targeting new markets. analyzing your market what is the size of the market? what types of customer...
TRANSCRIPT
Targeting New Markets
Analyzing Your Market
• What is the size of the market?• What types of customer will buy the product or service?• What will they do with it?• How many potential customers are there?• Where are these customers located?
Targeting New Markets
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Analyzing Your Market
• How will customers learn about the product or service?• Is the market growing?• Are there any new trends in the market?• What’s the future of the product or service?• \Who else is making the product / providing the service?
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Targeting New Markets
Market Research
• Is there a need for your product or service?• Says who? (aside from you) Prove it on paper.• Market research is more than a “gut” feeling. Is there
hard evidence that people will actually buy from you?
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Targeting New Markets
Market Segments
• Customers can be divided up into market segments or target markets
• Possible divisions are by age, gender, location, family, lifestyle and education.
• Who are your target markets?
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Targeting New Markets
Developing a Customer ProfileWho are your customers?
• Are your customers all the same?• How do your customers differ?
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Targeting New Markets
Profile of Industry
• What does your industry look like?• Is the trend toward growth?• Who is your competition?• Why should you know about your
competition?
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Targeting New Markets
Where to Go for Help
• Library reference room• Trade magazines• Competitors• Small Business Administration• Small Business Development Centers• Cooperative Extension Service
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Targeting New Markets
Market Segments
• Customers can be divided up into market segments or target markets
• Possible divisions are by age, gender, location, family, lifestyle and education.
• Who are your target markets?
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Targeting New Markets
Advertising
• Communicating a sales message to customers
• A well-organized plan• An investment
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Targeting New Markets
Advertising Goals
• Right message to the right customer• Builds an image of quality, friendliness,
perceived value• Increases customer information about the
business• Attracts customers
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Targeting New Markets
Advertising Budget
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• Newspaper• Television• Road Signs• Yellow Pages• Point of Sale• Business Cards• E-Commerce
• Radio• Direct Mail• Label• Brochures/Handouts• Word of Mouth• Infomercials
Targeting New Markets
Newspaper
• Can be very effective• Good copy and layout is important• Classified ads can be used in some
situations at low cost
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Targeting New Markets
Radio
• Market specific• Length of ad is important• Number of ads is important• Ad must be targeted to a specific
customer base to be effective
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Targeting New Markets
Television
• Similar to radio• Expensive
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Targeting New Markets
Direct Mail
• Has strong potential, especially in 50 mile radius
• Requires an up-to-date mailing list• Has ability to feature targeted messages• Can offer a personal touch
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Targeting New Markets
Road Signs
• Most common type of advertising• Signs must be:
– neat in appearance– specific in their message– visible– in a good location
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Targeting New Markets
Yellow Pages
• Will your customers use them?• Do your competitors use them?• Can you afford it?
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Targeting New Markets
Brochures / Handouts
• How will they be distributed?• Are they designed correctly to be easily
opened, read, and responded to?
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Targeting New Markets
Label Advertising
• Good for establishing name of business• Good for image building• Only reaches customers who have
made a purchase
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Targeting New Markets
Point of Sale
• Good display of product is very effective• Brochures or info pieces are excellent• The sale location should also be
considered point of sale advertising
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Targeting New Markets
Word of Mouth
• Excellent form of Advertising• Can also be negative advertising
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Targeting New Markets
Why Use E-Commerce?
• Convey information in detail• Cost effective• Large potential customer base• Action oriented• Effective in both short- and long-term
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Targeting New Markets
Packaging
• Wholesale vs. Retail• Advertising tool• Silent salesman• Dressed for Success
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Targeting New Markets