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