In this episode Kenny Salas interviews expert Hamlet Azarian about the basics of Marketing, the 4 P’s of Marketing, how to create a Marketing plan, and recommends some free Marketing tools.
Getting Started on Your Marketing Plan Show Notes
What is marketing?
The management process through which goods and services move from concept to the customer.
4 P’s of Marketing
- Promotion- encouraging the sale of a good or service to their target market
- Product- an article or substance that is manufactured or refined for sale.
- Place- Physical location of business
- Price- Perceived value to the customer
Steps to Creating a Marketing Plan
Step 1: Do a SWOT Analysis
- What are your Strengths?
- What are your Weaknesses?
- What are the Opportunities?
- What are the Threats?
Step 2: How are you different?
Step 3: Define a customer persona
- Demographics: age, gender, income
- Psychographics: fears, habits, values, aspirations (getting to know how they think)
Step 4: Establish business goals
Step 5: Set your budget
- Your time involved. You’re your own marketing agency
- Your own PR Agency (Local paper, local small business development centers, getting your business out there)
- An offer or special item to promote your product
- Seeking Influencers
- They can amplify your audience sphere.
- Having them promote your business.
- What have they historically promoted?
- What are the things they have done?
Low Cost Digital Marketing
- First, make sure your website is compatible with Google Analytics
- Build online presence(social media, FB, yelp)
- Apps use:
- Email-Mailchimp (Free): Google analytics (Free), Ads on Facebook, Ads on Google, Ads on Pinterest all have Free tools, Email Marketing.
- Creating Virality (See glossary below)
- Social Media
- Running Ads on Social Media
- Multi variable testing
Measuring Ad Success
Look at return on investment (ROI) (Total Sales – Marketing spend divide by Marketing spend = Profitability of campaign. High ROI = Great campaign
Cost of acquiring a customer. Totally amount spending on Marketing Dividing it by the campaign and how many new customers you’re generating
Other Marketing Tips
- Build marketing calendar 90 days out
- Be consistent with your messaging
Call to Action: Getting someone to do something
Influencer: People that have a high following in your industry
Multiple Variable Testing– Determines which combination of variations performs the best out of all of the possible combinations.
Return on Investment (ROI): A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments.
Customer Acquisition Funnel: Illustration of the amount of leads a company engages with at each stage of the sales process.
80/20 rule: The law of the vital few, or the principle of factor sparsity. States that, for many events, roughly 80% of the effects come from 20% of the causes.
Business to Consumer (B2C): Business or transactions conducted directly between a company and consumers who are the end-users of its products or services.
Business to Business (B2B): A type of commerce transaction that exists between businesses, such as those involving a manufacturer and wholesaler, or a wholesaler and a retailer.
Psychographic Persona: Information to figure out more about their lifestyle, their behaviors and their habits.
Demographics of Persona: Concrete numbers and hard facts.
Here is a guide by Misty Kortes on how to create a customer avatar for your business. Once you have a detailed understanding of your target customer, you can carefully hone your written content to appeal directly to these people.
Here is a step-by-step guide on How to Write a Marketing Plan by Business.com Editorial Staff. The best ways to address customer needs and measure how you are meeting defined expectations. Your marketing plan is the roadmap for achieving your business goals.