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Talking Business: The Power of Marketing: Marketing Do’s and Don’ts

A Conversation With: Kathy Dwyer (president, TAG Group LLC), Amanda Nicholson (Assistant Professor of Retail Management), and Trisha Torrey (former owner of IntegriMark Communications).

Amanda talked briefly about the four P’s of marketing:

1. Product
2. Price
3. Place
4. Promotion

A business’ marketing plan needs to take into account all four P’s as well as the target market.

You don’t want to push products onto customers.  You want them to pull the product from you.

Kathy said that, in marketing, one size does not fit all.  There are many different ways of marketing a business and each business will do something different that meets their needs.  She noted that you may not need a brochure and she implored people to throw out old collateral materials.  Don’t use marketing materials that are out-of-date.

Kathy noted that people in small businesses might need to market themselves and their skills, rather than the business.  If the customer is purchasing “you,” then you need to promote “you.”

Trisha told people to listen to their target audience.  She also agreed with Kathy on what you need to promote, asking, “Are you the message or is the business the message?”

Trisha said that you can build the brand, and then sell that brand.  If you are looking to exit a business, you can sell the business name and its reputation (along with other assets.)

In talking about do’s and don’ts…

1. Kathy –  Have strong business relationships
2. Trisha – Focus on what the customers needs and deliver products/services to meet those needs.  “This is why you need me.”
3. Amanda – Everyone sells something all the time.  Under promise and over deliver – that helps your word of mouth.
4. Trisha – Be flexible.  Jump on opportunities.

Audience Question: What is your perspective on marketing towards minorities?

1. Trisha – No matter what, you need to know your target audience and their interests.
2. Amanda – The idea of marketing to specific niches makes marketing more precise and professional.  Marketing to niches is market segmentation.  There is lots of free information available on this topic.

Audience Question: What steps do you need to follow to determine product/service pricing?  What if people think it is too much?

1. Amanda – Do an environmental scan. What is the going rate in your region?  How many people think the price is too high?  If it’s only 10%, that may not be a problem.

Audience Question: Is there a time when you stop marketing?

1. Trisha – Marketing needs to be part of your business strategy.

In talking about marketing, Trisha then talked about the trends of Web 2.0 and Web 3.0.  Web 2.0 is the movement that made the Internet more of a participatory environment using blogs, wikis, and social networking tools.  With Web 2.0, everyone’s voice can be heard online and everyone can share his/her expertise.  Trisha sees Web 3.0 as the rise of experts out of the pool of voices.  She advocates for everyone participating online so that they are heard and so that they can become one of the experts that people turn to.  (Trisha’s definition of Web 3.0 is different than other definitions and points to the fact that there is no clear consensus on what Web 3.0 is.)

Trisha has written a handout on blogging called “Blogging 101:  Blog Your Way to Business Success.”  Having a blog – which is similar to an online newsletter or personal journal – has been important to her business.

Audience Question: What does “know your product” mean?

It means to know what the product is, who would purchase it, who would be interested in it, how people think about it, etc.

Audience Question: If you are in an industry that doesn’t value marketing on the Internet, how much do you break “the mold” (or go out of the box)?

1. Kathy – You need to manage your reputation.  Don’t do things – even when marketing – that will ruin it.  Get advice on what people value in your industry and don’t assume.
2. Trisha – In some industries – and at some levels in businesses – you need to establish one-on-one relationships.  Meet with appropriate senior staff members over lunch.
3. Kathy – Build relationships through your industry organizations.

Take Aways:

1. Kathy – “Just ask.”
2. Amanda - “Listen to thy customer.”

Insanity is doing the same thing repeatedly and expecting different results.

Event photography courtesy of Kelvin P. Ringold, Custom Photogenics