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Worcester Boot Camp - Marketing Course

Worcester Boot Camp - Marketing Course

Matt's marketing course for the Worcester Enterprise Boot Camp. June 2017. The course covers the 3 fundamental elements of marketing and leads into structuring a basic marketing plan. It's idea for those looking for a basic introduction to Marketing.

Matthew Draycott

June 21, 2017
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  1. ?

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  6. 3 Questions: 1. Know your product / service Q. Who

    benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
  7. 3 Questions: 1. Know your product / service Q. Who

    benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
  8. 3 Questions: 1. Know your product / service Q. Who

    benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
  9. 3 Questions: 1. Know your product / service Q. Who

    benefits the most from your product / service? 2. Determine your goals Q. What do you want to achieve? 3. Analyse past interactions Q. What’s worked in the past and what hasn’t?
  10. Activity - Customer Profile: 1. Describe your customer • Consider

    both Demographics and Psychographics 2. Locate your customer • Where do you find them? 3. Understand their purchasing process • How do they buy your product / similar products and from where? 4. Connect with current / potential customers • Test the profile and understand if it’s valid, make any amendments necessary 5. Finalise the profile • Ensure that it’s a valid market that maximises your return
  11. So, now we know who the ideal customer is and

    why the might purchase your product / service we need to assess if the market you’ve identified is worthwhile based on your goals.
  12. So, now we know who the ideal customer is and

    why the might purchase your product / service we need to assess if the market you’ve identified is worthwhile based on your goals. There are two ‘Golden’ metrics:
  13. So, now we know who the ideal customer is and

    why the might purchase your product / service we need to assess if the market you’ve identified is worthwhile based on your goals. There are two ‘Golden’ metrics: Market Value (size) and Market Growth Rate (potential)
  14. Bottom - Up • Market Value = Volume of Transactions

    x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
  15. Bottom - Up • Market Value = Volume of Transactions

    x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
  16. Bottom - Up • Market Value = Volume of Transactions

    x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
  17. Bottom - Up • Market Value = Volume of Transactions

    x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
  18. Bottom - Up • Market Value = Volume of Transactions

    x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
  19. Bottom - Up • Market Value = Volume of Transactions

    x Value of 1 Transaction • Value of 1 Transaction = Average Price of a Desk • Volume of Transactions = Size of Pool x Renewal Rate • Renewal Rate = 1 / Useful Life of Product or Service • Size of Customer Pool
  20. Starting with a global number and reducing it pro-rata… Value

    of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
  21. Starting with a global number and reducing it pro-rata… Value

    of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
  22. Starting with a global number and reducing it pro-rata… Value

    of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
  23. Starting with a global number and reducing it pro-rata… Value

    of the Global Market (National, Regional etc.) Pro-Rata (Divide it by) using: Number of Businesses in your Area x Their Number of Employees / The Total Number of People Employed in the UK Top - Down
  24. When coming up with an estimate yourself it is always

    a good practice to test both the Bottom - Up and Top - Down approaches and to compare the results. If the numbers are too far away then you probably missed something or used the wrong proxy.
  25. • Current Market Value - Previous Market Value • =

    Change in Market • Change in Market / Previous Market Value • = Market Growth Rate
  26. 3 Tools: Assessing Yourself (Micro) - SWOT Assessing Your Environment

    (Macro) - PESTLE Assessing Your Market - Porter’s Five Forces
  27. Competitive Rivalry Threat Of Entry Supplier Power Buyer Power Threat

    Of Sub Competitive Rivalry - Number of Competitors - Quality Differences - Other Differences - Switching Costs - Customer Loyalty Buyer Power - Number of Customers - Size of Each Order - Differences Between Competitors - Price Sensibility - Ability to Substitute - Cost of Changing Threat of New Entry - Time and Cost of Entry - Specialist Knowledge - Economies of Scale - Cost Advantages - Technology Protection - Barriers to Entry Supplier Power - Number of Suppliers - Size of Suppliers - Uniqueness of Service - Ability to Substitute - Cost of Changing Threat of Substitution - Substitution of Performance - Cost of Change
  28. Activity - Market Analysis: 1. Complete a Market Analysis •

    Market Value (Top - Down & Bottom - Up) • Market Growth Rate • Financial (If Appropriate) • Intellectual • SWOT • PESTLE Porters Five Forces 2. Evaluate your data • What does it indicate about the Market, is it worthwhile based on your goals?
  29. 0 200 400 600 800 1000 1200 1400 1600 Radio

    £600+ Print £300+ Magazine £1000+ Direct Mail £1500+ Cost to Reach 1000 People Traditional
  30. 0 200 400 600 800 1000 1200 1400 1600 Radio

