Chapter 8 Guerrilla Marketing Plan

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Building a Powerful Marketing Plan : 

Chapter 8: Guerrilla Marketing Plan 1 Building a Powerful Marketing Plan

Building a Guerrilla Marketing Plan : 

Chapter 8: Guerrilla Marketing Plan 2 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. D&B Study Just 1 in 5 small companies creates a strategic marketing plan. Most common sales method: Walk-in traffic.

Building a Guerrilla Marketing Plan : 

Chapter 8: Guerrilla Marketing Plan 3 Building a Guerrilla Marketing Plan Guerrilla marketing strategies Unconventional, low-cost creative marketing techniques that allow a small company to wring more bang from its marketing bucks than do larger rivals. Do not have to spend large amounts of money to be effective

A Guerrilla Marketing Plan : 

Chapter 8: Guerrilla Marketing Plan 4 A Guerrilla Marketing Plan Pinpoints the specific target markets the company will serve. Determines customer needs and wants through market research. Analyzes a firm’s competitive advantages and builds a marketing strategy around them. Creates a marketing mix that meets customer needs and wants.

Pinpointing the Target Market : 

Chapter 8: Guerrilla Marketing Plan 5 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 clear definition of a company’s target customers. Mass marketing techniques no longer work.

Pinpointing the Target Market : 

Chapter 8: Guerrilla Marketing Plan 6 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 almost no one!

Market Research : 

Chapter 8: Guerrilla Marketing Plan 7 Market Research 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

Market Research : 

Chapter 8: Guerrilla Marketing Plan 8 Market Research How to Conduct Market Research: Define the problem. Collect the data. Individualized (one-to-one) marketing Data mining Analyze and interpret the data. Draw conclusions and act.

Relationship Marketing(Customer Relationship Management) : 

Chapter 8: Guerrilla Marketing Plan 9 Relationship Marketing(Customer Relationship Management) 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) : 

Chapter 8: Guerrilla Marketing Plan 10 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. Stay in contact with customers between sales.

Guerrilla Marketing Strategies : 

Chapter 8: Guerrilla Marketing Plan 11 Guerrilla Marketing Strategies Find a niche and fill it. Don’t just sell; entertain. “Entertailing” Strive to be unique. Connect with customers on an emotional level. Build trust Define a unique selling proposition (USP)

Unique Selling Proposition : 

Chapter 8: Guerrilla Marketing Plan 12 Unique Selling Proposition A key customer benefit of a product 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.

Guerrilla Marketing Strategies : 

Chapter 8: Guerrilla Marketing Plan 13 Start a blog. Focus on the customer. Guerrilla Marketing Strategies Create an identity for your business through branding.

Focus on the Customer : 

Chapter 8: Guerrilla Marketing Plan 14 67 percent of customers who stop patronizing a business do so because an indifferent employee treated them poorly. 96 percent of dissatisfied customers never complain about rude or discourteous service, but... 91 percent will not buy from that business again. 100 percent will tell their “horror stories” to at least nine other people. 13 percent of those unhappy customers will tell their stories to at least 20 other people. Focus on the Customer

Focus on the Customer : 

Chapter 8: Guerrilla Marketing Plan 15 Focus on the Customer Treating customers indifferently or poorly costs the average company from 15% percent to 30 percent of gross sales! Replacing lost customers is expensive; it costs seven to nine times as much to attract a new customer as it does to sell to an existing one! About 70 percent of a company’s sales come from existing customers. Because 20 percent of a typical company’s customers account for about 80 percent of its sales, no business can afford to alienate its best and most profitable customers and survive!

Focus on the Customer : 

Chapter 8: Guerrilla Marketing Plan 16 Focus on the Customer 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?

Guerrilla Marketing Strategies : 

Chapter 8: Guerrilla Marketing Plan 17 Be devoted to quality: Guerrilla Marketing Strategies Study: 60 percent of customers who change suppliers do so because of problems with a company’s products or services. World-class companies treat quality as a strategic objective, an integral part of the 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? : 

Chapter 8: Guerrilla Marketing Plan 18 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? : 

Chapter 8: Guerrilla Marketing Plan 19 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)

Guerrilla Marketing Strategies : 

Chapter 8: Guerrilla Marketing Plan 20 Pay attention to convenience: Guerrilla Marketing Strategies 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?

Attention to Convenience : 

Chapter 8: Guerrilla Marketing Plan 21 Attention to Convenience 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?

Guerilla Marketing Strategies: Concentration on Innovation : 

Chapter 8: Guerrilla Marketing Plan 22 Guerilla Marketing Strategies: 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.

Guerilla Marketing Strategies: Emphasis on Speed : 

Chapter 8: Guerrilla Marketing Plan 23 Guerilla Marketing Strategies: 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 percent of the time required to produce products or services!

Emphasis on Speed : 

Chapter 8: Guerrilla Marketing Plan 24 Emphasis on Speed 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. Rethink the supply chain. Instill speed in the company culture. Use technology to find shortcuts wherever possible. Put the Internet to work for you.

The Marketing Mix : 

Chapter 8: Guerrilla Marketing Plan 25 The Marketing Mix Product Place Price Promotion

Stages in the Product Life Cycle : 

Chapter 8: Guerrilla Marketing Plan 26 Stages in the Product Life Cycle Introductory stage Growth and acceptance stage Maturity and competition stage Market saturation stage Product decline stage High Costs Profits Peak Sales Peak Sales & Profits Fall

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