Fluent Essays

Branding Austin took some time to define the essential brand for Tio as a drinkable soup that replaces a meal. According to Heaton, Branding is the expression of the essential truth or value of an organization, product, or service. Review the definitions below:  CHANNELS: Describes how a company communicates with and reaches its Customer Segments to deliver a Value Proposition.  CUSTOMER RELATIONSHIPS: Describes the types of relationships a company establishes with specific Customer Segments.  Think about branding in relation to your big idea and answer the prompts below: How will you reach the necessary Channels to communicate with your prospective Customer Segments?  What type of relationship does each of your Customer Segments expect you to establish and maintain with them? What questions or uncertainties do you have about the brand you would like to create? Post your initial response by Wednesday, midnight of your time zone, and reply to at least 2 of your classmates initial posts by Sunday, midnight of your time zone   Tio Gazpacho: A Taste of Tio Austins realization that Tio should be seen as a meal replacement had many implications for marketing and branding the product. The product is now marketed in a small, single-serve bottle, it is shelved alongside other ready-to-eat foods, and the packaging highlights Austins story and the soups tastiness. The brand focus on taste has led to a marketing practice of in-store sampling, accompanied by temporary price cuts and coupons. Although this is a costly approach for a small company, those locations with this practice have shown a sharp spike in sales, followed by a steady increase in longer-term sales. As the company grows, in-store sampling may not be a sustainable way to reach customers, but for now it works to promote the Tio brand.  1st classmate to respond to  Jocelyn Johnson RE: Week 7 DiscussionCOLLAPSE Hello Dr. A. and Classmates, The majority of our channel focus has drastically shifted to social media. This was not the case pre-pandemic, however, when forced to stop sending little girls door-to-door to sell cookies and reach out at public schools, one must catch up on technology and change the game plan. Our main focus is on Facebook, Instagram, LinkedIn, and Twitter, however, my marketing plans for this project will include radio (less expensive), streaming options, Pinterest, and a new Tik-Tok channel.  Marketing includes a wide array of outreach options to reach people who are likely prospective customers, as we read this week (JWI575, 1). Our Customer Segments for Girl Scouts USA (GSUSA) expect a constant flow of information and awareness sharing and arent shy in letting you know if you didnt provide the details swift enough for them to react or implement a plan to use them.  For example, our councils and troops, require program information and are hungry, some might even say, starving for examples and best practices of other councils and troops in execution. Our Girl Scouts (K-12) like to see themselves in the spotlight, and we have responded by using real Girl Scouts instead of models pretending to be Girl Scouts on over 90\% of our materials. We also feature Girl Scouts as they conduct service programs in STEM, Outdoors, Life Skills, and Entrepreneurship. The opportunities to share these stories are plentiful with almost 2M members and 50 M Alumni (Girl Scouts, 2). My questions and uncertainties about the brand are associated with my newness to the Girl Scout organization and the culture of the GSUSA staff and the Board of Directors. I do wonder if the efforts that my team and I are embarking will truly be supported by the entire organization and that I can build a coalition with more than two people on the executive team. We want to uplift the iconic brand we serve and position the organization as a fresh, new, and fulfilling experience for girls around the world, all centered on making the world a better place (2). The brand promise we espouse and strive to develop should build trust and rapport with our prospects and move towards a commitment to purchase your product or service and growth as an organization in the very near term (1). Our challenge is to differentiate and set our organization apart as a whole, not just the cookies and the programs (Lienwand, 3). If ever there were a VUCA moment, a volatile, uncertain, complex, and ambiguous moment for a marketer, Im living in it today! 1. JWI575. 2021. JWI575 New Business Venture & Entrepreneurship. Week 7 Lecture Notes 2. Girl Scouts of the USA. 2021. Girlscouts.org. About Section 3. Lienward, P. & Mainardi, C. 2016. Harvard Business Review. Your Whole Company Needs to Be Distinctive, Not Just Your Product. Online: https://services.hbsp.harvard.edu/lti/links/H02WGE-PDF-ENG 2nd Classmate to respond to  Malgorzata Perotin RE: Week 7 Discussion COLLAPSE Dear Dr. A. and Class, I have to say its hard to believe that we have almost completed 2/3 of the course. I hope everyone is doing well. How will you reach the necessary Channels to communicate with your prospective Customer Segments? As Guy Kawasaki points out, once you know your business model, understand the value proposition of your offer, and who your ideal client is, then it is time to figure out where you can meet them on social media and what can you share that they will want to read and talk about (Kawasaki, 1). Social media are the best channels in the current economy to communicate with your prospective client segments. They are free and easy to create profiles and communicate on. My client segments are women entrepreneurs with service businesses who are early in their journey. Their age ranges from 25-55, and social media are the best channels to meet them. The largest one is Facebook. It is a social media platform that every demographic uses.  