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Click here to read SME-Part B-Lecture 8-Sub Lecture 8A
Building a Powerful (Guerrilla) Marketing Plan
The main components of a business plan:
a. Financial Plan
b. Marketing Plan
A solid business plan determines what and how the business plan maker wants to do. It will tell the timing of the business.
Marketing functions cut all other functions of the business plan.
The marketing plan does not exist in its limit.
The marketing department becomes close to customers. Customers inform the marketing department about their product type.
Marketing: It is the process of creating and delivering desired goods and services to customers. It involves all of the activities associated with winning and retaining loyal customers.
Retaining means purchasing again and again.
Marketing builds up and maintains profitable customer relationships.
Guerrilla Marketing Strategy
It refers to going ahead unconventionally.
It is opposite to the traditional way of marketing strategy.
It does not maintain rules.
A small business owner has a small amount of money. He has to approach the unconventional marketing strategy and has to show creativity. He has to invest a low amount of money and gains a high return from that investment because the unconventional marketing cost is low.
Guerrilla marketing strategy should not be familiar and must be creative. It does not more money and needs creativity, experience, and skill.
When do one can make a guerrilla marketing plan successful?
a. The strategy directs the specific market where the strategy maker wants to work. It indicates the strategy maker what niches are to be reached, this segment should be served.
The strategy will pinpoint the specific target markets where the company will serve.
Buzz Marketing, Guerrilla Marketing, etc should be searched on YouTube.
Guerrilla marketing is unconventional and will touch the hearts of customers.
Guerrilla marketing will give a touchy-message to customers.
b. The strategy can bring customer needs, demands, etc through market research.
c. The strategy will give a competitive advantage which will differentiate the product of the strategy maker from the competitors. The product of the strategy maker will get an advantage compared with that of the competitors. For instance, better fragrant soap.
The strategy will give the strategy maker a competitive edge and that competitive edge will give a different and superior position of the strategy maker compare to the competitors and the competitors cannot gain that position. For instance, fragrancy will give a competitive edge to the producer of the soap compared to the competitors of soaps.
One can use one's competitive advantage in promotional activities of one's business by knowing that competitive advantage.
d. The strategy will make such a combination of the marketing mix that will give the highest value to customers. The marketing mix consists of 4 elements that are product, price, place, and promotion. In brief, the marketing mix consists of 4P.
Pinpointing the target market
One has to identify to whom the product or service will be taken.
Serving customers will define the objectives of the strategy.
Target customers must permeate the entire business. It means that reflection f the served people exist in the business plan. Target customers can understand that the products are made for them. To give a clear example, decent pens are made for normal people, funky pens are mad for children.
Layout, background music, etc will act as indicators that will indicate to whom products or services are being served. Thus, the appeal can be created to the maximum people.
Need, want will be known through market research. On e has to work with demographic data such as age, religion, gender, etc. Market research will give one demographic information. Information is the foundation of any business plan. It is seen that one can assume that one's product has customers. But, or has to investigate if one's product has customers.
Market research can be time-consuming, complex, and expensive. These matters are not consider-able in the market search.
Web-based market research is done through the website. Surveying visitors through the website is inexpensive and simple.
Trend-tracking helps one to know what is going in the industry.
Tracking Trend
a. Current publications
b. TV shows
c. Movies
d. Talking with 150 customers
e. Talking with 10 smartest people
How to conduct market research
a. Defining the objective
b. Collecting data
c. Data mining
d. Individual (one-to-one) marketing has become popular recently. One has to ask one's customers that which characteristic of one's product seems good to the customers.
e. Working with the published data
f. Collecting data through websites and analyzing the collected data: Analytical and statistical software is used for this purpose. These types of people like theses characteristics and these people prefer these things etc are known through analytical and statistical software.
g. Analyzing
h. Concluding
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