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Business

Guerrilla Marketing Principles

  1. Find a niche and fill it
  2. Use the power of publicity
  3. Don’t just sell; entertain!
    • Entertailing
  4. Strive to be unique
  5. Build a community with customers
  6. Connect with the customer on an emotional level
      • Build trust
      • Define a unique selling proposition (USP)
        • A key customer benefit of a product or service that sets it apart from its competition
        • Answers key customer question: “What’s in it for me?”
        • Consider intangible or psychological benefits as well as tangible ones
        • Communicate your USP to your customers often
  7. Create an identity for your business through Branding
  8. Embrace Social Marketing
    1. Social networks sites, such as Facebook, LinkedIn, and Twitter, allow entrepreneurs to connect with potential and existing customers at little or no cost
    2. 44% of entrepreneurs use social media to connect with existing and potential customers
    3. Nearly 134 million people in the U.S.read blogs and 39% of companiesuseblogsaspartoftheirmarketingstrategies
      1. Economical and effective online communication
    4. Blog Guidelines:
      1. Be honest, balanced, and interesting
      2. Post blog entries consistently so that readers have a reason to return
      3. Ask customers for feedback
      4. Strive to cultivate the image of an expert or a trusted friend on a topic that is important
      5. Use services such as Google Alerts that scan the Web for a company’s name and send e-mail alerts when they find posts.
      6. Promote the blog via e-mail and promotional websites
  9. Dedication to service and customer satisfaction
      • 48% of shoppers say they won’t patronize stores where they know others have had negative experiences
      • Disgruntled customers often post their experiences online
      • 80% of shoppers have changed their minds about a purchase after reading negative information online
      • Surveys show 79% of unhappy customers tell others about their experiences
      • To achieve stellar customer service and customer satisfaction:
        • Examine your company’s service cycle
        • Set standards and measure performance
        • See customer complaints as a mechanism for improving customer service
        • Listen to customers
        • Define superior service
        • When you create a negative customer experience, apologize and fix it – fast
        • Empower employees to offer superior service
        • Train employees to deliver superior service
        • Hire the right employees
        • Get top managers’ support
        • Treat employees with respect and show them how valuable they are
        • Use technology to provide improved experience
        • View customer service as an investment, not an expense
        • Reward superior service
        • Give customers an unexpected surprise
  10. Retain existing customers
      • A company may need to land 12 to 20 new customers to offset the impact of one lost loyal customer!
      • Research shows that repeat customers spend 67% more than new customers
      • Attracting new customers costs the typical business seven to nine times as much as keeping existing customers.
      • Practice customer experience management
      • Companies that are successful at retaining their customers constantly ask themselves (and their customers) four questions:
        1. What are we doing right?
        2. How can we do that even better?
        3. What have we done wrong?
        4. What can we do in the future?
  11. Devotion to quality (Total Quality Management)
      • World-class companies treat quality as a strategic objective, an integral part of company culture
      • The philosophy of Total Quality Management (TQM):
        • Quality in the product or service itself
        • Quality in every aspect of the business and its relationship with the customer
        • Continuous improvement in quality
        • Definitions of quality in a product
          • Reliability (average time between breakdowns)
          • Durability (how long an item lasts)
          • Ease of use
          • Known or trusted brand name
        • Definitions of quality in a service
          • Tangibles – equipment, facilities, people
          • Reliability – doing what you say you will do
          • Responsiveness – promptness in helping customers
          • Assurance and empathy – conveying a caring attitude
  12. Attention to convenience
    • Successful companies go out of their way to make sure it’s easy for customers to do business with them
    • Some questions to ask:
      ► Is your business conveniently located near customers?
      ► Are your business hours suitable to your customers?
      ► Would customers appreciate pickup and delivery services?
      ► Do you make it easy for customers to buy on credit or with credit cards?
      ► Do your employees treat customers with courtesy?
  13. Concentration on Innovation
      • Innovation
        • The key to future success
        • One of the greatest strengths of entrepreneurs
        • It shows up in the new products, techniques, and unusual approaches entrepreneurs introduce
      • Entrepreneurs often create new products and services by focusing their efforts on one area and by using their size and flexibility to their advantage
  14. Emphasis on Speed (Time Compression Management)
  • Use principles of time compression management (TCM):
    ►Speed new products to market
    ►Shorten customer response time in manufacturing and delivery
    ►Reduce the administrative time required to fill an order
  • Create cross-functional teams of workers and empower them to solve problems
  • Set aggressive goals for production and stick to the schedule
  • Use technology to find shortcuts
  • Rethink the supply chain
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