The platform has a few subchannels: FB business profiles, personal profiles, groups, and chat. The best subchannel for my prospective clients are Facebook Groups and chat for more private conversations. Women create groups that become meaningful online communities to people (McLachlan, 2). Being a member of many of those groups and having my own with over 3200 members are excellent channels to share valuable content and have meaningful conversations with my ideal clients. It allows me to build relationships, educate them on my value proposition, establish expertise and ultimately sign clients.  The other two social media channels I use to communicate with my prospective clients are Instagram (Sehl, 3) and Pinterest (Sehl, 4). Instagram is one of the largest social media platforms, and Facebook owns it. Facebook has many useful tools, such as Creator Studio, that allow you to create and preschedule posts on its platforms.   Even though Pinterest is a much smaller channel than Facebook and Instagram, it attracts many women in my client segment. They spend more time on the platform looking for inspiration and ideas in areas of their interest. It is a great platform to raise brand awareness and share valuable content that your potential clients can save and refer back to. Two new social media channels that I am planning to expand to in 2022 are LinkedIn and Clubhouse. The reason why I am planning to expand in 2022 and not now is time. With no corporate role, with MBA completed , I will focus on growing my marketing reach then. Clubhouse is one of the newest social audio apps founded last year. Its audience is primarily from the US and other English-speaking countries. The topics covered are business, technology, science, sports, and music (Brito, 5).  Outside of social media, another channel that I use to connect with my ideal clients is networking events. During Covid times, most networking events moved from in-person to online, which opened the doors to meet people from other geographical areas outside of my own. I reached them via sites such as Eventbrite or MeetUp, where different interest groups and online communities advertise their meetings. Networking meetings are great for expanding and build lasting connections and relationships (JWI 575, 6). They are good channels to find new clients and build a referral network. The additional two channels I use are my website (www.stairwaytoleadership.com) and a blog, as well as the Diamond Effect Podcast. Reaching those channels requires owning a domain and paying a relatively small fee for hosting. What type of relationship does each of your Customer Segments expect you to establish and maintain with them? My customers expect a relationship built on trust, support, and value. No matter the industry, there are some common things every customer expects to be present in a relationship such us: understanding of their needs, offering new perspectives and ideas to solve them, listening and collaboration, instilling security and confidence in the results our solutions bring, communicating at an individual level even if it is through content, and offering high-quality, unique valuable solutions (James, 8). I also found an article depicting well what coaching clients expect, whether it is in free marking content (to a smaller degree) and paid services. It described three main areas of coaching relationship: transactional (such as building new skills or improving the existing), transformational (personal growth as a leader), and accountability to implement things clients and coach work together on consistently (Nieuwenburg, 8). Heres a screenshot of the graphic presented in the article. What questions or uncertainties do you have about the brand you would like to create? The brand I would like to create is one that is based on three core values: courage, excellence, and simplicity. It is a brand that helps women become courageous and confident leaders of their businesses who deliver excellent services to their clients. One that teaches them skills in simple, understandable ways so they can easily apply them and achieve results much faster than if they tried to get there themselves. A brand that understands their passion and the unique value they bring while helping them shine it through and communicate it to their clients (the Diamond Effect concept). Just as Guy Kawaski suggests (1) and Tio Gazpatchos story shows (JWI575, 9), my brand evolved its value proposition since I started my business. It will keep evolving as I grow, gain more experience, and learn more and more about my potential client segments. There is always uncertainty if my brand and the promise it carries will resonate with enough customers to scale the way my business plan is projecting. The first trials and tests look promising, so with the prepared strategy, lots of doing, learning and course-correcting as needed, I believe it will (Kawaski, 1). Regards, Maggie References: Guy Kawasaki. 