Tips for frugal marketing was presented to a group of women entrepreneurs as part of a program conducted by IIM Bangalore. It is derived from content from my to-be-released book, No Money Marketing, and examples from Wipro. Copying without attribution is not allowed under any circumstances, commercial or personal.
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Tips For Frugal Marketing
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2. When is frugal marketing required? Upstart brands take on brands that are larger, more established than themselves 1. New business model challengers 2. Old model, new market challengers high high low low Relative Marketshare Relative Growth Rate Laggards Mature Champions Challengers New Money Marketing , Jessie Paul, McGraw-Hill Education
3. Core vs Surround Input Elements Core Service Attributes Output Impact People Elements that are directly related to service performance Service Delivery Process Delivery Facilities Price Country of origin Executive Management Vision Corporate Governance Environment Community Investor Returns Business Benefits Industry Development Surround Surround Core Quality New Money Marketing , Jessie Paul, McGraw-Hill Education
4. Flat World Trends Digitization, globalization: People are buying things they cannot see! 1. The world is connected electronically: Everyone is a journalist, opinion-maker, and salesperson! 2. 3. The market is very small: You have a target audience of one 4. Advertising is free: But getting it is hard work New Money Marketing , Jessie Paul, McGraw-Hill Education
5. Marketing changes in the Flat World Individuals Interconnected Location-specific Location-independent Customers Access controlled Easily accessible At cost Free Information One way 2-way, interactive Lag Instantaneous Opt out Opt-in At cost Free Communication Old World Flat World New Money Marketing , Jessie Paul, McGraw-Hill Education
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7. 5 Frugal Tips Create Your Own Marketing Channels Insights vs Information Go Online Own the Eco-system Define your Audience Narrowly 1 2 3 4 5
9. Own the Eco-system New Money Marketing , Jessie Paul, McGraw-Hill Education Industry Associations Analysts Consumer Reports Consulting Firms Sourcing Advisors Other Customers Journalists Expert Users Government Academics Internet Pundits Friends & Family Employees Salesperson Decision Maker