Troy University student business executives received a crash course in marketing at the 2nd Annual IDEA Bank Marketing Competition, held Feb. 19-23.
Unlike IDEA Bank's regular programs, this marketing contest focuses on existing small business owners who need help developing their marketing strategy.
“Our focus is on providing educational opportunities, networking opportunities, business plan coaching, and space for students to develop their ideas,” said Lynne Firmin George, Director of IDEA Bank. says. “We wanted to find a way to create a program that would impact the growth of existing student businesses. It was a way that could provide an opportunity to be strategic and focus on how all the pieces fit together.”
Contestants set up their displays on Monday and Tuesday, and judges evaluated and gave feedback on the tables on Wednesday and Thursday. George said the contestants will not only look at the look of their setup, but also how it communicates the purpose of the business, how easy it is for consumers to join the business or buy the product, and how they They said they were judged on how everything was strategically combined.
In addition to the exhibit, students will submit a one-page information document with company name, mission statement, contact information, website and/or social media, target audience and general marketing strategy, original business cards, and promotions. I was asked to submit it. Flyer.
“This blitz, as we call it, was really great to me because it brought a lot of excitement to the students,” said IDEA Bank Program Director Maury Alice Porter. “It was a great week. We host a lot of great programs throughout the year, but the Marketing Contest is one of the best of them all.”
The prize is a $2,000 worth of advertising bundle that includes: Digital advertising on local pronto digital screens. Professional business/product photography. A quarter-page advertisement in the Troy Messenger newspaper. A TROY.Today blog post introducing their business. Troy University social media and his IDEA Bank social media posts. Featured in the IDEA Bank Buzz Newsletter. He will be featured on his website for IDEA Bank for three months. Featured in TROY Today Magazine. 10 outdoor yard signs or similar signs.
“We're working with them to make sure they have a really strong advertising package,” George said. “Last year's winner needed a website, so we built one as part of the package.”
At Friday's awards ceremony and luncheon, Grace Wagstaff, a two-time TROY graduate, life coach, social media marketing expert, and current TROY Title IX Coordinator, spoke about the most important parts of marketing. He spoke to young entrepreneurs about connecting with people.
“The fundamentals of marketing are sharing and empowering others' stories. As a small business owner, your story is very unique to you, your brand, your business, We need to share,” she said. “It's not about the product or what I'm selling, it's the story behind it, how it makes me feel, how others notice it, how it changes other people's lives. It's about the impact you can have on people. It's never about selling things, it's about stories.”
Wagstaff earned a bachelor's degree in theater and dance and a master's degree in clinical mental health counseling. Throughout her career, she has worked in the medical field, as a teacher, performer, and counselor, in store management, DEIB training and advocacy, and in successful marketing strategies for a variety of local businesses.
“Amidst all the circuitous resumes, one thing has always remained true for me: stories matter and there are people behind those stories,” she said. “Understand your audience and what they need to know to engage with them. It's about connecting your product's story to their person's story.”
She encouraged students to be vulnerable and not be afraid to fail.
“It sounds so simple. 'Be yourself! Be yourself!' It takes a lot of vulnerability to be yourself and to express yourself creatively,” Wagstaff said. “Often it prevents us from doing what we need to do, inside and outside of work. I encourage you to be brave and participate. The bold willingness to just show up. I fail more or less, but the world keeps turning. I'm the only one who remembers my failures. Perfection is the reality we place on ourselves that others rarely expect. It’s a cruel expectation.”
This year's competition featured five student businesses:
- Takiya Flynn's Lash Parlor
- KiddieWink Creations by Fredrika Saunders
- KjaiArts by Kavarian Outlaw
- GabbyJ Photography: Gabriel Gent
- Studio 207 by Howard Purvee, Jared Hester, Nathan Hobbs, Reanna Thompson, Zack Pappanastos
At the end of the ceremony, Studio 207 was announced as the winner of the 2024 competition. As part of the prize package, you will receive an in-depth feature on his TROY.Today blog to be published at a later date.