2015. The Art of the Start 2.0. Portfolio. Penguin. Stacey McLachlan. 2021. 27 Facebook Demographics to Inform Your Strategy in 2021. Hootsuite. https://blog.hootsuite.com/facebook-demographics/ Katie Sehl. 2021. Instagram Demographics in 2021: Important User Stats for Marketers. Hootsuite. https://blog.hootsuite.com/instagram-demographics/ Katie Sehl. 2021. 23 Pinterest Statistics That Matter to Marketers in 2021. Hootsuite. https://blog.hootsuite.com/pinterest-statistics-for-business/ Michael Brito. 2021. The Audience Behind Clubhouse & Social Audio Apps. Audiense. https://resources.audiense.com/blog/the-audience-behind-clubhouse-social-audio-apps JWI 575. Lecture Notes. Week 8. Branding and Sales. Retrieved from: https://blackboard.strayer.edu/webapps/blackboard/content/ Geoffrey James. 10 Things Every Customer Wants. Inc.com https://www.inc.com/geoffrey-james/10-things-every-customer-wants.html John Nieuwenburg. 2021. What can you expect when you work with a Business Coach? https://w5coaching.com/what-can-you-expect-when-you-work-with-a-business-coach/ JWI 575. Week 7. Tio Gazpacho Video. Retrieved from: https://blackboard.strayer.edu/webapps/blackboard/content/ © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 7 Lecture Notes (1188) Page 1 of 5 JWI 575 New Business Ventures and Entrepreneurship Week Seven Lecture Notes © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 7 Lecture Notes (1188) Page 2 of 5 BRANDING AND SALES What it Means Once your new venture is launched, one of your team’s most important priorities is to create and grow a pipeline for sales. Building a customer base takes time, but there are some key steps you can take to bring your brand to the attention of prospective buyers and to bring those prospects into your business pipeline. Eventually you will develop a distinctive brand and a sales process that works for your particular product and the target audience you have identified. However, in the early stages, a clearly defined brand, along with some proven sales techniques, can help you and your team to build strong relationships with prospective customers and convert many of those prospects into actual paying customers. Why it Matters • Staff in a new venture must identify prospective customers and build a pipeline for sales • Branding helps sales by succinctly describing the product and its benefits for customers • The sales process should be viewed and practiced as a form of relationship management “Positioning is more powerful when it’s personal, because it’s easier for potential customers to imagine how a product fills a need.” Guy Kawasaki © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 7 Lecture Notes (1188) Page 3 of 5 FROM BRANDING TO SALES Everyone in a startup must always be selling. Even before the launch, you need to sell your vision to investors, partners, and other stakeholders. Once you launch, finding prospects and converting them into paying customers is a key focus. You and your team should constantly hone your value proposition and use it to communicate your brand to prospective customers. This process creates a community through which your innovative product or service can be introduced into the marketplace. How Branding Supports Sales The best business leaders think both broadly and specifically about sales. While you have to sell the big vision for the company and your new product, you must also develop a marketing strategy and work out how to turn prospects into paying customers. As you refine your product and develop your brand, keep in mind what it will take to build your customer base. Your brand defines what benefits your product or service offers to the customer. It is rooted in the unique value proposition that differentiates you from your competitors. Your brand should be the foundation for all your customer interactions and promotional events. As you grow, gather feedback from prospects on the pros and cons of your offering and from customers on their actual experience with your product or service. Use this information to adapt your product or service to better fulfill the wants and needs of your target audience. Then refine your brand to reflect the changes you have made. Sales as Relationship Management In a small startup venture with a few employees, everyone must be involved in selling the product or service. However, many people doubt their own ability to be an effective salesperson. In reality, selling is not so different from any other business activity that is built on relationships. Setting aside impulse buys, most buying decisions are rooted in a business relationship built over time and based on trust and rapport. Like other relationship managers, salespeople track their contacts. To create a pipeline of customers, they use a system called the funnel, which tracks prospects and their level of interest. It starts as a long list of all prospects, and gradually narrows down to the few people likely to purchase tomorrow, next week, or next month. A basic spreadsheet is all you need to track customer prospects in the early stages of a new venture. Instead of focusing on the sales transaction, let’s explore how a good relationship between the seller and the customer is built. Whether you communicate with prospective buyers in