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Discover New Entrepreneurial Marketing Strategies for Supercharging Profits and Sustaining Competitive Advantage! This practical guide shows how to use modern entrepreneurial marketing techniques to differentiate your company in the eyes of customers to achieve sustainable profitability. The authors focus on innovative strategies and tactics, pioneered by some of today's most successful and disruptive companies, including Google, Quidsi (diapers.com), Apple, Victoria's Secret, Anki, Pebble, Metricstream, and Warby Parker. These high-impact methods will help entrepreneurs achieve immediate, bottom-line results through more effective marketing. Based on The Wharton School of the University of Pennsylvania's pioneering Entrepreneurial Marketing course, this edition is fully updated to reflect what works in the marketplace today. Guided by the authors' collaboration with dozens of high-growth companies, it offers new insights into which marketing programs and distribution channels are likely to succeed, and how to leverage them in your unique business environment-even with limited resources. The authors begin by helping you refine your competitive positioning by clarifying "What am I selling to whom?" and "Why do they care?" Next, they guide you through the fundamentals of demand generation via public relations, social media, viral marketing, advertising, distribution, and marketing-enabled sales. Finally, they provide you with valuable tips on how to secure the right human capital resources to build the team you need to succeed. Each of these core concepts is illustrated with real-world anecdotes that provide fresh insights into traditional marketing concepts. Pragmatic from start to finish, Marketing That Works, Second Edition, is for marketers who care about both long-term strategies and short-term results. • Leverage cutting-edge, entrepreneurial techniques to get your positioning and pricing right • Generate, screen, and develop great new marketing ideas to reach your target audience • Lead your customers to your offering-and motivate them to buy • Cultivate the right people and resources for outstanding execution This guide offers high-value, low-cost marketing solutions that leverage today's newest trends, tactics, channels, and technologies. It highlights companies that are redefining marketing and illuminates powerful new ways to secure resources, test and execute plans, and build brands. The authors present practices for getting close to customers, reinforcing positioning, and developing marketing programs. Wherever you compete, this guide will help you grow your sales and profits, and drive more value from every dollar you spend on marketing. For more information about Marketing That Works, visit www.marketingthatworksbook.com.
&>The Book's Mission 1 The Authors' and the Book's Heritage 3 The Importance of Marketing 4 One Positioning, Multiple Stakeholders 6 Challenges of the Next Decade 7 SECTION ONE: MARKETING STRATEGY--REFINE YOUR OFFERING AND POSITIONING 11 Chapter 1 Marketing-Driven Strategy to Make Extraordinary Money 13 Orvis Company--Excellent Entrepreneurial Positioning 13 Positioning to Enhance the Value Proposition 14 Getting Started: Segmentation and Targeting 16 Virtual Communities: The Ultimate Segment? 17 An Entrepreneurial Segmentation Example--Tandem's East 18 An Entrepreneurial Segmentation Audit 20 Gaining the Competitive Advantage: Differentiation 22 Distinctive Competence and Sustainable Competitive Advantage 24 Tying Together the Value Proposition: Distinctive Competence, Sustainable Competitive Advantage, and Positioning 27 Victoria's Secret and L Brands--Excellent Integration of Positioning, Segmentation, and Distinctive Competencies 29 Positioning, Names, and Slogans 31 Hindustan Unilever Limited: Positioning and Targeting to the Bottom of the Global Pyramid 33 The Unmet Need 34 Summary 39 Endnotes 39 Chapter 2 Generating, Screening, and Developing Ideas 41 Idea Generation and Testing at Idealab 41 Evaluating Specific Venture Ideas 42 Finding More Receptive Battlefields 43 Dry Tests, Crowdfunding, and Concept Testing: What They Are and Where They Are Best Used 46 Getting Customers to Part with Money: The Real Tests of Value 46 Victoria's Secret Uses Their Stores as Test Beds for New Products and Brands 48 Testing Purchase Intention: The Concept Test 49 How to Do Concept Testing--the Nuts and Bolts 50 Best Practices and Uses for Concept Testing 56 Caveats for Concept Testing 60 Trakus: The Value of Concept Testing 61 Summary 65 Endnotes 66 Chapter 3 Entrepreneurial Pricing: An Often-Misused Way to Garner Extraordinary Profits 67 Determining Price at Warby Parker 67 Pricing to Create and Capture Value 68 Price and Perceived Value 70 Getting Price Right Early--It's Hard to Raise Prices Later! 