Lesson 6 -Knowing Your Market & Marketing Your Business.pptx

Lesson 6 -Knowing Your Market & Marketing Your...

This preview shows page 1 - 9 out of 47 pages.

Start, Run & Grow Your Business Know Your Market & Marketing Your Business Lesson 6
Image of page 1

Subscribe to view the full document.

Start, Run & Grow Your Business Test Before You Jump 2 Simple and practical market research is a vital part of most business plans. The real value of telling your market story is to help you know and understand your market—the heart of your plan—and to help you shape your business, your products, and your services in the ways that will maximize your chances for success. Your market research doesn’t have to be a huge project that stalls your planning process. What you want, ultimately, is to know your customers. Some of the best market research is simple, practical, and even obvious.
Image of page 2
Start, Run & Grow Your Business Test Before You Jump 3 If you’re starting a restaurant, scrapbooking business, shoe store, bakery, or whatever, talk to customers at those places. If you’re offering a service, talk to people who use those services. If you already have customers, give some of them a call to ask about your business. Why do they buy? How are you doing? How do they feel about your competitors?
Image of page 3

Subscribe to view the full document.

Start, Run & Grow Your Business Test Before You Jump 4 Look at existing, similar businesses. If you are planning a retail shoe store, for example, spend some time looking at existing retail shoe stores. (This is often referred to as the ‘shoe leather’ approach to research.) Look at several stores, including the discount shoe stores and department store shoe departments. Park across the street and count the customers that go into the store. Note how long they stay inside, and how many come out with boxes that look like purchased shoes. You can probably even count how many pairs of shoes each customer buys. Browse the store and look at prices.
Image of page 4
Start, Run & Grow Your Business Test Before You Jump 5 Find a similar business in another place. If you are planning a local business, find a similar business far enough away that you won’t compete. For the shoe store example, you would identify shoe stores in similar towns in other states. Call the owner, explain your purpose truthfully, and ask about the business.
Image of page 5

Subscribe to view the full document.

Start, Run & Grow Your Business Test Before You Jump 6 Always shop the competition. If you’re in the restaurant business, become a customer to your competition once a month, rotating through different restaurants. If you own a shoe store, shop your competition once a month, and visit different stores.
Image of page 6
Start, Run & Grow Your Business Potential Market vs. Sales Image: Joe Shlabotnik/Flickr 7 Remember your focus should be on identifying the early adopters who will lead you to your large majority. You have hopefully identify who your early adopters are, narrowing the focus: Find your maximum potential market, Then subtract variables (ex., cannot afford, wrong location, duplicate visits, etc.) The result gives you a more realistic market you can sell to.
Image of page 7

Subscribe to view the full document.

Start, Run & Grow Your Business Market Segmentation 8 Segmentation might be based on various cuts: Customer demographics (age, gender, income, etc.,
Image of page 8
Image of page 9

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern