Building A Powerful Marketing Plan

Building a powerful marketing
plan
Presenters:
Sagar Ban
Gaurav Khatiwada
Dipti Paudel
Rakesh Shrestha
Marketing
• Marketing is the process of creating and
delivering desired goods and services to
customers
• Involves all of the activities associated with
winning and retaining loyal customers
Guerrilla(Bootstrap) Marketing Plan
• Advertisement strategy to promote products

or services on the streets or other public
places with little money
• Involves getting the attention to the public
• Focuses on low-cost unconventional marketing
tactics that yield the maximum results
Background
• Founded by Jay Conard Levinson in 1984
• According to him, bootstrap marketing is all about
maximizing the efficiency of a small company’s
marketing budget
• Levinson estimated that bootstrap marketers spend
between 4 percent and 8 percent of sales on
marketing, but they put their money into clever,
creative marketing efforts that reach their target
customers and raise the profile of their products,
services, and companies
Need of Guerrilla marketing
• Opportunity for growth and in return the
profit increases
• Since guerrilla marketers have limited funds,
they must employ smarter rather than harder
ways to work
• Helps in building a brand
Objectives
• It should pinpoint the specific target markets
the small company will serve
• It should determine customer needs and
wants through market research
• It should analyze the firm’s competitive
advantages and build a bootstrap marketing
strategy around them to communicate its
value proposition to the target market
Determining Customers Needs and Wants
through Market Research
• Entrepreneurs should stay in tune with
demographic, social, and economic trends so
that they are able to spot growing and
emerging market opportunities
• Small companies that spot demographic
trends early and act on them can gain a
distinctive edge in the market
How to Conduct a Market Research
Step 1: Define the Objective
• Do we face new competition?
• Are our sales representatives impolite or
unknowledgeable?
• Have customer tastes changed?
• Is our product line too narrow?
• Do customers have trouble finding what they
want?
• Is our Web site giving customers what they want?
Is it easy to navigate?
Step 2: Collect the data
• Based on individual marketing
• Gather data from individual customers and then
develop a marketing program designed
specifically to appeal to their needs, tastes, and
preferences
• Treat each customer as an individual, and the
goal is to transform a company’s best and most
profitable customers into loyal, lifetime
customers
How to gather market and customer
information
• Two basic methods are available
1. Primary research
2. Secondary research
Primary Research
• Data you collect and analyze yourself
• It includes following techniques:
1. Customer surveys and questionnaires
2. Focus groups
3. Social media conversations and monitoring
4. Test market
5. Daily transactions
6. Other ideas
Secondary Research
• Data that have already been compiled and that are available, often at a
reasonable cost or even free
• It includes the following techniques:
1. Business directories
2. Direct mail lists
3. Demographic data
4. Census data
5. Forecasts
6. Market research
7. Articles
8. Local data
9. The Internet
Data mining
• Process in which computer software uses
statistical analysis, database technology, and
artificial intelligence finds hidden patterns,
trends, and connections in data so that
business owners can make better marketing
decisions and predictions about customers’
behavior
Step 3: Analyze and interpret the data
• The entrepreneur should interpret the data and
ask the question to self
• What do the data tell you?
• Is there a common thread running through the
responses?
• Do the results suggest any changes needed in the
way the business operates?
• Can the entrepreneur take advantage of new
opportunities?
Step 4: Draw the Conclusion and Act
• The conclusion is obvious once a small

business owner interprets the results of the
market research
• the owner must then decide how to use the
information in the business
Plotting a Bootstrap Marketing Strategy: How
to Build a Competitive Edge
Bootstrap marketing principles
1. Find a niche and fill it
• Allows a small company to maximize the
advantages of its size and to compete
effectively even in industries dominated by
giants by serving its target customers better
than its competitors
2. Use the power of publicity
• Publicity has power; because it is from an
unbiased source, a news feature about a
company or a product that appears in a
newspaper or magazine has more impact on
people’s buying decisions than an
advertisement does
3. Don’t just sell; Entertain
• Accomplishing the marketing success requires
entrepreneurs to engage and even entertain
their customers
4. Strive to be unique
• Effective bootstrap marketing tactics is to
create an image of uniqueness for your
business
• The goal is to stand out from the crowd
5. Build a community with customers
• Some of the most successful companies
interact with their customers regularly,
intentionally, and purposefully to create
meaningful, lasting relationships with them
6. Connect with customers on an emotional level
• Companies that establish a deeper relationship with
their customers than one based merely on making a
sale have the capacity to be exceptional bootstrap
marketers
• The goal is not only to create lifelong, loyal
customers but also to transform customers into
passionate brand advocates, people who promote a
company’s products or services to friends, family
members, and others
7. Create an identity for your business through
branding
8. Embrace social marketing
• Businesses recognize that many of their current
and potential customers use social networking
sites and are reaching out to them with social
marketing efforts
• Social networking sites are an ideal type of
bootstrap marketing tool because they allow
entrepreneurs to market their companies
effectively and at little or no cost
9. Be dedicated to service and customer
satisfaction
• Excellence in customer service means that a
company must meet the expectations its
business model creates for customers
• The rewards for providing excellent customer
service are great, and the penalties for failing
to do so are severe
10. Retain existing customers
• High customer retention rates translate into
superior financial performance
• Customers who are satisfied with a company’s
products and customer service are more likely
to be repeat customers and are less sensitive
to price increases
11. Be devoted to quality
• Quality goods and services are a prerequisite for success
• One of the way to measure the quality of products and
services in Total Quality Management (TQM) techniques
• TQM is the philosophy of producing a high-quality
product or service and achieving quality in every aspect
of the business and its relationship with the customer;
the focus is on continuous improvement in the quality
delivered to customers
12. Attend to convenience
• Ask customers what they want from the
businesses they deal with
13.Concentrate on innovation
• Innovation is one of the hallmarks of
entrepreneurs, and it shows up in the new
products, unique techniques, and unusual
marketing approaches they introduce.
14. EMPHASIZE SPEED
• Technology, particularly the Internet, has changed the pace
of business so dramatically that speed has become a major
competitive weapon.
• This philosophy of speed is based on time compression
management (TCM), which involves three principles:
(1) speeding new products to market,
(2) shortening customer response time in
manufacturing and delivery
(3) reducing the administrative time required to fill an order.

Building A Powerful Marketing Plan

Uploaded by

Copyright:

Available Formats

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

Building a powerful marketing

• Advertisement strategy to promote products

• The conclusion is obvious once a small

You might also like