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Saratoga marketing talk

  1. Marketing Your Product
  2. Resources • VT Direct Marketing Survey – http://www.uvm.edu/farmpricing/ • Small Scale Food Processors Asso. – http://www.nyssfpa.com/index.html • Marketing Your Business – http://extension.psu.edu/farm- business/farmentrepreneurs/marketing • Northeast BF Written Resources – http://nebeginningfarmers.org/publications/
  3. Additional Resources • Do-It-Yourself Guide to Market Research – http://www.agmrc.org/media/cms/UofGeorg iaorg_7EE4EE6C3DABF.pdf • NY MarketMaker – http://ny.marketmaker.uiuc.edu/ • Local Harvest – http://www.localharvest.org/
  4. What is Marketing? • The act or process of selling or purchasing in a market. • An aggregate of functions involved in moving goods from producer to consumer.
  5. Any production with out effective market strategy will not bring a rewarding return.
  6. Define Customer need Check on Satisfaction level Id how to meet that need Marketing Deliver Cycle Product Finding your unique selling position(s) Communications (Promotion)
  7. 3 Generic Marketing Strategies Each has benefits or reasons for selecting a particular marketing strategy, You must determine which works best for your business.
  8. • Cost leadership (Wal-Mart) – “For the quality, we are the cheapest” • High volume sales • Low cost relative to competition • Cost maximization practices • Differentiation (Harry and David) – “There is something really special about us…” • Create perception that you are unique • Strong marketing skills • Focus or Niche Strategy (variation of Differentiation) – “We only cater to one segment of the market…” • Ability to really understand customer need • Willing to let your customer have a lot of say re: your product Generic Strategies - Michael Porter (1980)
  9. Fundamentals of Marketing • Product • Place • Price • Promotion • People • Producer Anytime one of these “P’s” changes, it should trigger a review of all the other “P’s”
  10. Product
  11. • Question – “Would you buy this product or service?”
  12. Place
  13. Price • What is the value of your product? • What are your costs? – Start Up • Licensing • Label design and printing • Bar code • Research and Development • Insurance • Business Formation • Facility and Equipment
  14. On going Operational Costs • Rent, mortgage, utilities • Raw materials • Packaging • Label reprinting • Insurance, taxes • Legal and professional assistance • Labor • Repair, maintenance • Marketing expenses • Shipping & Deliveries
  15. Things to Ask • What will the customer pay? • What does the competition charge? • What will the market bear? • Can you make a profit?
  16. Promotion
  17. • Direct – From the Farm • Host an Open House – Farm markets – In person (Pack and Peddle) – Mailings • Newsletters – Advertisement
  18. • Internet – Website, – Social media • Trade Shows and Events • Marketing programs – Pride of NY – Department of Commerce – Chamber of Commerce
  19. Most Powerful Promotion Word of Mouth
  20. Create an Identity Business Card Brochure Business Sign Website T-shirts, hats
  21. People
  22. Producer • Share Your Food and Farm Story • Producer must be knowledgeable • Provide Good Customer Service • Communicate well with consumers • Ask consumers questions and listen to the recommendations on improving the product
  23. Using 6 P’s
  24. After your research, you should be able to answer: • Who is your customer, who is your competition and what is your production potential? • Leading to: – What is my market potential? Then as the next step, moving on to develop effective marketing strategies
  25. Describe Your Customers and Marketplace • How big is the market in terms of customers? • What is your customers age, income, buying preferences and habits? • Who are your competitors, size of the market? • Your industry history, trends, future growth? • Periodically use to update knowledge about target customers
  26. How Going to Find Out?
  27. Competition • Who are your main competitors? • How is their business…growing? • How does your product compare to competition? • How does your unique selling point compare? • What do you know about their operation?
  28. What do the Big Guys Do? • Assess their strengths and weaknesses • Develop a strategy • Product concept (trends, needs) • Develop and Test prototype • Test market • Evaluate business and technical aspects • Introduce and market
  29. Smart Considerations • Can react quickly to new market trends • Can try new products economically • No stockholders or BOD to report to • Can fill niche products needs not met by big companies • Need to work smarter, not harder
  30. Doing Your Homework: • Is there a need for your product? Deciding not to produce a product after market research shows a limited market is a good outcome! “Fail Small, Fail Early”
  31. Principals for Marketing Success • Focus – keep the customer in mind • Positioning – unique selling point • Demonstrations sell • Advertising – focus on product advantage • Distribution – product on shelves to satisfy consumers needs • Promotion – to increase in store display
  32. Contact Information Steve Hadcock Capital Area Ag. & Hort. Program 479 Route 66 Hudson, NY 12534 518-828-3346 seh11@cornell.edu

Notas do Editor

  1. Marketing is EVERYTHING you do to promote your business, from the moment you conceive of it to the point at which customers buy your product or service and begin to patronize your business on a regular basis. The key words to remember are everything and regular basis . Jay Conrad Levinson (“Guerrilla Marketing”)
  2. Market Cycle: Start with define Customer need. identify what the need is Identify how to meet that need What sets your product apart or above all others? Communication: getting the word out. Deliver the product (placement – where can your customer get your product?) Check on the satisfaction level—what do you have over “big” producers? Is there a relationship with your customers? Repeat customers vs. one-time shoppers.
  3. (presenter: go through this slide, if you have internet access visit the Wal-Mart and Harry & David websites to highlight the differences between these two companies) Cost leadership – see Wal-Mart website Differentiation—see Harry & David Website Focus—Harry & David
  4. The keys or fundamentals of marketing are often referred to the “P’s” of marketing. Some say there are 4 P’s of marketing others say there are 9, I put it in the middle and say there are 5 P’s of marketing. Product, Place, Price, Promotion and of course People.
  5. must provide the consumer with something they perceive to have VALUE Identify and understand the product/service being marketed What am I going to Market? Sell benefits not just products
  6. Think about your product from the perspective of your Target Market.
  7. is WHERE the customer will purchase your product & how it gets there. Use a Variety of Outlets to Sell Products Distribution strategy -national, regional, international Channels of distribution -self -broker -distributor Co-marketing arrangements with other companies -grocery Gift shops -internet -friends
  8. is WHAT YOU DO to make the connection between your product & the buyer.
  9. WHO will buy your product Target consumer demographics (age, gender, location, education, occupation, income level, household type, marital status Marketmaker http://nymarketmaker.cornell.edu/ Be conscious of psychographics (needs, values, buying styles, cultures, interests)
  10. As your customers needs change, you need to change with them. Based on the 6 P’s of Marketing, every business needs to develop a marketing plan which outlines marketing goals (SMART), strategy, implementation activities and designates who is responsible for sales and marketing . Keys to a Great Marketing Plan involve: Doing your homework Setting goals Write it, revise it, revise it and revise it again. Schedule time to revisit it Goals should be SMART (Specific, Measurable, Acceptable, Realistic and Timed)
  11. Major Food Industry Trends “ Our food system is changing from bringing the consumer to the food, to bringing the food to the consumer” Source: Food Products for a Changing Marketplace
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