Session 5: Marketing Strategy

In this session you will learn:

  • How marketing is different from sales
  • How to create a “brand” for your product or service
  • How to best reach your ideal customer/target market

OVERVIEW:

Knowing about your market isn’t enough. You also need to decide who will be your customer, how you will find new customers, what you will offer and how you will keep them as your customers. Then you will have the strategy you need to market your business.

DEFINITIONS

Advertising:  The paid promotion of a product or service, in print, TV, or other media.   (Answers.com)

Branding: To create a name, symbol or design for a product which sets it apart from other products. (Entrepreneur.com)

Marketing: The set of planned activities designed to persuade the purchase choices of people for your product or service. (page 367, The Plan-As-You-Go Business Plan)

Sales: Exchange of goods or services for an amount of money or its equal value. (Webster’s Dictionary)

Marketing Strategy:

  • Choose which groups of people you want to target within your market
  • Decide on the message for the target market
  • Estimate what will it cost to create the message
  • Choose the best method to reach this target market
  • Plan the cost to put this strategy to work for you
  • Decide how to get your customers to ‘Know, Like and Trust’ you (John Jantsch, Duct Tape Marketing)

Public Relations:  Using the news or business press to carry stories about your company or your products which promote a positive image to your customers and the public.  (Entrepreneur.com)

This link provides an example of advertising, promotion, public relations and sales and how they are different.

Social Media:  A shift in how people find, read, and share news and information. It combines social and technical aspects to go from monologue (one to many) to dialogue (many to many.)  (Wikipedia.com)

Please click on the link of the book set for your course and locate the Required Readings for this Session:

The Business Startup Kit, The Art of the Start, The Plan-As-You-Go Business Plan 

3 Weeks to Startup, The Art of the Start, The Plan-As-You-Go Business Plan

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These resources provide ideas from other business and marketing experts. They are not required reading for this session.

PR vs. Advertising vs. Social Media vs. Branding

What do these terms mean, and are they the same? This post gives examples of each as well as how the meaning can change when you use them together.  It helps to use the right words and phrases so that other people know what you mean.

Great Marketing Lists

Seth Godin included this list and then highlighted his top 20 favorites.

Add Duct Tape Marketing to the list, and you have a complete view of 21st century marketing.

Pricing is Magic

This blog post talks about the three common pricing methods and the #1 pricing error made by a startup business.

Target Marketing