Building A Powerful Marketing Plan

Copyright © 2014 Pearson Education, Inc.
Publishing as Prentice Hall

Building a
Guerrilla Marketing Plan
 Marketing
 The process of creating and delivering desired
goods and services to customers.
 Involves all of the activities associated with
winning and retaining loyal customers.
 A solid business plan needs to contain both a
financial plan and a marketing plan.
Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Building a
Guerrilla Marketing Plan
Guerrilla marketing strategies:
► Are unconventional, low-cost, and
creative marketing techniques that allow
a small company to realize a greater
return from its marketing investment than
do larger rivals.
► Do not require large amounts of money
to be effective – just creativity.

A Guerrilla Marketing Plan
1. Pinpoints the specific target markets the
company will serve.
2. Determines customer needs and wants
through market research.
3. Analyzes a firm’s competitive advantages
and creates a marketing strategy to build a
competitive edge.
4. Helps to create a marketing mix that meets
customer needs and wants.

Pinpointing the
Target Market
 One objective of market research: Pinpoint
the company's target market, the specific
group of customers at whom the company
aims its products or services.
 Marketing strategy must be built on a clear
definition of a company’s target customers.

Pinpointing the
Target Market
 Target customer must permeate the entire
business – merchandise sold, background
music, layout, décor, and other features.
 Without a clear image of its target market,
a small company tries to reach almost
everyone and ends up appealing to few.

Market Research
 Determining customer needs.
 Demographics
 Market research is the vehicle for gathering the
information that serves as the foundation for the
marketing plan.
 Never assume that a market exists for your
company’s product or service; prove it!
 Market research does not have to be time
consuming, complex, or expensive to be useful.
 Web-based market research – online surveys
 Trend-tracking

Tracking Trends
 Read many diverse current publications
 Watch the top 10 TV shows
 See the top 10 movies
 Talk to at least 150 customers a year
 Talk with the 10 smartest people you know
 Listen to your children and their friends

Market Research
How to Conduct Market Research:

1. Define the objective.
2. Collect the data.
 Individualized (one-to-one) marketing
 Primary research
 Secondary research

Market Research (continued)
How to Conduct Market Research:

1. Define the problem.
2. Collect the data.
 Individualized (one-to-one) marketing
 Data mining
3. Analyze and interpret the data.

4. Draw conclusions and act.

Relationship Marketing
(Customer Relationship Management)
In addition to the text
Involves developing and maintaining long-

term relationships with customers so that
they will keep coming back to make repeat
purchases.

Relationship Marketing
(Customer Relationship Management)
Steps:
 Collect meaningful customer information and
compile it in a database.
 Mine the database to identify “best” customers.
 Use the information to develop lasting
relationships with “best” customers.
 Attract more customers who fit the “best”
customer profile.

The Relationship Marketing Process
If you have done everything
else correctly, this step is
relatively easy. Superb
Analyze
customer service is the
best way to retain Sell,
your most valuable
customers. Service, Conduct detailed customer intelligence to
& Satisfy pinpoint most valuable customers and to
learn all you can about them, including
their lifetime value (LTV) to the company.
Build
Connect
Relationships
&
Collect
Based on what you have
learned, contact customers
Make contact with most valuable customers
with an offer designed for
them. Make customers feel
Learn and begin building a customer database
special and valued. using data mining and data warehousing
techniques.
Learn from your customers by encouraging

feedback from them; develop a thorough
customer profile and constantly refine it. In addition to the text
Steps in CRM
 Collect meaningful information on existing

customers and compile it in a database.
 Mine the database to identify the company’s
best and most profitable customers and their
buying habits.
 Use the information to establish lasting
relationships with these customers.
 Attract more customers who fit the profile of the
company’s best customers.

Four Levels of Customer Sensitivity
Level 4: Customer Partnership
Level 3: Customer Alignment
Level 2: Customer Sensitivity
Level 1: Customer Awareness

Guerrilla Marketing Principles
 Find a niche and fill it.
 Use the power of publicity
 Don’t just sell; entertain!
 “Entertailing”
 Strive to be unique.

Guerrilla Marketing Principles (continued)
 Connect with customers on an emotional

level.
 Build trust
 Define a unique selling proposition (USP)

Unique Selling Proposition
 A key customer benefit of a product or
service that sets it apart from its
competition.
 Answers key customer question: “What’s in
it for me?”
 Consider intangible or psychological
benefits as well as tangible ones.
 Communicate your USP to your
customers often.
Branding and a USP

(continued)
 Create an identity for your business

through branding.

