entrepreneurship chapter 10 ethan chazin
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Great tips, resources, best practices and strategies for entrepreneurs, start-ups, professionals and small business owners.to plan launch and grow successful businesses.TRANSCRIPT
This WeekThis Week::Small Business Small Business
PromotionsPromotions
Let’s Take a Quick Let’s Take a Quick Survey…Survey…
What do your What do your customers customers
REALLY think?REALLY think?
Other Stuff…Other Stuff…
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The Chazin Group
PRPR…it’s …it’s FREE FREE Advertising!Advertising!
Product Bundle Product Bundle Pricing…Pricing…
BCP/HSD Bundle Pricing
BCP/HSD/TV Bundle Pricing
BCP/HSD/BLTV Bundle Pricing
1 Year 2 Years 3 Years 1 Year 2 Years 3 Years 1 Year 2 Years 3 Years
5%
Discount10%
Discount 5%
Discount10%
Discount
5% Discoun
t10%
Discount
TIER 1 (1MB Downstream; 256
KB Upstream) Tier 1 Tier 1
1 Line $141.91 $133.66 $129.41 1 Line $188.91 $175.66 $164.62 1 Line $188.91 $175.66 $164.62
2 Lines $183.87 $172.37 $164.87 2 Lines $227.87 $208.87 $194.28 2 Lines $227.87 $208.87 $194.28
3 Lines $215.83 $201.58 $193.33 3 Lines $256.83 $232.59 $214.94 3 Lines $256.83 $232.59 $214.94
4 Lines $262.78 $245.03 $235.28 4 Lines $300.78 $270.54 $249.10 4 Lines $300.78 $270.54 $249.10
5 Lines $309.74 $288.49 $277.24 5 Lines $344.74 $308.50 $283.26 5 Lines $344.74 $308.50 $283.26
6 Lines $366.69 $341.44 $328.19 6 Lines $398.69 $355.95 $326.42 6 Lines $398.69 $355.95 $326.42
7 Lines $423.64 $394.39 $379.14 7 Lines $452.64 $403.41 $369.57 7 Lines $452.64 $403.41 $369.57
8 Lines $480.59 $447.34 $430.09 8 Lines $506.59 $450.86 $412.73 8 Lines $506.59 $450.86 $412.73
9 Lines $537.54 $500.29 $481.04 9 Lines $560.54 $498.31 $455.88 9 Lines $560.54 $498.31 $455.88
10 Lines $594.49 $553.24 $531.99 10 Lines $614.49 $545.76 $499.04 10 Lines $614.49 $545.76 $499.04
11 Lines $651.44 $201.58 $575.44 11 Lines $668.44 $593.22 $542.19 11 Lines $668.44 $593.22 $542.19
12 Lines $708.39 $659.14 $633.89 12 Lines $722.39 $640.67 $585.35 12 Lines $722.39 $640.67 $585.35
Your Marketing Your Marketing Budget…Budget…
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The Chazin GroupPlanning for SuccessDescription1 Description2 JAN FEB MAR Q1 APR MAY JUN Q2
Event / Tradeshow
Customer Business Exchange $0
$5,000
$5,000
Event / Tradeshow
Ethernet Expo 2008 $0 $0
Event / Tradeshow
Wall St. Technology Assn. $0 $0
Advtsg Print Advertising $5,00
0$5,00
0 $5,00
0 $5,00
0
DMVarious direct mail campaigns
$5,000
$5,000
$5,000
$5,000
Event / Tradeshow
Temple Sinai - Middletown NY $0 $500 $500
Event / Tradeshow
State Island, NY $0
$2,500
$2,500
Event / Tradeshow
State Island, NY $0
$5,000
$5,000
Event / Tradeshow
Teterboro Airport $0
$2,500
$2,500
Advtsg Print Advertising$3,320
$3,320
$3,320
$3,320
Advtsg Print Advertising $9,00
0 $9,00
0$9,00
0$9,00
0 $18,0
00
DM $5,00
0 $5,00
0 $0
Business Prod/Svc Description1 Description2 Description3 JAN FEB MAR Q1
HSD BLTV Advtsg Print Advertising Buildings Magazine $9,000 $9,000
NYDIVBCP, HSD, PN,
Partner Together agent/reseller program
Develop area of TWCBC/nycwebsite, produce collateral
$10,000
$10,000
$20,000
HSD BLTV DM $5,000 $5,000
HSD Advtsg Print Advertising
Manhattan Chamber Commerce, Quarterly newsletter $300 $300
HSD Advtsg Print Advertising
Manhattan Chamber Commerce Annual Directory $0
NYDIV BCP
Minor League Baseball Promotional cmpgn Print Advertising
Brooklyn Cyclones, Lakewood blueclaws, HV Renegades $0
HOTEL Event / Tradeshow Hotel Assn. NY $0
HOTEL Advertising Print Advertising Lodging Hospitality$10,4
20 $10,42
0
Promotions Get Promotions Get You Noticed By You Noticed By
Your Target Your Target MarketsMarkets
• Ask yourself: Why should someone want your product/service?
• Would you buy your product/service?• Who is most likely to buy your
product/service? Be SPECIFIC• How does your target market currently
buy such a product/service?
Your Value Proposition
• Segmentation involves breaking up your market into smaller groups of people who share certain common characteristics
• Your target market is the segment you choose to focus your marketing efforts on based on:– Geographic considerations– Demographic data– Benefits
Target Market Segmentation
Small Business / Census Data - NY Region
Borough/County
Personal DataManhattan / NY
CountyRichmond
CountyBrooklyn / Kings Cnty
Queens County
NY State TotalNY City Tot.
(Excludes the Bronx)
Popuation 1,564,798 459,737 2,472,523 2,225,486 19,306,183
% White 54.40% 77.60% 41.20% 44.10% 73.80%
% Black 17.40% 9.70% 36.40% 20% 17.40%
% Asian 9.40% 5.70% 7.50% 17.60% 6.70%
% Hispanic, Latino 27.20% 12.10% 19.80% 25% 16.10%
Foreign Born ('00) 29.40% 16.40% 37.80% 46.10% 20.40%
Business DataManhattan / NY
CountySI Richmond
CountyBklyn / Kings
CntyQueens County
NY State TotalNY City Total
(Excludes Bronx)
# Businesses 194,835
Minority-Owned Firms, % total ('97)
21.60% 21.60% 36.80% 46.50% 19.60%
Language Other Than English Spoken in
Home41.90% 26% 46.70% 53.60% 28%
Total # firms 262,825 25,309 148,471 159,668 1,707,168 596,273
% Black-owned firms 19.2% 7.60%
# Black-owned firms 16,008 2,291 37,494 18,701 98,080 74,494
% Asian-owned firms 13.3% 8.50%
# Asian-owned firms 28,812 2,677 25,939 48,307 145,109 105,735
% Hispanic owned firms
11.5% 9.60%
# Hispanic-owned firms 31,850 1,688 22,374 35,195 163,888 91,107
Women-owned
% Women-Owned 32.0%
• Where does your target market get its information from?
• What features/benefits are important to your target market?
• How does what they consider to be important fit with your offerings
• Make your target market pay attention to your messaging
Creating Effective Promotions
• We’re Bombarded with messaging and consumer recall is POOR
• How do you get their attention• What is the one message you want them
to take away about your service• The message:
– Combine elements of your product/service Value Proposition with their Wants, Needs, and Desires
• What’s your message Tonality
Creating Your Messaging
• PR & Advertising• Direct Mail• Sales Promotion• Internet• Word-of-Mouth (Buzz): Oral or written
recommendation by a satisfied customer to the prospective customers of a good or service. Considered to be the most effective form of promotion (you tell someone, who tells someone else, and so on)
• Buzz becomes viral when it goes one-to-many with email, blogs, social networking websites
• Personal Selling • Guerilla: Unconventional marketing intended to get
maximum results from minimal resources.
Promotional Mix
Selling Your Way to SuccessSuccess$$$$$$
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The Chazin GroupThe ART of Selling
35
• How Long Does It Take to Follow Up on a Lead? Set a Company Policy
• Ask All Leads: How Did You Hear About Us?
• Use Campaign Specific Reference Codes• Apply Unique Tel #s For Each Campaign
to Track Results• Utilize a Lead Capture/Management
System
The Chazin GroupProspecting
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• Develop a Strategic Networking Plan For Identifying, Engaging and Converting Prospects
• Create a BEST Customer Profile• Launch a “Give to GetGive to Get” Referral Strategy
The Chazin GroupSeeking New Markets
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Where Are Your Referrals?
The Chazin Group
38
• For Small Businesses New Business Comes One of 3 Ways: 50% Existing Relationships
35% Referrals35% Referrals 15% Advertising
The Chazin GroupThe POWER of Referrals
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• Every Page Needs a Link to a Lead Form• Banner Advertising (Cost per Click vs. Cost
per Acquisition?)• Multiple Languages• Success Stories, Testimonials, Case Studies • Custom Landing Page For Ea. Promotion• How Easy To Navigate?• Update Product Information Continuously
The Chazin GroupYour Website
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The Chazin GroupExpand Your Offerings
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The Chazin GroupApostles
• Clients are categorized as:– Mercenaries (73%)– Loyalists (17%)– Apostles (3%)
Gaining ApostlesThe Value Profit Chain
The Sales Process
Prospect Marketing Skills
Sale Solution Selling Skills
Repeat Customer
Service Skills
Apostle
Relationship Skills
The Sales “PROCESS”
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The Chazin GroupConverting Apostles
• Create Action Plan to Develop Apostles:– Conduct needs assessment– Develop set of CUSTOMIZED solutions– Convince client to implement your
recommendations– Review annually– Target of 12
Gaining ApostlesGaining Apostles
• Three Steps to Gain Apostles:– Write down the names of your apostles– Write down what it takes to keep them– Write a list of clients to convert to apostles:
• 2X the Actual # Current Apostles• Follow Actions From Previous Steps• Convert 50% Per Year Until You Hit the Magic 12
Gaining ApostlesGaining Apostles
• Prospect, evaluate and qualify leads • Research and prepare• Present• LISTEN!• Close• Follow Up
The Sales PROCESS
• Learn Your Prospect/Client’s Top Pain Points• What Challenges Do They Face• Deliver Value at Every Stage of the 4-Step Sales
Process• Exceed Their Wildest Expectations• Empower Every Employee to do the Same • Account Penetration Strategy• Create Policy of “Standards of CareStandards of Care”
Sales Best PracticesSales Best Practices
• Identify Best Practices• Codify Best Practices• Train the Process• Coach the Process• Measure the Process• Compensate the Process• Constantly Improve the Process
http://hbswk.hbs.edu/archive/5028.html
7 Steps to Standards of Care
• Follow Customer Conversations Online• Align Sales, Marketing, & Product Management• Touch Them Several Ways• Focus Your Presentations on Their Problems• Become More Visible:
– Attend Shows & Conferences– Write Articles, White Papers, Case Studies– Facilitate Roundtables– Serve on a panel
Sales Best Practices
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The Chazin GroupViral Marketing
• Create a “buzz” OR wow factor• Give it away!• Get it into the hands of industry
influencers and experts – they make the
BESTBEST endorsers
Viral Marketing
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The Chazin GroupTop Viral Marketing Campaigns
• Gather data on clients and prospects– All of your relevant contact information in
one place:• Contacts • Purchase history (Recency, Frequency, Volume &
Margin)• Follow through/comments
– SalesForce.com, Access, Excel, Constant Contact, etc.
CRM Is KEY!
• Business Wire & PR Newswire dominate• Build a database of general business and
industry-specific media contacts• Establish relationships with the press• Media Kits are required• Use AIDA model from Advertising:
– Awareness– Interest– Desire– Action
Build a PR Program
• What you think is NEWSWORTHY as business owner isn’t the same as what the Media thinks is newsworthy
• Understand the challenges members of the media face
• Put the information online
Build a PR Program
Salut
Fname Lname Title Publication Organization Website
Mr. Arturo Villar Publisher VISTA Magazine ImpreMedia www.vistamagazine.com
Ms. Cynthia Corzo Editor Hispanic Market Weekly
Mr. Juan Solana Assoc. Editor Hispanic Business
Ms. Hildy Medina Assoc. Editor Hispanic Business
Ms. Grace Abboud Editor-in-ChiefHispanic Network
Magazine
Ms. Mariel Fiori Director La Voz BARD College
Editor Hispanic PR Wire www.hispanicprwire.com
Mr. Miguel Cruz Tejada Editor Impacto Latin News www.impactolatinnews.info/homeIndexhtml.html
Mr. Aaron Lopez Publisher & Editor 24 Horas Tricom Mediawww.24horasnewspaper
.com
Mr. ArmandoTonatiuh
HernandezExecutive Editor 24 Horas Tricom Media
Mr. David Crombie Editor Latin Finance www.latinfinance.com
Mr. Kendrick Ross Publisher El Nuevo North
Editor El Tiempo de NY
Editor Hoy Fin De Semana
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The Chazin GroupOnline PR Program
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The Chazin GroupYour Website
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The Chazin GroupYour Website