    £600+ Print £300+ Magazine £1000+ Direct Mail £1500+ Facebook £5-10 Content £200+ Twitter £500+ Google Ads £1000+ Cost to Reach 1000 People Digital Traditional
  31. 1. Website Optimisation: Design and Layout - • Easy to

    read typography; • Clear and consistent design and branding; • A single, large call to action; • Consistent division of sub-sections; • Regularly updated content with a consistent tone of voice, style and key messages • Mobile performance.
  32. 1. Website Optimisation: Design and Layout - • Easy to

    read typography; • Clear and consistent design and branding; • A single, large call to action; • Consistent division of sub-sections; • Regularly updated content with a consistent tone of voice, style and key messages • Mobile performance Search and Social - • Use of the same style, tone, branding and graphics as your website; • Focus on content marketing using your main site as the hub; and • Promote conversation, discussion and interaction to engage customers. E-Commerce - • Always-visible shopping cart, images of all of the items and correct pricing; • Customisation or personalisation options (if available); • Showing (and reducing) the number of steps from order to completion; • Incorporating free shipping (by far the biggest conversion-producer for e-commerce websites); • Use of security and trust seals where appropriate; and • Forms with easy-to-understand errors to let the customer know if they missed or forgot to enter something.
  33. 1. Website Optimisation: Design and Layout - • Easy to

    read typography; • Clear and consistent design and branding; • A single, large call to action; • Consistent division of sub-sections; • Regularly updated content with a consistent tone of voice, style and key messages • Mobile performance Search and Social - • Use of the same style, tone, branding and graphics as your website; • Focus on content marketing using your main site as the hub; and • Promote conversation, discussion and interaction to engage customers. E-Commerce - • Always-visible shopping cart, images of all of the items and correct pricing; • Customisation or personalisation options (if available); • Showing (and reducing) the number of steps from order to completion; • Incorporating free shipping (by far the biggest conversion-producer for e-commerce websites); • Use of security and trust seals where appropriate; and • Forms with easy-to-understand errors to let the customer know if they missed or forgot to enter something.
  34. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  35. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  36. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  37. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  38. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  39. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  40. 1. Social Media Optimisation: A Consistent Brand is Critical… again!

    Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication. Prompt responses are essential - With increased options businesses can’t afford to overlook people who are used to receiving immediate answers. If you cannot provide that answer, make sure the customer knows you are working on it and, plan a follow-up with customer as soon as you have an answer. Always follow-up - Businesses that follow up, take polls, and monitor keywords on social media perform better in the long run. Using the example above, make sure you take note of particular customer pain points, and use that data to follow-up by asking specific questions in surveys or polls. Personalise your feedback - Show your audience you are listening by acting on the feedback they give you and, show them you respect and value their input by sending digital thank you notes, personalised discounts and other incentives. Stay Fluid - The ability the internet gives us to share and receive instant feedback creates the potential for sudden changes in what your customer wants and needs. These changes may be apparent to you at times, but when they are not, pay attention to the comments, keywords, and feedback you receive on your social media platforms. This data will help your business generate new ideas.
  41. 3. Email Optimisation: Everyone should feel that the email is

    just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded [email protected] or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
  42. 3. Email Optimisation: Everyone should feel that the email is

    just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded [email protected] or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
  43. 3. Email Optimisation: Everyone should feel that the email is

    just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded [email protected] or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
  44. 3. Email Optimisation: Everyone should feel that the email is

    just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded [email protected] or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
  45. 3. Email Optimisation: Everyone should feel that the email is

    just another transition from the website. Same writing style. Same tone. Same brand. Email is that great “second chance opportunity” you have to connect with your users - so don’t waste it. Let them be clear about when and how they prefer to receive your messages. Let them easily choose what to receive and don’t make them feel “tricked” because they accidentally forgot to uncheck that box that says “sign me up for notifications”. Yes, giving people more control of their data this way will lead some to opt-out. But those that do remain genuinely want to hear from you – so making the effort to entice and delight them should be a priority. And remember, with email, it’s the little things that make a big difference. How many times have you gotten an email from a company, only to hit reply to clarify something and see the dreaded [email protected] or get that message that “this message was sent from an unattended mailbox.” What kind of message is that sending to your prospects? A Consistent Brand is Critical… again! Respect your audience - Treat social media as a means to serve the customer, and enhance their overall buying experience, don’t use it just to ‘push products’; by focusing on the customer you have the ability to create loyalty and the to communicate your dedication.
  46. Activity - Channel Audit: 1. Assess The Channels you are

    using Q. How are you communicating with you audience? Q. Are these the most cost effective methods you could use? 2. Review their effectiveness Q. Are you using the channel as effectively as possible? 3. Action improvements Q. What can you do to improve you channels and communications?
  47. Your Marketing Plan… 1. An Analysis of your current position

    2. Identification and explanation of your goals and how they link to your target market (Profile) 3. An evaluation of your target markets potential 4. An audit of potential sales channels