NM Marketing - Resources

All the below information can be found in the "Marketing My Business" E-Book.

Marketing Management,

Information and Implementation

Marketing Management

Apply this framework to manage marketing activity

Plan your efforts
Analyse opportunities
Beware of threats
Select your target markets
Develop your marketing mix
Manage your marketing efforts

Marketing Information

Surround yourself by family and friends and a group of experts:

Graphic Designers	Web Developers	Networkers
Financial Planners	Business Mentors	Marketing Consultants

Marketing Implementation

Back-up action plans i.e. if all does not go to plan

Organisational structure i.e. staff are informed and involved

Regular marketing reviews

Track all marketing activities

Marketing Strategy

A good marketing strategy includes

Your Marketing Budget
Your Target Market defined
Your Distribution Channels defined
Your Unique Selling Proposition - USP
Implementation

Market Segmentation, Targeting and Positioning

Market Segmentation – is a group of individuals that share one of many similar characteristics. For example: small to medium business, residential, commercial and or industrial. What’s your market segment?

Market Targeting - Evaluate each market segment's attractiveness. Use the following criteria to make your assessment:

On Product/Service Attributes
On Needs and Benefits
On Usage Occasion
On The Competition

Market Positioning – Then decide how does your product/service occupy the consumer’s mind relative to competing products. Is it cheap and cheerful? Is it middle of the range or a top-notch/ top price? Ask existing customers for their feedback. Does it match your market position?

Now that you have your target markets and marketplace defined, what are your market opportunities and strategies?

Four Types of Target Market Opportunities

1. Market Penetration – entering a new market

2. Market Development – entering a well known market

3. Product Development – entering with a new product

4. Diversification – adding another range or service

Three Market Coverage Strategies

1. Mass Marketing – big/all markets

2. Concentrated Marketing – medium markets

3. Niche Marketing – small markets

Is My Advertising Working?

Advertising has never been or will be an exact science. There's no precise way to measure the success of all advertising campaigns.

Your only hope is that there are certain methods that will give you an idea of whether or not your advertising is hitting the mark with the target audience.

To assess the effectiveness of your advertising campaign you can monitor sales, new customers, requests for information, phone enquiries, redemption of promotional offers, retail store traffic, website traffic or click thru rates.

Don't forget to track the above before you start your advertising campaign, so you'll have a basis for comparison.

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