Chapter 10 - Small Business Promotion: Capturing the Eyes of Your Market

prospects

sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase

search engine optimization (SEO)

techniques applied to web pages in order to obtain favorable placement on Internet search page results

customer retention (CR)

techniques that focus on efforts to promote satisfaction with and interest in the firm

trendiness

a concept in public recognition that alludes to the fit of the topic to current fashion or public interest

media content strategy plan

a document, for the managers and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audiences, distribution channels, keywords, content types, calendar, publishing procedures, action items, KPIs, and analytics across all the different types of marketing efforts the firm will attempt

predetermined market segments

professionally compiled target audiences based on shared demographic, financial, sopping, and psychographic characteristics

sales forcast

prospective sales x hit rate x sale amount

issue recognition

a concept in public recognition that alludes to the extent to which the public is familiar with the issue or problem at hand

public recognition

being recognized or acknowledged by large numbers of people, similar to "fame"

cognitive dissonance

doubt that occurs after a purchase has been made; an inconsistency between experience and belief

hit rate

how many prospects or leads you need to approach in order to make one sale; also called the conversion rate

promotional mix

how much of each message conveyance you will use to sell your product as well as your objective in using each one

key performance indicators (KPIs)

measures or metrics that identify the outcomes that are most important to the success of a business; while outcomes like sales or products produced are KPIs, events leading up to these are also usually considered key, like customers coming to your store or website for sales, or number of products started

free ink

mentions of your company or products in what media for which your firm did not pay

donations

monetary or other gifts to organizations or people who are in need

advertising

often used to support the corporate identity and value propositions that are established through public relations efforts; part of conveying your message to your customers, advertising outlets include newspapers, magazines, billboards, television, and Internet banner ads, to name a few

sponsorships

paying for a local organization's needs in exchange for recognition

organic traffic

people who come to your website based on their own actions (e.g., typing in your URL, clicking on a link mentioning your site on a web page, or clicking on a search engine finding based on where your site naturally - or "organically" - appears in the search results) where you have not paid for the link; it is also called unpaid search

sales leads

people who receive a promotional impression and who give some though to buying the product

customer relationship management (CRM)

the process of tracking the customer's different contacts with the firm, and using these data to help improve sales as well as the customer's experience

marketing funnel

the rule of thumb in marketing that it takes a large number of people to be made aware of your product in order to find a purchaser

domain name

the specific name of an Internet site, consisting of a name followed by .com, .net, or a similar code

public importance

1. things that are considered important to large numbers of otherwise unrelated people. 2. things that are of civic importance, as opposed to private or corporate entities

public interest

1. things that are generally considered to be beneficial to large numbers of people 2. civic causes and benefits, as opposed to private and corporate benefits

power

a concept in public importance that alludes to potential shifts in control or influence

currency

a concept in public importance that alludes to the degree to which the issue is immediate in its impact

human interest

a concept in public interest that alludes to a character to whom the public can relate

good story

a concept in public interest that alludes to an incident with good triumphing

cultural resonance

a concept in public interest that alludes to events with a broad appeal within the market or population

visuals

a concept in public interest that alludes to the graphic interest held by an event

famous faces

a concept in public recognition that alludes to connections of your event or firm to individuals that general public would recognize

proximity

a concept in public recognition that alludes to how close the issue being discussed it to you, your family, or your business

concentrated strategy

a marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group

differentiated strategy

a marketing strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs

undifferentiated strategy

a marketing strategy that uses no segmentation; assumes that all consumers have virtually identical needs and can be reached by the same marketing mix

target market

a marketing term (also called serviceable obtainable market, or SOM) that refers to the group of customers in the area you plan to serve who would be likely to be interested in your product, or those of competitors. Target markets can refer to individuals or market groups called segments

mat release

a news release that is typeset and thus may be photographically reproduced for inclusion in a newspaper

diversification

a strategy whose goal is growth based on adding new products or services to the firm's existing collection of offerings

product expansion

a strategy whose goal is growth, based on selling existing customers a product or service they have never bought before

market expansion

a strategy whose goal is growth, based on selling in areas or to groups previously not served by the business

market penetration

a strategy whose goal is growth, based on selling more of the firm's products or service to the existing customer base

customer vector

a type of CRM report that segments by customer (or customer group) on purchases or dates of the purchase

media kit

a type of specialized web page or sales material based package (hard copy or PDF) sent to media outlets that is focused on telling them about your company and its story; these are often built around a press release for something of potential current interest to the media outlet; also called a press kit

bot

a web-based program that uses artificial intelligence techniques to automate tasks such as searches

press release

a written announcement intended to draw news media attention to a specific event

press relations

activities used to establish and promote a favorable opinion by the media

public relations

activities used to establish and promote a favorable opinion by the public

viral marketing

any electronic equivalent of word of mouth advertising, in which the advertiser's message spreads quickly and widely via email, websites, blogs, and other online tools

publicity

information about your company and its activities that is disseminated to the public in order to gain their good opinion

keywords and description tags

terms included in the hidden portion of a web page (called the document head) that are used by search engines such as Yahoo! and Google to describe your website and evaluate its focus and category placement

succinct message

the key point in as few and as memorable words as possible

brand

the name a firm puts on itself and its products to differentiate them from competitors' offerings

market segmentation

the process of dividing the market into groups that have somewhat homogeneous needs for a product or service

segmentation

the process of dividing the market into smaller portions of people who have common characteristics

personal selling

the process of selling your products and services; includes prospect and evaluate, prepare, present, close, and follow up

newsworthy events

to garner serious attention from the media and the public, a news story needs to deliver certain essentials that will hold their attention and keep our news in their thoughts; it should have public recognition, importance, and interest

impression

what it is called when someone notices a promotional effort