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Obviously you dont sell major deals to large

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Unformatted text preview: ions events, trade shows, newspaper, or radio? • What about telemarketing, the World Wide Web, or even multilevel marketing? Are you satisfied with how this is working for you now, or is it a problem area that needs to be addressed? Are you meeting your needs, and in line with your opportunities? How does your promotion strategy fit with the rest of your strategy? Check for alignment between what you say here and what you say in your strategy pyramid, and your value proposition. As you described market trends and target market segments, did you see ways to improve your promotion strategy? HURDLE: THE BOOK 18.4 ON BUSINESS PLANNING Value-Based Marketing Value-based marketing is another conceptual framework. Like the strategy pyramid described in the previous topic, it doesn’t have to be in your business plan at all, but we add it here because some people find that the framework helps them develop their strategy. Obviously, this has to be a quick treatment. There are textbooks written about value-based marketing, and the business literature on this topic is rich and varied. This framework begins with defining your business offering as a value proposition. The value proposition is benefit offered minus price charged, in relative terms. The definition encourages you to think in broad conceptual terms, with emphasis on the real benefit offered, rather than the specific tangible. For example, a national fast food chain probably offers the value of convenience and reliability, probably at a slight price premium (at least when compared to the weaker chains). A prestigious local restaurant, on the other hand, is offering a completely different set of benefits (luxury, elegance, prestige, for example) at a marked price premium. A graphic designer is probably selling benefits related to communication and advertising, not just drawings. Once you have a value proposition defined, then look at your business — and your business plan — in terms of how well you: 1. communic...
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