and monitored carefully Not responding to customers harms customer relationships Lacking consistency between platforms will create doubt
Not Having a USP What are the unique factors of your brand?
Which factors separate you from the competition?
Which factors are important to your customers?
Cross Cultural and International Translations
Mistranslations
Inaccuracies
Be aware of where your product goes
Not Building a Relationship
Know the customer Regular contact Respond to emails As an individual
Case Study Betty decided to create social media accounts for her jewelry business Small business owner who could only afford one employee She had little time to manage the social marketing platforms She decided to delegate some of the responsibility to him
Module Ten: Review Questions 1.Why is it necessary to be aware of mistakes? a)Avoid them b)Point them out c)Notice them d)Repeat them 2.Not monitoring social media is which type of mistake? a)No presence b)One-sided communication c) Set it and forget it d)Inconsistency
Module Ten: Review Questions 3.What is not a question that helps you create a USP? a)What are the unique factors? b)Which factors matter to customers? c) Which factors separate you from the competition? d)What are the price factors? 4.What is the final step to UPS? a)Discover uniqueness b)Choose media and share c) Answer questions d)Create a message
Module Ten: Review Questions 5.What will result in translation mistakes besides mistranslations? a)Nothing b)Names c) Colloquialism d)History 6.What will increase from mistaken cross cultural translations? a)Expense b)Interest c) Purchases d)Value
Module Ten: Review Questions 7.What do relationships create? a)Dialogue b)Trust c) Profit d)Communication 8.What builds relationships? a)Trust b)Profit c) Information d)Dialogue
Module Ten: Review Questions 9.How many followers did Betty lose? a)3 b)10 c) 5 d)7 10.What made social media difficult? a)Lack of interest b)Lack of time c) Too many posts d)Too many employees
Module Ten: Review Questions 1.Why is it necessary to be aware of mistakes? a)Avoid them b)Point them out c)Notice them d)Repeat them Many mistakes are common. Being aware of them helps you avoid them. 2.Not monitoring social media is which type of mistake? a)No presence b)One-sided communication c) Set it and forget it d)Inconsistency Social media marketing cannot function with a set it and forget it approach. It requires careful monitoring and planning.
Module Ten: Review Questions 3.What is not a question that helps you create a USP? a)What are the unique factors? b)Which factors matter to customers? c) Which factors separate you from the competition? d)What are the price factors? Price factors are not used to create a USP. The answers to the other questions will create a USP. 4.What is the final step to UPS? a)Discover uniqueness b)Choose media and share c) Answer questions d)Create a message Answering questions determines unique qualities. These are used to create a message. The final step is choosing media and sharing.
Module Ten: Review Questions 5.What will result in translation mistakes besides mistranslations? a)Nothing b)Names c) Colloquialism d)History Translations may not consider local colloquialism. This will alter the meaning of words to customers. 6.What will increase from mistaken cross cultural translations? a)Expense b)Interest c) Purchases d)Value Cross cultural translations can affect a campaign. Correcting them can be expensive.
Module Ten: Review Questions 7. What do relationships create? a)Dialogue b)Trust c) Profit d)Communication Relationships are essential to the marketing success. Relationships build trust. 8. What builds relationships? a)Trust b)Profit c) Information d)Dialogue Communication and dialogue build relationships. Relationships build trust.
Module Ten: Review Questions 9.How many followers did Betty lose? a)3 b)10 c) 5 d)7 Betty began to lose followers over time. She lost a total of 5 followers. 10.What made social media difficult? a)Lack of interest b)Lack of time c) Too many posts d)Too many employees Betty was a very busy business owner. Lack of time contributed to her problem.
Module Eleven: Marketing Mistakes (II)
There are many different marketing mistakes, but the information in these modules should help you avoid them. The key to successful marketing is being aware of common pitfalls and understanding how to avoid them.
Any man can make mistakes, but only an idiot persists in error. Marcus Tullius Cicero
Not Having a Plan Target market Unique aspects Establish price Communicate and brand Methods of distribution
Aiming at Everyone Impossible to please everyone
Targeted marketing
Grow the company faster
Not Tracking Metrics Do not assume Leads Conversation rate Cost per lead ROI
Not Listening to Your Customers
Undivided attention Key words Do not make assumptions Rephrase for clarity
Case Study Jeremy opened a dollar store that he was certain would benefit everyone He aimed his marketing at everyone
His accountant informed him that he had little ROI from his marketing budget He adjusted his marketing to suit the target market and saw a return on his investment
Module Eleven: Review Questions 1.What needs to be established before using a marketing campaign? a)Metrics b)Plan c)Communication d)Trust Plans are necessary for marketing. Not having a marketing plan is a common mistake. 2.What is true of marketing plans? a)They must always be followed b)They are not necessary c) They may be altered d)Lacking one cannot be remedies Marketing plans may not always be accurate. They may be altered over time.
Module Eleven: Review Questions 3.Which of the following is more effective marketing? a)Target market b)Broad audience c) Aim everyone d)All are effective Target markets are the most effective marketing campaigns. Broad markets are less effective. 4.Why do people choose to aim their marketing at everyone? a)Desire to expand the market b)Advice of customers c) Giving in to pressure d)Fear of not reaching customers Marketers should not aim their efforts at everyone, but they still do. The fear of not reaching customers causes this mistake.
Module Eleven: Review Questions 5. What should you do with metrics? a)Alter the marketing plan b)Discuss sales c) Maintain the marketing plan d)Discuss product changes Metrics show which plans are successful. They allow you to alter the marketing plan as needed. 6. What is true of metric monitoring? a)The same metrics are always monitored b)They do not provide useful information c) They vary based on media and platforms d)They are not important Metrics need to be monitored. The exact metrics that require monitoring will vary based on media and platforms used for the marketing.
Module Eleven: Review Questions 7.What is necessary to improve marketing? a)Hearing b)Listening c) Research d)Information There is a difference between marketing and listening. Listening provides insight that will improve marketing. 8.What will improve clarity when listening? a)Interruption b)Assumption c) Emotions d)Rephrasing Rephrasing will improve clarity when listening. Repeating information will also improve clarity.
Module Eleven: Review Questions 9. What rationale did Jeremy use to justify marketing to everyone? a)There was no rationale b)He wanted as many customers as possible c) Everyone wants to save money d)He based it on the ROI Jeremy opened a dollar store. He reasoned that everyone was his market because everyone wants to save money. 10.How long did it take Jeremy to realize his mistake? a)1 year b)1 month c) 6 months d)3 months Jeremy did not monitor his metrics and assumed success. His accountant informed him of the mistake after a year.
Module Twelve: Wrapping Up Although this workshop is coming to a close, we hope that your journey to improve your Marketing skills is just beginning. Please take a moment to review and update your action plan. This will be a key tool to guide your progress in the days, weeks, months, and years to come. We wish you the best of luck on the rest of your travels!
Money never starts an idea; it is the idea that starts the money. William J Cameron
Words from the Wise Seth Godin Nicolas Roeg Joe Pulizzi
• Don’t find customers for your products; find products for your customers.
• Marketing is a very good thing, but it shouldn't control everything. It should be the tool, not that which dictates.
• Word-of-Mouth marketing has always been important. Today, it is more important than ever because of the power of the internet.