ENTR8200 - Entrepreneurship for Mobile Development

1. ENTR8200 - Entrepreneurship for Mobile Development Lecture 5

2. agenda • Marketing (2) • Remember that assignment 3 is due today • Quick exercise to practice marketing concepts • Describe the importance of networking. • Explain the importance of customer service and selling skills. • Describe how to maintain a visible presence using social media and other marketing venues to attract clients/customers • Remainder of period to work on marketing plan and marketing pitch

3. ‘Got You Covered’ insurance company sent out 1,000 direct mail letters, at a total cost $5,000 (in order to trial their direct marketing campaign). A summary of the results is as follows: • 20 people indicated that they would like to see an insurance agent • And 10 of these people later bought an insurance policy • 20 people indicated that they were not interested at this time, but sent back their details and indicated that they would like to receive future offers • 20 people indicated that they were not interested at this time, but sent back their details and indicated that they would like to receive future offers • 0 people indicated that they wanted to get the full details and to Complete the application form. • After some follow-up, 5 of these people took out the insurance • 5 other people indicated that they would like some information on other products sent to them • (Note: To help you evaluate the results, the company makes $200 profit on each policy sold and the average person remains a customer for five years.) • Outline the mix of responses that the firm received from its direct marketing campaign. • Which of the responses received would be the most valuable to the firm? Why? • What was the sales conversion rate of the campaign? • If you were the campaign’s manager, how satisfied would you be with these results? Would you repeat the campaign? http://www.greatideasforteachingmarketing.com/evaluating-direct-marketing-results/

4. Marketing – importance of networking • Networking is about making connections and building enduring, mutually beneficial relationships • Ultimately, it’s not about who you know ... but WHO KNOWS YOU!! • Benefits: • Learn dynamics within your industry • Establish your business contacts • Get “plugged in” to your community • Seek new career opportunities • Facilitate win-win relationships • Create your referral networks • Accelerate your professional development • Develop knowledge resources

5. Marketing – the importance of networking • For the next 10-15 minutes please do the following: • Select someone in the class who is not working with you (on the Business plan) • Introduce yourself and spend 1 minute telling the person about yourself and your new business. Then, listen for 1 minute while the person tells you about his/her new business. • I will sound off a timer to find someone new

6. Marketing – importance of customer service • often the only contact a customer has with a company • it can help differentiate a company from it competitors • excellent customer service is more likely to get repeat business from customers. Consequently, the company will benefit with greater sales and profits. Contrarily, companies with poor customer service may lose customers, which will have a negative impact on business. Remember, It costs a lot more money for a company to acquire a customer than to retain them, due to advertising costs and the expense of sales calls. • People that have a positive experience with a company's customer service department will likely tell two or three others about their experience, according to Consumer Affairs website.

7. Marketing – importance of customer service • Top skills of a customer service rep: • Knowing When to Be Quiet (don’t be drawn into an argument) • Keeping Things Positive • Apologizing • Possessing Knowledge • Listening • Give back more than expected

8. Marketing – importance of selling skills • Why many small business owners fail at sales: • Selling yourself short • Don’t believe or can’t convey the value of our product/service • Not in touch with the needs of your audience • You’ll not be able to connect with them to sell your product/service • Missing basic communications skills

9. Marketing – importance of selling skills • Top traits of sales people: • Good listener • Excellent people skills • Good behaviour and positive demeanor • Positive attitude • Good humor • Action orientation • Self discipline • Confident – don’t get bogged down after failure/rejection • Good body language • Alert to collect information/feedback