person, on the phone, via email, on the web, or through any other channel, the following principles will work for you. © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 7 Lecture Notes (1188) Page 4 of 5 Basic Principles of Sales Product Knowledge: Customers want to buy from people who understand the product they are selling. You must know all the product features and how they translate into benefits for the customer. While you must know how the product works, it is more important to describe how it improves the life of the customer. Positioning and Listening: Good salespeople are good listeners. You have to connect with customers and learn about their concerns. You will not develop trust and rapport with prospects if you focus only on the hard sell. People buy from people, and customers want to feel good about the person they buy from. Enthusiasm is contagious, so be sure to convey your excitement about the product and its benefits for the customer. Handling Objections: Be ready to offer special configurations of the product or discount pricing. Think of being turned down as an invitation to improve the product or the terms of your offer. State the objection back to the customer, confirm that you have heard it properly, and then try to counter it with a creative solution. Persistence and Follow-up: Always be closing is a well-known maxim in sales. You must constantly move the relationship forward towards a buying decision. A written proposal should follow any sales meeting and a thank-you email is appropriate after a sales call. Use this communication to thank the prospective buyer for their time, to reiterate the main points you heard them make, and to address any concerns they expressed. Account Mapping: If you are selling to a big account, you will need to persuade many people, across multiple departments. In a large company, you might talk with a technical decision-maker, an economic decision-maker, a vendor coordinator, and a department manager. You will need to approach each of these buyers with a unique persuasion strategy, while keeping your core brand message consistent. Asking for the Order: All your careful relationship management is preparation for making the ask. This is the key step, the action that converts your prospect into a customer. At the right time, you must build on the rapport you have developed by asking your prospect to commit to that first purchase. Of course, your relationship does not end there. You should follow up and find out how the customer liked the product or service. Addressing any initial concerns will go a long way towards gaining you a repeat customer. Meeting your Commitments: Be relentless in meeting your commitments. This is especially important for a startup company that has no track record yet. Customers are watching to see if your company can deliver reliably. If you offer to send a proposal the next day, have it done the next day. Before you commit to ship an item on a certain date, consult with your team to be sure you can meet this deadline. As the leader of a small company, you are personally involved in all major decisions and in close touch with your team; use this fact to your advantage, to ensure that you are always able to honor your commitments to the customer. © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 7 Lecture Notes (1188) Page 5 of 5 GETTING THE MOST OUT OF THIS WEEK’S CLASS As you read the materials and participate in class activities, stay focused on the key learning outcomes for the week: • Understand the distinction between marketing and branding What is different about the ways in which marketing and branding can support you as you build your customer base? Marketing is fundamentally the means you employ to reach your target audience, inform them about your new product or service, and express the benefits that it offers them. It includes a wide array of outreach options to reach people who are likely prospective customers. Branding, by contrast, relates to the core definition of your product or service, including its unique features and key benefits for users. • Examine how branding can help you market more effectively As you strive to develop trust and rapport with your prospects and move towards a commitment to purchase your product or service, your brand is a key element to keep in mind. Your brand expresses the core value of your product or service and it describes the benefits that your product offers to the customer. How can you use this power of branding to market your innovative idea to prospective customers and to generate excitement about your new product or service? • Build and refine the brand for your innovative product or service As your new venture starts making sales, your product or service will be tested by the hard realities of the marketplace. Your dissatisfied customers will certainly let you know where your offering falls short. For you, this is an opportunity to see through the eyes of the user and to learn what it missing from their perspective. You also need to know what features customers like best, so that you can be sure to retain those qualities in your product. How can you build in a feedback component to your communications with prospects and customers? How will you use that feedback to improve your product or service, and to refine the branding that describes it?