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Know the Market to Position Your Business Correctly

Know the Market to Position Your Business Correctly. About SCORE. Successful and experienced business owners and executives acting as volunteers Free ongoing mentoring: One-on-one E-mail Signup on our website – Mentoring Tab Seminars, workshops and Meetup Group

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Know the Market to Position Your Business Correctly

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  1. Know the MarkettoPosition Your Business Correctly

  2. About SCORE • Successful and experienced business owners and executives acting as volunteers • Free ongoing mentoring: • One-on-one • E-mail • Signup on our website – Mentoring Tab • Seminars, workshops and Meetup Group • Resources for small business: manasota.score.org Douglas S. Cavanaugh

  3. Introductions . . . Your Expectations? • Introduce yourself • What business are you in? • What are your expectations for the meeting today? • Record . . . End of the meeting feedback: Expectation Gaps Outcome

  4. Identify Your Marketing Goals Have Your Business Needs Changed? • Target customers • Existing customers • New customers • Product or service mix • Pricing approach • Promotion Success • Budget • Sales channels Karen Bevels

  5. Market Research Understand your target market • Size • Income level (for consumers) • Sales - Business to Business (B2B) and Business to Consumer (B2C) • Purchasing habits • Demographics • Purchasing channels • Geographic locations • Industry / Geo-Political Trends Surendra N. Kumar, Ph.D.

  6. Market Data Sources Industry analysis using the NAICS number to find info about your business segment (North American Industry Classification System) • Website searches • Customer surveys SurveyMonkey.com, Zoomerang.com • Social media Facebook, LinkedIn, Twitter, YouTube….. • Focus groups • Personal Contacts

  7. Market Data Sources • Trade associations • Census data - to extrapolate information • American FactFinder (http://factfinder.census.gov) • EconomicIndicators.gov • Fedstats.gov • National Bureau of Economic Research (www.nber.org) • Harris Infosource (www.harrisinfo.com) • Hoover’s (www.hoovers.com) • ThomasNet (www.thomasnet.com) • Public Library

  8. Is Your Brand Clear? Branding is not the same as marketing. Branding is the image, logo and positioning of the product or service. Three steps to brand creation: • Identify unique selling proposition (differentiation) • Understand target market • Communicate brand consistently Douglas S. Cavanaugh

  9. Competitive Analysis Analyze the marketing methods or strategies used by your competition. What is working for you and what is not? Would similar methods work for you? Are there niche openings to exploit?

  10. Exercise 1 – Target Market Assessment / Goals Use the Worksheet in your folder. Fill in your EXISTING target market and then potential NEW target markets you might pursue for growth Fill-in your thoughts about pros and cons of each area list below: Customer Demographics Customer Location(s) Customer Spending Habits / Behaviors Distribution Channel 10 minutes to work and 10 minutes to discuss 10

  11. Exercise 1 – Target Market Assessment / Goals 10 minutes to work and 10 minutes to discuss 11

  12. Is the Strategy Right for You? Not every marketing strategy is right for every business When evaluating the options, ask: • Will this help achieve my goals? • Will this reach my target customers? • Does this fit my budget? • Do I have adequate staff to implement?

  13. Assessing Your Business The SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgw It will help you assess the current state of your business in 5 key areas: • Management • Marketing • Sales • Finance • Operations Decide what additional sessions to attend Develop a customized business improvement plan

  14. Business Needs Assessment - Marketing

  15. Help Us, Help You Please fill out the session evaluation form Your feedback is important to help us improve our programs!

  16. Thank You!

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