Small Business: Test 2, Chapter 9

Unconventional, low-cost, creative techniques, that allow a company to wring a big "bang" from its marketing bucks.

~Pinpoint the target markets a company will serve. ~Determine customers needs, wants, and characteristics through market research. ~Analyze a company's competitive advantages and build a marketing strategy around them. ~Create a marketing mix that meets customer needs and wants.

First step: identify the company's target market, the group of customers at whom the company aims its products or services. the more the company knows about its target market, the more precisely it can focus its marketing efforts. Key: unterstanding target customers' unique needs, wants, and preferences. Opportunity: increasing diversity of US population. target customer must permeate the entire business.

The vehicle for gathering the information that serves as the foundation for the marketing plan. ~define the objective. ~collect the data ~analyze and interpret the data. ~put the information to work.

Individualized (one-to-one) marketing: a system of gathering data on individual customers and then developing a marketing plan designed specifically to appeal to their needs, tastes, and preferences. Much valuable information about customers is already hidden inside companies; the key in mining it!

A process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so business owners can make better marketing decisions and predictions about customers’ behavior.

—Involves developing, maintaining, and managing long-term relationships with customers so that they will keep coming back to make repeat purchases. —Steps: —Build database of customer information —Identify best and most profitable customers —Develop lasting relationships with these customers —Attract more customers like them

-Find a niche and fill it -Use the power of publicity

—Write an article —Sponsor an event —Involve celebrities “on the cheap” —Publish a newsletter —Speak —Sponsor a seminar —Write press releases —Serve on community boards —Promote a cause

Don't just sell; entertain - "entertailing"

—Principles: —Sponsor events that attract your target customers —Let customers interact with your products —Use technology creatively —Remember: the goal is to sell

—Strive to be unique —Differentiate your company: Quiplip —Connect with customers on an emotional level —Goal: “Fansumers” —Innocent Drinks —USP

—Key customer benefit that sets a company, its products, and its services apart from the competition. —Answers THE critical question: “What’s in it for me?” —No more than 10 words. —Note trend towards “green” products —BabyGanics

—Create an identity for your business through branding —Communicate your company’s USP to its target customers in a consistent and integrated manner —A company’s “face” in the marketplace

~ Building a brand involves making a promise
to customers in the form of a unique selling
proposition (USP) and then delivering on it. ~ Use threshold, performance, and excitement attributes to identify proof points (“reasons for customers to believe”) that support your company’s USP. ~ Threshold Attributes benefits that customers expect from a brand ~ Performance Attributes benefits that your brand can offer customers that are superior to those that your competitors offer ~ Excitement Attributes benefits that customers get excited about and that have the capacity to differentiate your company ‘s brand from all others