Building a Brand In addition to the text
High
“Antes” “Drivers”
Features that are important Features that are both
to customers but all important to customers and are
competitors provide them highly differentiated from those
of competitors
Every company in the
market must “ante up” on These are the attributes on
Relevance
these features. which a company must focus to

build its brand.1
“Neutrals” “Fool’s Gold”

Features that are irrelevant to Features that are unique to
customers your company but do not drive
customers’ loyalty to your
These features are useless product and services
when it comes to branding.
Don’t make the mistake of
trying to build a brand on
Low these features!
Low Differentiation High

Copyright
Source: Adapted from “What Really Matters in Building a Brand,” © 2014Quarterly,
The McKinsey Pearson Education,
May Inc. Publishing as Prentice Hall
2004, www.mckinseyquarterly.com/newsletters/chartfocus/2004_05.htm

through branding.
 Embrace social marketing.

Social Media Used as
Marketing Tools

Embrace Social Marketing
 Social networks sites, such as Facebook,
LinkedIn, and Twitter, allow entrepreneurs
to connect with potential and existing
customers at little or no cost.
 44% of entrepreneurs use social media to
connect with existing and potential
customers.

Benefits of Social Media
Marketing


through branding.
 Embrace social networking.
 Start a blog.

Blogging
 Nearly 134 million people in the U.S. read
blogs and 39% of companies use blogs as
part of their marketing strategies.
 Economical and effective online
communication.
 Blog Guidelines:
► Be honest, balanced, and interesting.
► Post blog entries consistently so that
readers have a reason to return.
► Ask customers for feedback.

Blogging
(continued)
► Strive to cultivate the image of an expert

or a trusted friend on a topic that is
important.
► Use services such as Google Alerts that
scan the Web for a company’s name and
send e-mail alerts when they find posts.
► Promote the blog via e-mail and
promotional Web Sites.


through branding.
 Start a blog.
 Create online videos.

Online Videos
 YouTube reports that visitors view 3 billion
videos per day.
 Online video guidelines:
► Think “edutainment.”
► Be funny.
► Post videos on multiple social media sites.
► Involve customers.
► Keep it short.


through branding.
 Start a blog.
 Host a special event.
 Focus on customer satisfaction.

Focus on Customer
Satisfaction
Surveys show 79% of unhappy customers tell
others about their experiences.
48% of shoppers say they won’t patronize stores
where they know others have had negative
experiences.
For every complaint a company receives, 17
other complaints go unspoken.
Disgruntled customers often post their
experiences online.
80% of shoppers have changed their
minds about a purchase after reading
negative information online.
Focus on Customer
Satisfaction
To achieve stellar customer service and
customer satisfaction:
►Examine your company’s service cycle
►Set standards and measure performance
►See customer complaints as a mechanism

for improving customer service
►Listen to customers
►Define superior service

Focus on Customer
Satisfaction
► When you create a negative customer
experience, apologize and fix it – fast
► Empower employees to offer superior
service
► Train employees to deliver superior
service
► Hire the right employees
► Get top managers’ support

Focus on Customer
Satisfaction
► Treat employees with respect and show them
how valuable they are
► Use technology to provide improved
experience
► View customer service as an investment, not
an expense
► Reward superior service
► Give customers an unexpected
surprise

Principles of Customer Experience Management (CEM)
Every customer interaction should be:
•• Intimate
Intimate
•• Personal
Personal
•• Consistent,
Consistent,courteous,
courteous,and
andprofessional
professional
•• Responsive
Satisfied,
Satisfied,
Responsive
loyal,
loyal,
•• Helpful
Helpfulinformation
informationand
andadvice
advice repeat
repeat
•• Involvement
Involvementof
ofcaring,
caring,well-trained
well-trainedpeople
people (and
(andprofitable)
profitable)
•• Long-term
Long-termrelationship
relationshipview
view customers
customers
•• Emphasis
Emphasison onsustaining
sustainingan
anongoing
ongoing
relationship
relationship
•• Nurturing
Nurturingthe
thecompany/customer
company/customerrelationship
relationship
Source: Adapted from “Wake-Up Call: To Fix CRM, Fix
the Customer Experience Now!, BearingPoint White
Paper (www.bearingpoint.com, Fall 2005, p. 5.


through branding.
 Start a blog.
 Retain existing customers.
Retain Existing Customers
 A company must land 12 to 20 new
customers to offset the impact of one lost
loyal customer!
 Research shows that repeat customers
spend 67% more than new customers.
 Attracting new customers costs the
typical business seven to nine times
as much as keeping existing customers.
 Practice customer experience management.

Retain Existing Customers
(continued)
Companies that are successful at retaining their

customers constantly ask themselves (and their
customers) four questions:
1. What are we doing right?
2. How can we do that even better?
3. What have we done wrong?
4. What can we do in the future?


through branding.
 Start a blog.
 Retain existing customers.
 Be devoted to quality.

Devotion to Quality
 World-class companies treat quality as a
strategic objective, an integral part of company
culture.
 The philosophy of Total Quality Management
(TQM):
► Quality in the product or service itself.
► Quality in every aspect of the business and its
relationship with the customer.
► Continuous improvement in quality.

How Do Americans Define
Quality in a Product?
 Reliability (average time between
breakdowns)
 Durability (how long an item lasts)
 Ease of use
 Known or trusted brand name
 Low price

How Do Americans Define
Quality in a Service?
 Tangibles - equipment, facilities, people
 Reliability - doing what you say you will do
 Responsiveness - promptness
in helping customers
 Assurance and empathy -
conveying a caring attitude

 Create an identity for your business through

branding.
 Start a blog.
 Retain existing customers
 Be devoted to quality.
 Pay attention to convenience.

Attention to Convenience
Successful companies go out of their way to make
sure it’s easy for customers to do business with them.
Questions to ask:
►Is your business conveniently located near
customers?
►Are your business hours suitable to your customers?
►Would customers appreciate pickup and delivery
services?
►Do you make it easy for customers to buy on credit
or with credit cards?
►Do your employees treat customers with courtesy?

Attention to Convenience
(continued)
► Are your employees trained to handle business
transactions quickly, efficiently, and politely?
► Does your company offer “extras” that would
make customers’ lives easier?
► Can you bundle existing products to make it
easier for customers to use them?
► Can you adapt existing products to make them
more convenient for customers?
► Does your company handle telephone calls
quickly and efficiently?

 Concentrate on innovation.

Concentration on Innovation
 Innovation
 The key to future success.
 One of the greatest strengths of
entrepreneurs. It shows up in the new
products, techniques, and unusual
approaches they introduce.
 Entrepreneurs often create new products
and services by focusing their efforts on one
area and by using their size and flexibility to
their advantage.

(continued)
 Concentrate on innovation.
 Emphasize speed.

Emphasis on Speed
 Use principles of time compression
management (TCM):
► Speed new products to market
► Shorten customer response time in
manufacturing and delivery
► Reduce the administrative time required to fill
an order.
 Study: Most businesses waste
85 to 99% of the time required
to produce products or services!

Emphasis on Speed
(continued)
 Re-engineer the process rather than try to

do the same thing - only faster.
 Create cross-functional teams of workers
and empower them to attack and solve
problems.
 Set aggressive goals for
production and stick to
the schedule.

Emphasis on Speed
(continued)
 Rethink the supply chain.

 Instill speed in the company culture.
 Use technology to find shortcuts wherever
possible.
 Put the Internet to work for you.


Building A Powerful Marketing Plan

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Building A Powerful Marketing Plan

Uploaded by

Copyright:

Available Formats

Copyright © 2014 Pearson Education, Inc.

Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

How to Conduct Market Research:

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

How to Conduct Market Research:

3. Analyze and interpret the data.

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Involves developing and maintaining long-

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Learn from your customers by encouraging

 Collect meaningful information on existing

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Level 4: Customer Partnership

Level 3: Customer Alignment

Level 2: Customer Sensitivity

Level 1: Customer Awareness

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Connect with customers on an emotional

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

these features. which a company must focus to

“Neutrals” “Fool’s Gold”

Low Differentiation High

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

► Strive to cultivate the image of an expert

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

►Set standards and measure performance

►See customer complaints as a mechanism

►Define superior service

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

► Get top managers’ support

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

Companies that are successful at retaining their

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall

 Create an identity for your business

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall