Booker Hopkins

Six Point Marketing Checklist

Nick Booker — Mon, 14 Apr 2008 09:29:25 +0000

1. Try something new (or some old technique) for solving problems/seeking solutions eg Edward de Bono’s six hat thinking method. In summary this means role playing as follows:

White Hat - virgin white, pure facts, figures, and information
Red Hat - seeing red, emotions and feelings, also hunch and intuition
Black Hat - devil’s advocate, negative judgement, why it will not work.
Yellow Hat - sunshine, brightness and optimism, positive, constructive, opportunity
Green Hat - fertile, creative, plants springing from seeds, movement, provocation
Blue Hat - cool and control, orchestra conductor, thinking about thinking

Buy some coloured hats!

For a detailed description - read Six Thinking Hats by Edward de Bono.

2. Put yourself in the position of the customer. How do they see your business? What are they seeing and hearing and responding to? Customers do not see departments and certainly are not interested in your problems. There may be a thousand mirrors but there is only one view. For once, do not ask the market research department for a customer survey.

3. Try the “Back to the Floor” technique. Spend a day in the front line with your sales force, at the call centre, with your distributors, agents, on reception etc. Find out what your company is doing right, and what your staff think can be done better. Could also generate some great PR opportunities!

4. Ensure that your Marketing Plan can be reduced to a one-page summary with actions and that all those involved have up to date copies.

5. Look at your web site statistics - What are they telling you? Ask yourself whether you are capturing the enquiries and information requests that you really want. Should you do some work on your web site? Ask your Webmaster why you are not getting return visits. If it’s a good web site, people should want to come back.

Consider asking for an external view on some marketing problem or issue your company is facing - try Booker & Hopkins Associates - the first visit is always free!

Appraising New Products, Processes and Services

Nick Booker — Sun, 13 Apr 2008 21:28:04 +0000

The following check list covers some of the KEY questions that need to be answered when appraising new products, services or processes. It covers the issues that are sometimes skated over or even forgotten when new projects are proposed, whether they be completely new or modifications of existing ones. The list is not exhaustive, but it should stimulate other questions to ensure that new ideas receive a thorough investigation before significant amounts of money and time are devoted to developing them. Some of the questions will be more or less relevant depending on whether the new venture involves a product, process or service.

Use of this list does NOT guarantee success nor will it ensure all unviable projects are rejected! Nevertheless at the very minimum, it should ensure that the issues are aired before wise or unwise decisions are made.

1. What is the proposition and in particular, its unique features?

Product/process/service

Literally what is it - how would you describe it to someone who knew nothing about it?

Market need

How do you know there is a market need - will someone buy it - what evidence do you have?

2. What is the relevance to the sponsoring company/organisation?

Technology synergy

Does it fit with what you do already - will it enhance your existing way of doing things?

Market synergy

Will it complement or enhance your existing market activities and if so how?

Impact on current products/processes

What effect will it have on what you already make/sell?

3. What financial resources are required?

Research and development

Do you need to spend any money on further research to refine it - does it require additional development to ensure acceptance?

Capital investment

Will it require investment in for example additional plant or warehousing?

Return on investment

Related to the above - what are the forecast payback periods and/or percentage return on the money invested in the project?

4. What is the market?

Size and growth prospects

What is the size of the market for your new product/process/service - can you identify likely customers?

Competition

Who is already in the market - what do they do?

Proposed market share

What share of the total market are you likely to achieve and over what time scale?

5. What is the forecast scale of the business?

Timescale for development from idea to finished product/process

How long is it going to take to achieve your stated goal(s)?

Turnover, profits, assets, cash flow, people

Related to items 3 & 4 - what are likely sales, margins, profits - how long before it generates cash - do you have enough people to develop/manage it - what assets will be needed to ensure success?

6. What are the % chances of success?

Sensitivities

What is the probability that you will achieve your forecast levels of sales and profits - what is the effect of varying levels of sales and cost structures?

Barriers to entry

Are there any legislative/statutory barriers to market entry, approvals to achieve and/or distribution/sales difficulties to overcome?

Impact of competitive responses

How will the competition (if any) respond to a new market entrant eg lower prices, special offers etc?

7. How is the product/process to be exploited?

Make/use

Are you going to make/develop and use it yourself?

Sell

Are you going to sell the product etc yourself or sell it to someone else?

Licence/franchise

Can you licence production or sell a franchise rather than sell in all markets and all territories?

Factor

Can you get someone else to sell it on your behalf?

Joint venture

Should you share the risk with someone else - perhaps a company that has more experience than you in certain markets?

There are of course a whole series of sub sets of questions which follow on from each of the main questions listed above. It is hoped in due course to prepare supplementary lists covering these as well as Check Lists for particular projects eg new market development.

For more information on our to evaluating new ventures and appraising existing ones contact Nick Booker of Booker & Hopkins Associates.

Writing Press Releases

Nick Booker — Sun, 13 Apr 2008 21:19:09 +0000

You do not always have to employ a public relations agency to write and send out press releases.
When writing and issuing your own, ask yourself the following questions:

WHO is the subject of the release?
WHO is this news release from?
WHERE are you based?
WHERE is the event happening?
WHAT is this news release about?
WHEN is it happening?
WHEN do you want the release to go out?
WHY are you doing it?
HOW will you go about it?

So:

Make sure your release includes the answers to WHO? and WHAT? in the first sentence
Stick to a maximum of 200 words for the main press release.
Put any technical detail or detailed company information in a separate background note.
Old news is cold news: make sure all your press releases go out at the same time as the news happens, or before if possible. 24 hours later is too late for daily media.
Make sure the person named as the contact point for further information is available after you’ve put out the release.
Space the text at 1.5 lines, it’s easier to read and in hard copy makes it simpler to amend.
Keep the release single sided and use an easy to read font eg Times Roman or Arial in no less than 12pt

Remember the following points:

The Headline: In about ten words — or less — you need to grab the attention of the editor. The headline should summarize the information in the press release, but in a way that is exciting and dynamic.
Opening Paragraph: Sometimes called a summary lead, your first paragraph is critical. This paragraph must explain “the five Ws and one H” of the story — the who, what, when, where, why, and how. This paragraph must summarize the press release, with the following paragraphs providing the detail.
The Body: Using a strategy called the inverted pyramid, the body of the press release should be written with the most important information and quotes first. This inverted pyramid technique is used so that if editors need to cut the story to fit space constraints, they can cut from the end without losing critical information.
The Closing Paragraph: Repeat the critical contact information, including the name of the person, his or her phone number and/or email address.
Targets: Press releases should be targeted accurately. Consider not only the media you are sending them to, but more importantly their readers, viewers or listeners. Consider writing than one version, for different audiences (say, a local and a national newspaper; or a newspaper and a specialist publication), slanted appropriately. An interesting angle also helps; and if you’re sending to local media, make sure the story is relevant for them, too - highlight their own area in the press release you send.

They’re more likely to hit the spot if they are written in their own style. Sometimes your press release can get transcribed almost word for word if you’re lucky. Think about your news from the audience’s point of view, rather than your own. What may be important to you may not be that fascinating to them.