71 Perceived Value in Use for Business-to-Business Products 72 The SAS Institute, Inc.--Very Effective Management of Perceived Customer Value 74 Pricing of Intellectual Property 77 What Else Can Impact Price Response? 79 Customer-Determined Pricing 80 Revisiting Costs in Determining Price 82 Methods for Determining Revenue at Alternative Price Levels 84 Premarket Methods--Pricing and Concept Testing 84 In-Market Methods 90 Victoria's Secret Can Use Its Many Stores for In-Market Experimentation 95 Summary 96 Endnotes 97 SECTION TWO: DEMAND-GENERATION AND SALES--LEAD YOUR CUSTOMERS TO YOUR OFFERING 99 Chapter 4 Leverage Public Relations for Maximum Value 103 PayMyBills.com--Battling Competition with Public Relations 103 Aspire to Be a Winner 104 Gaining the Perception of Leadership 105 Spokespersons/Evangelists 109 Linkage to Fund-raising 111 PR Agencies 112 Timing Is Essential 113 Crisis Management 114 Summary 115 Endnote 115 Chapter 5 Promotion and Viral Marketing to Maximize Sustainable Profitability 117 The Coolest Cooler--One of Kickstarter's Most Successful Campaigns 117 Methods for Promoting Products and Engaging Customers 118 Give It Away 119 Free Trials Versus Free Forever Versus Freemium 121 Key Metrics for Free Trials to Pay 122 Viral Marketing 123 Using Social Media for Viral Marketing 125 When Do Giveaways Work? 126 Event Marketing 128 Consumer Events 130 Product Placement 131 Winning the Tchotchke Wars 132 Summary 134 Endnotes 134 Chapter 6 Advertising to Build Awareness and Reinforce Messaging 135 Synygy Generated Productive Ad Options for Low Cost 135 Moving to More Effective Advertising 138 Even Large Firms Waste a Lot of Their Advertising Expenditures 139 How Entrepreneurs Can Improve the Productivity of Their Advertising 141 Improving Campaigns 141 The Hindustan Lever (HLL) Missed Experimentation Opportunity 145 Victoria's Secret's Advertising and Testing Strategy 147 Evaluating Campaigns-- Vaguely Right Versus Precisely Wrong 148 A National Retailer's Campaign Evaluation 149 Vaguely Right Entrepreneurial Marketing Experimentation 153 Evaluation Before Is More Valuable than After 154 Media Planning 157 Sample Template for Media Evaluation 158 The Digital Marketing Revolution--Evaluating and Maximizing Its Bang Per Buck 163 Display Ads 164 Search Engine Optimization 166 Evaluating the Return on Search Engine Marketing 170 Methods for Improving Productivity of Search Engine Marketing 171 SoLoMo, Personalization, and Other Emerging Digital Advertising Concepts 172 Summary 174 Endnotes 174 Chapter 7 Distribution/Channel Decisions to Solidify Sustainable Competitive Advantage 177 Anki--Emerging from Stealth Mode with Help from Apple 177 Making Distribution Decisions 179 Required Functions of Any Distribution System 180 Evaluating Distribution Options, a Disintermediation Example 182 Revisiting Positioning in the Context of Distribution 183 Other Aspects of Distribution System Design--Direct Versus Indirect 184 Owning Your Own Distribution--The Highest Control 185 Victoria's Secret and the L Brands' Own Store Channel Strategy 186 Indirect Distribution and Exclusivity Alternatives 188 Exclusive Distribution 189 Anki DRIVE--Launched by Exclusivity 190 Evaluating Channel Exclusivity 191 Item Exclusivity 193 Intensive Distribution 194 Selective Distribution 195 Brooks Sports--Integrating Selective Distribution with Effective Positioning and Segmentation 196 Preservation Hall Jazz Bands--A Selective Distribution Example 198 Types of Intermediaries--Earn Your Partners in Distribution 199 Neat, Co.--Using Kiosks (Direct Sales) to Earn Distribution 200 Nice Systems--A VAR Example 201 Dynamic Distribution Management 202 Superscope, Inc.--Couldn't Achieve Balance 203 Franklin Electronic Publishers 206 Franchising: Still Another Distribution Option 207 Different Types of Franchising 207 From the Franchisee's Point of View 208 From the Franchisor's Point of View 212 Rita's Water Ice--A Successful Franchising Venture 215 Managing and Anticipating Channel Conflict 218 Concept Testing to Channel Members 222 Summary 223 Endnotes 223 Chapter 8 Sales Management to Add Value 225 Plantronics 225 The Role of the Sales Management 226 Type of Sales Forces 229 Direct to End User 229 Resellers, Distributors, and Retailers 230 Value-Added Resellers 231 Agents, Brokers, and Representatives 231 The Control Issue: Choosing Your Sales Force 233 What Situations Favor Direct Versus Rep? 233 Choosing Reps 235 Effective Rep Management 236 Rep Management and the Perceived Value Proposition 237 Direct Sales: Personal Versus Telephone Versus the Web and Other Nonpersonal Sales 238 IndyMac: Using Both Direct and Indirect Sales Channels 241 Sales Force Size, Deployment, and Organization 242 Sales Force Size and Deployment 242 Deployment with Limited Sales Force Size 244 Sales Force Organization and Travel Costs 245 Compensation 245 Matching Incentives 245 Outback Steakhouse--Perfectly Matched Incentives 247 Incentives Versus Control Versus Time Horizons 247 Compensation for New Versus Existing Customers, a Possible Festering Problem 248 The Shadow Broadcast Services Example 249 Recruiting, Training, and Retention Strategies 252 Summary 254 Endnotes 255 Chapter 9 Marketing-Enabled Sales 257 MetricStream, Inc., and the Marketing-Enabled Sales Strategy 257 Marketing Tools to Support the Sales Process 258 Help Prospects Find You 260 Gain Prospect Interest and Trust 261 Company Website 264 Traditional Advertising 265 Pay per Click (PPC) Advertising 265 Social Media 267 Webinars 268 Trade Shows 269 Blog Posts 270 E-Mail Campaigns 270 Qualify Prospects and Identify Prospective Buyers 271 8x8 Reinvigorating Dormant Prospects 272 Drive Toward the Close 274 Submit the Proposal 274 Check References 278 Handle Objections 278 Close the Deal 280 Training Is Necessary 280 The Relationship Between Marketing and Sales 281 Summary 282 Endnote 283 SECTION THREE: EXECUTION--CULTIVATE THE PEOPLE AND RESOURCES TO MAKE YOUR MARKETING WORK 285 Chapter 10 Create an Ecosystem to Maximize Product/Service Lifetime Profitability 287 Pebble: The Start-Up Taking on Multibillion-Dollar Global Companies 287 Engaging Your Customers in Product Launch 289 The Beta Process 292 Reference Accounts 296 Reaching Target Reference Customers 298 Establishing a Compelling Offer 298 Building an Internal Resource Plan to Ensure a Successful Launch 300 Securing External Support for Your Product 302 Partnering for Launch 304 Channels of Distribution 305 Summary 306 Endnotes 306 Chapter 11 Entrepreneurial Marketing for Building Teams 307 Anki: From Classmates to a Company 307 Positioning for Talent 309 Segmentation: Understanding the Needs of Company and Employees 309 Differentiation: Setting Yourself Apart 312 Building a Team and Corporate Culture 313 Reaching the Prospects 315 Choosing the Prospect 317 Compensation: Pricing Your Talent 322 Summary 323 Endnotes 323 Chapter 12 Marketing for Financing Activities 325 Pebble: Preserving Equity with Crowdfunding and Venture Funding 325 Financing: A Different Product for a Different Customer 327 Product Versus Financial Marketing 329 A Financial Marketing Plan 329 The Buying Center 331 Segmentation of Investors 332 Crowdfunding 332 Angels 333 Venture Capital Firms 334 Incubators and Accelerators 335 Corporate Strategic Partners/Investors 336 Institutional Investors 337 Naming 337 Pricing--The Value of Your Venture 338 Venture Marketing 339 Initial Public Offering (IPO) 340 Investor Relations 341 Summary 343 Endnotes 343 Chapter 13 Building Strong Brands and Strong Companies 345 Why Is It Hard to Build Brands? 347 Can Entrepreneurial Marketers Overcome These Eight Difficulties in Building Brands? 354 Ten Guidelines for Building Strong Brands 355 Summary 358 Endnotes 358 Index 359 The #1 actionable guide to entrepreneurial marketing - now fully revised for the latest high-value techniques, channels, and metrics!