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You Have An Idea, But Will It Fly?. The successful ones are those who thoroughly research the market. Step 1. The first step is to identify a need and a niche in the marketplace. (Remember those two words- “need” and “niche”)

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you have an idea but will it fly

You Have An Idea, But Will It Fly?

The successful ones are those who thoroughly research the market.

Step 1. The first step is to identify a need and a niche in the marketplace. (Remember those two words- “need” and “niche”)

Step 2. See if a small slice of the market will support your business idea and your lifestyle.

Does your idea have market potential?

Mayo Enterprises, 3-14-2014

keeping with the current
Keeping with The Current
  • Keeping up with technology and changing marketing techniques are huge challenges. You who cater toward long-term future trends will have an excellent starting point. You who drift into something in an unorganized manner will drop quickly.

Mayo Enterprises, 3-14-2014

will your business solve clients problems
Will Your Business Solve Clients’ Problems?
  • A business should offer solutions to people’s problems.
  • You are not selling a service or a product, you are selling a solution.

Mayo Enterprises, 3-14-2014

what to research
What To Research?
  • The Current and Future Markets
  • Consumer Trends
  • The Local Market
  • National and International Markets
  • Industry Knowledge
  • The Competition

(The extent of your research will be determined by whether you intend to trade locally, nationally, internally)

Mayo Enterprises, 3-14-2014

marketing terminology
Marketing Terminology

Marketing: To attract potential customers, you must inform them about your business and establish and maintain a customer base.

  • Your target market is a defined group of people who may use your business.

Promotion: To market a business, you must communicate your message to the public. You tell or show people about your business by joining business associations and networking groups or participating in trade shows.

Advertising: Advertising consists of an aired, rehearsed script on radio, television, or the internet, and printed descriptive text and/or pictures that convey your message in publications, mail or faxes.

Sales: Marketing brings potential customers through the doors but does not close a sale, selling is the process of convincing customers that you can best fulfill their needs. A complete transaction involves the exchange of money in return for a service or a product.

Mayo Enterprises, 3-14-2014

the components of a marketing plan
The Components of A Marketing Plan
  • Clearly defining the product or service you are selling
  • Knowing your target market and developing an “Ideal Customer” Profile
  • Knowing your competitive edge – your unique selling proposition
  • Setting pricing structures
  • Knowing where your product is positioned in customers minds
  • Deciding how to distribute your product/service
  • Branding your business and developing an image
  • Planning promotional strategies
  • Prepare a marketing budget

Mayo Enterprises, 3-14-2014

market research
Market Research
  • Research the market to ensure that there is a place for your business and that it can withstand trends, time, and the competition.
  • Perform a SWOT analysis on marketing
  • do a consumer market survey
  • The factors involved in marketing:
  • Product
  • Price
  • Place
  • Promotion

Mayo Enterprises, 3-14-2014

market research cont
Market Research (cont.)
  • Product- Refine your product definition so you have a clear picture of what you are selling to whom:
  • To become known as an expert in your field- Your ultimate goal- you must narrow down your product specifications
  • What is your product’s position in relationship to the rest of the market
  • For a service in business, you are the product, so you may need to further focus on your marketable expertise.

(who is your market and where are they)

  • Who will use your product?
  • This is your target market and includes people or businesses you will market to.
  • Don’t waste money marketing to people who do not want to or need your business.

(Target your ideal customers)

  • You can build a profile of your ideal customer
  • Once you know who you are targeting, you then research the best marketing methods to reach them.
  • Match your geographic marketing to your ideal customers’ lifestyles, and promote through the media they are most likely to read, hear and watch.

Mayo Enterprises, 3-14-2014

market research cont1
Market Research (cont.)

Pricing- How do you establish competitive pricing:

  • Establish a pricing policy in line with your industry that is competitive but not the cheapest in town- There must be enough room to generate profits.

Place-

  • How will you distribute to your customers?
  • Setting distribution policies is key in marketing
  • The way you provide your product or service to customers can give you that edge.

Promotion- Telling customers about your business complex. Three elements that give your business its distinct identity:

  • Branding
  • Customer Service
  • Customer Loyalty

Mayo Enterprises, 3-14-2014

slide10

ALERT

Don’t Skip the Research: Researching a new business’ potential is one vital area where many people fall down, cutting the process short in their haste to get started. Doing your homework can be tedious and takes weeks – even months, depending on the size and complexity of the business. But long-term, the efforts are well worth it. Your new business will have greater longevity and success if you know your exact place in the market and the competition that you face.

Mayo Enterprises, 3-14-2014

case study paying attention to detail
Case Study: Paying Attention to Detail

For many years, Mark had been intrigued with the idea of starting a car detailing business. At age twenty-seven, he met someone who had started a mobile business, and his idea finally clicked. He would fill a need by starting a mobile car detailing business, bringing his service to the homes of busy workers. He spent $500 buying supplies and jumped right in. Then he was accepted by a government-funded self-employment program. Here he learned to research, market, prepare a business plan, and develop his business and entrepreneurial skills. He worked hard at learning and applying his new skills to the business.

A true entrepreneur, Mark pays attention to the little details. He follows up with clients, uses a referral program, sends thank-you cards with discount coupons, leaves candies with his name in the vehicles, and stresses service to the max. He maintains a database with well over two hundred clients.

Mark did everything right and was honored by winning the program’s annual New Entrepreneur of the Year award. By paying attention to the small details while keeping the big picture in mind, Mark is on his way to a successful career as a young entrepreneur.

Mayo Enterprises, 3-14-2014

as you research your new business be sure to address these important issues
As you research your new business, be sure to address these important issues.
  • Will this business be viable within the next five to ten years?
  • Has the history of this country been stable?
  • Is this industry growing?
  • Is there export potential in the future?
  • Are imported products cheaper and of comparable quality?
  • Is this a short-lived business subject to consumer trends?
  • Could this business be diversified?
  • Can this business offer services/products that others don’t?
  • Is this business seasonal?
  • Is there enough cash flow to maintain a sufficient inventory?
  • Will this business be subject to major changes in the next fiveyears?
  • Am I flexible enough to adapt to constant change?

No

Yes

Mayo Enterprises, 3-14-2014

consider the following questions when evaluating a product you may want to sell
Consider the following questions when evaluating a product you may want to sell.
  • Are the products well established in the marketplace?
  • Are you aware of their seasonal selling cycles?
  • Are products regularly upgraded or changed?
  • Could you be caught unexpected with obsolete inventory?
  • Do the manufacturers offer satisfactory warranties?
  • Are replacement parts readily available?
  • Are the products competitively priced?
  • Are they UL (United Laboratories Inc.) approved?
  • Are buying trends increasing?
  • Are you satisfied with the quality?
  • Are the products comparable to those of the competition?
  • Do you know the age groups that buy these products?
  • Could they become obsolete due to changing technology?

No

Yes

Mayo Enterprises, 3-14-2014