How to Grow Your Business with Proven Strategies
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How to grow your business. A #useful presentation designed for business owners on the four strategic options to boost your business.
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How to Grow Your Business with Proven Strategies
- 1. HOW TO GROW YOUR BUSINESS Annmarie Hanlon
- 2. Agenda • • • • • • • • • • Understanding the 7 key elements in your business Introduction to the 4 key product and market strategies Customer insights Marketing information sources and usefulness Market segmentation Pricing and routes to market Your ideal customer Which promotion methods work? Positioning your business Action Plan
- 3. UNDERSTANDING THE 7 KEY ELEMENTS IN YOUR BUSINESS
- 5. INTRODUCTION TO THE 4 KEY PRODUCT AND MARKET STRATEGIES
- 6. The Four Product and Market Strategies
- 7. HOW TO SELL MORE OF YOUR EXISTING PRODUCTS OR SERVICES TO YOUR EXISTING CUSTOMER BASE 1. Market Penetration Strategy
- 8. Ways to achieve market penetration 1. Reduce the order interval 2. Increase the average order value 3. Demonstrate the entire product selection 4. Increase or change opening hours 5. Improve customer service 6. Change packaging 7. Look at price breaks 8. Remove delivery costs 9. Make it easier to buy 10. Take away old stock 11. Contact customers
- 9. How can your business increase sales? Action we need to take to increase sales from existing customers
- 10. HOW TO MOVE INTO NEW MARKETS 2. Market Development Strategy Strategy
- 11. Ways to achieve market development Demographics • Age, gender, income, education, household size, business type Geography • Where they are based – local, regional, national, international Life stages • New mums, recently retired, moving house Business sector Benefit sought Organisation size • Manufacturing, services, retail • 3 hour response time, VIP service • Small, medium, multi-site
- 12. What new markets are right for you? New market Action we need to take
- 13. HOW TO DEVELOP YOUR EXISTING PRODUCTS OR SERVICES 3. Product Development Strategy
- 14. Ways to achieve Product Development How can you augment or improve the existing product offer? What do market conditions suggest? What opportunities exist for research and development? Do you have any customer feedback?
- 15. Ways to achieve Product Development • • • • • Can the product be made cheaper? Can the product be made locally? Can you increase quality? Change the packaging? Can you ask your customers or potential customers what they want?
- 16. How to develop new products • Walkers Crisps, Marmite food spread and Vitamin Water. Facebook • RS Components generates new ideas via its engineers forum. • Members seek advice from others. Blog or forum LinkedIn groups
- 18. Online sources for new product ideas http://www.quora.com http://ideascale.com https://www.innocentive.com http://www.hypios.com http://www.wazoku.com
- 19. HOW TO MOVE INTO NEW MARKETS WITH NEW PRODUCTS OR SERVICES 4. Diversification Strategies
- 20. Diversification Strategies 1 Related Diversification • Can you move into a new market with a new product offer using the skills within the business ? • Look at opportunities to increase sales within similar customer groups, whilst still maintaining your brand values, this is new but related products. • What’s your expertise, your technical know-how?
- 21. Diversification Strategies 2 Unrelated Diversification • This involves greater risks and is only undertaken where there is potential for high return on investment, often because the company is undervalued or financially distressed. • Consider whether you have a strong management team with the ability to manage diverse business units.
- 22. CUSTOMER INSIGHTS WHAT YOU REALLY NEED TO KNOW
- 23. Source of insights • • • • • Survey; in person, telephone, online Google analytics Website feedback Comments on social media pages Emails, letters, phone calls
- 24. Questions you can ask • Why did you select our company in the first place? • What do you mainly use our company for? • Which other companies do you use for these services / products? • What do you like about our company? • What do you dislike about our company?
- 25. Questions you can ask • What change in our business is likely to have a benefit on you? • Have your purchases stayed the same, decreased or increased in the last 12 months? • Has your budget for next year been increased, stayed the same or been decreased for next year? • Any other comments or is there anything I’ve missed?
- 26. Insights: Surveys • http://polldaddy.com/ • http://www.surveymonkey.com/ • http://www.google.com/insights/consumersurvey s/home
- 28. Sources of information Secondary Primary • • • • • • • • Library Online reports Industry associations Blogs, websites Your customers Your suppliers Your staff Exhibitions, conferences
- 31. MARKET SEGMENTATION A segment can be based on any attributes where there is large enough market for your business
- 32. Why segment? • • • • To create market niches To provide growth for mature markets To deliver more effective communication To make the business more efficient
- 33. Segments • • • • • • • Demographics Psychographics Lifestyle / Life stages Belief and value systems Geography Benefit Behaviour When you can see significant, measurable differences in your market, you should consider market segmentation.
- 34. You can create a segment if you can see Size Unique Profits Easy Access Reaction Benefits
- 35. PRICING AND ROUTES TO MARKET If it’s too cheap the buyer will be suspicious ‘what’s wrong with it?’
- 37. Routes to market Direct to customers offline Direct to customers online Via a third party under your own brand name offline Via a third party under your own brand name online Via a third party under their brand name (often called 'white label') Via a marketplace like eBay, Amazon under your own name
- 38. Distribution options Exclusive distribution • Limits access to the products via an exclusive number of outlets or partners. Exclusivity may be limited by geographical area or product lines. Selective distribution • Only selling via outlets or partners that meet specific criteria such as position in the market, location, competitor products stocked. Intensive distribution • Selling via any outlets or partners that will stock the products.
- 39. YOUR IDEAL CUSTOMER, HOW TO CREATE THE MODEL AND FIND THE RIGHT CUSTOMERS
- 40. Identify your current customers
- 41. Developing the Personas Rich: Marketing Exec Age: 25 Second job after Uni Degree in English Loves playing in a band Has done some web programming as a hobby Catherine: Marketing Manager Age: 26 Degree in Languages, CAM Digital Diploma Commutes for an hour to work Mainly B2C, first B2B role Sean: Marketing Director Age: 41 MBA and speaker at events Young family, keen to start own business Results focused, works long hours
- 42. B2B: Segmentation and buying cycle mapping Buying cycle stage Personas involved Preferred content Preferred channel Length of stage Exploring new agency • Rich: Marketing Exec • Information • White papers • Online search to respected sites • Blogs 6 weeks Short-listing • Rich: Marketing Exec • Catherine: Marketing Manager • Recommendations • Testimonials • Trade websites • LinkedIn • Professional associations 2 weeks Contact for discussion • Rich: Marketing Exec • Vendor website • Email 2 weeks Pitch / meeting • Rich: Marketing Exec • Catherine: Marketing Manager • Sean: Marketing Director • Presentation • YouTube • Case studies • Face to face • Written proposal 1 month
- 43. WHICH PROMOTION METHODS WORK FOR WHICH CUSTOMER GROUPS?
- 44. Traditional Marketing Methods • • • • • • • • Newspapers Radio TV Billboards Magazines Flyers Coupons Direct Mail • • • • • • • • Catalogues Events & Shows Retail Outlets Referrals Sponsorship Mobile/SMS Press Releases Sales People
- 46. The Power of Social Media 200M 1 Billion 1 Billion Users Users Users per month 500M 200M+ 70M+ Users Users Users
- 47. Lead capture I • • • • • • • Search Engine Results Marketplaces Pay-Per-Click Paid Content Networks Paid Banner Advertising Affiliates Coupon / Voucher Sites • • • • • • • Group Deals / Daily Deals Email Marketing Social Media Supplier Sites Review Sites Video, Images News
- 48. Lead capture II • • • • • • Infographics Whitepapers Guides Newsletters Free audits Webinars
- 49. How do you capture leads? 1. 2. 3. 4. 5.
- 51. What’s your value proposition? LOW TOTAL COST, OPERATIONAL EXCELLENCE SUPERIOR PRODUCTS, EXPERTISE, INNOVATION CUSTOMER FOCUS, TAILORED TO CUSTOMERS’ NEEDS
- 52. Ways to develop your OVP Product • Are there opportunities for modifying the core or extended product online? Price • Increased transparency, downwards pressure on price, what can you do? Place • New channels and new channel structures. People • Changing role of staff and the time they’re needed.
- 53. Ways to develop your OVP Promotion Physical evidence Processes • New communications’ methods • Client experience can change. controlled. • Adapting the business to adopt online marketing.
- 54. Strategy blocks To develop a strategy for your business, fill in the template below and turn this into a sentence: STRATEGY BLOCKS We will (do this) With (this product) That is bought by (audience) Because (it does this) YOUR RESPONSE
- 55. ACTION PLAN
- 56. Action Plan to achieve objectives ACTION DETAIL WHO BY WHEN STATUS New market Agree market and our product offer Identify decision makers and build list Prepare letter 1 and despatch Appoint web company MD, sales 30/05/13 Contactor 10/06/13 Admin 20/06/13 MD 30/04/13 Agree framework 15/05/13 Create copy MD & web co Writer Launch new site Web co 10/06/13 New market New market Sort out website Sort out website Sort out website Sort out website 31/05/13 23/04/13 Met 2 web companies, got fee proposal, must decide
- 57. Tips: Best Practice 1. Decide your objectives 2. Create a plan for the year 3. Integrate online and offline presence 4. Schedule work 5. Share the workload 6. Measure results – Google Analytics 7. Monitor the brand – Google Alerts 8. Review
- 58. My top 5 actions 1. 2. 3. 4. 5.