Support Material 2 BY THE END OF THE LESSON, YOU SHOULD BE ABLE TO 1. DEFINE AND COMMUNICATE BASIC BUSINESS COMPONENTS SUCH AS THE BRAND, VALUE PROPOSITION, BUSINESS MODEL AND CUSTOMER.
2. DESCRIBE THE ROLE OF MARKETING WITHIN AN ORGANIZATION, AND WHY BUSINESS GOALS NEED TO BE UNDERSTOOD BEFORE ENGAGING ANY MARKETING EFFORTS
3. CLEARLY ARTICULATE YOUR CUSTOMER AND VALUE PROPOSITION
4. DEFINE A TARGET CUSTOMER AND COMPLETE A CUSTOMER EMPATHY MAP WHY DOES MY BUSINESS EXIST?
AND WHY SHOULD ANYONE CARE? DIGITAL MARKETING A VALUE PROPOSITION is a companys reason for existence.
The company needs to answer: Why is the customer better off?
This takes many forms, but one popular way to communicate this clearly and concisely is an elevator pitch. 4 WHAT IS A VALUE PROPOSITION? Your value proposition lies at the intersection of unmet market needs, company core competencies and currently unclaimed positions. --Kristin Tedesco
Strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation. --Robert Kaplan and David Norton 5 WHAT IS A VALUE PROPOSITION? A BUSINESS MODEL is a companys practical blueprint for effectively addressing the needs of its customers.
It describes how an organization actually creates, delivers and captures value.
In other words, how does the business make money? 6 WHAT IS A BUSINESS MODEL? You cant business-model your way out of a shitty product --Tim ONeil
Best resource for Business Model learning is Business Model Generation by Alex Osterwalder and Yves Pigneur 7 WHAT IS A BUSINESS MODEL? A BRAND is a persons gut feeling about a product, service, or organization.
Its a persons gut feeling, because brands are defined by individuals - not companies or markets.
Its a gut feeling because people are emotional, intuitive beings.
Its not what you say it is, its what they say it is. 8 WHAT IS A BRAND? A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumers decision to choose one product or service over another. Seth Godin
A brand is emotional shorthand for accumulated or assumed information. A brand is present when the value of what a product, service, or personality means to its audience is greater than what it does for the audience. Austin McGhee 9 WHAT IS A BRAND? 10 BUSINESS & MARKETING STRATEGY BEFORE YOU CAN DEVELOP AN EFFECTIVE MARKETING STRATEGY, YOU FIRST NEED TO DEEPLY UNDERSTAND THE BUSINESS. 11 BUSINESS & MARKETING STRATEGY UNDERSTAND YOUR BUSINESS YOUR CUSTOMERS, THEIR NEEDS, AND HOW YOU FULFILL THEM. HINT: YOUR MOST IMPORTANT METRICS WILL COME OUT OF UNDERSTANDING THIS WELL! 12 BUSINESS & MARKETING STRATEGY WHAT IS MARKETING?
Its not a department. - Rework by 37Signals 13 BUSINESS & MARKETING STRATEGY Just as you cannot not communicate, you cannot not market
-Every time you answer the phone, its marketing. -Every time you send an email, its marketing. -Every word on your website is marketing. -If you build software, your error messages are marketing. -If youre in the restaurant business, the after-dinner mint is marketing. Rework by 37signals
14 BUSINESS & MARKETING STRATEGY WHY DOES MY BUSINESS EXIST? ELEVATOR PITCH
WHY DO MY CUSTOMERS CARE? BRAND
HOW DO I MEASURE SUCCESS? ANALYTICS 15 WHAT IS AN ELEVATOR PITCH? A CONCISE DEFINITION OF A BUSINESS COMMUNICATING ITS VALUE PROPOSITION AND ITS CUSTOMERS. ACTIVITY DIGITAL MARKETING 17 ELEVATOR PITCH ACTIVITY ! 20 MIN Each group will be assigned a company.
For 20 minutes, your group will use the AdLibs template to create an effective elevator pitch.
Brainstorm various words or phrases, then pick the best answers to complete the pitch. STRUCTURE OBJECTIVES GROUPS OF 4 18 ELEVATOR PITCH ACTIVITY ACTIVITY DEBRIEF + BREAK DIGITAL MARKETING CUSTOMER PERSONAS intricately define a companys target customers beyond shallow characteristics such as age, sex, income, education and location.
Although certainly a good start, a customer empathy map is a helpful exercise that more fully describes the person motivations, concerns and behaviors.
Ultimately, complete customer profiles include an understanding of their identity, needs and behavior. 20 WHO IS YOUR CUSTOMER? LANGUAGE BARRIER Be careful to avoid words that your customer may know, but dont ever actually use. A company touting that its multi-platform or responsive for all devices is industry jargon. How does your customer actually speak? THINK & FEEL What are the customers hopes, fear, and dreams? What do they think about during the day? SEE What does the customer environment look like? What do they see? Whats around them? Cities? Countries? HEAR Who influences the customer Celebrities? Their friends? SAY & DO How do your customers act? Where do they speak out? Do they use social media? 21 CUSTOMER EMPATHY MAP ACTIVITY DIGITAL MARKETING 23 CUSTOMER EMPATHY MAP ! 20 MIN Same groups, same assigned companies.
For 20 minutes, your group will use the Empathy Map to brainstorm the mindset of your companys customers.
Aim to include 3-4 items under each category. STRUCTURE OBJECTIVES GROUPS OF 4 24 ELEVATOR PITCH ACTIVITY ACTIVITY DEBRIEF DIGITAL MARKETING RECAP DIGITAL MARKETING 27 WHAT DID WE LEARN TODAY 1. How to define basic business components such as the brand, value proposition, business model and customer.
2. Marketing is not a department.
3. How to use an elevator pitch and customer empathy map. 28 HOMEWORK 1. Complete setup of Schoology account
2. Submit final project company ideas and information
3. Write an elevator pitch and customer empathy map for your own company / big idea! Q&A DIGITAL MARKETING EXIT TICKETS HTTP://GA.CO/DGMTICKET DIGITAL MARKETING