1. Business Development Services 1 Who’s your customer? Session 3

2. Business Development Services 2  Define your customer  Define your target market  Identify and list ways to reach your target market  Research costs to reach your target market  Determine your customer relationship Session objectives

3. Business Development Services 3 Market:  A place where people and businesses (buyers and sellers) come together to buy and sell products and services. E.g. farmers market, stock market, real estate market, etc. Market - definition

4. Business Development Services 4  Customer attributes are the characteristics of your customer.  Customer attributes can be used to describe your customer Customer attributes - definition

5. Business Development Services 5  Your target market is the group of customers that you will direct your sales & marketing efforts to.  You can describe your target market using the group of customer attributes you have identified. Target market

6. Business Development Services 6 Target market Buys every week Health conscious Between 26-35 years old Lives in Winnipeg Makes over $35,000 No kids A target market : energy drink

7. Business Development Services 7  Who would buy my product/service? Is there something they have in common?  Who would not buy my product/service? Is there something they have in common?  Is anyone buying now? What are they like? Finding customer attributes

8. Business Development Services 8  Gender  Age  Culture  Buying habits  Marital status  Location  Number of children  Annual Income  Lifestyle (e.g. golfer) Common customer attributes

9. Business Development Services 9 How can knowing customer attributes help a business sell its product / service? Question:

10. Business Development Services 10 Who do you need to tell about your product/service? Question:

11. Business Development Services 11 To reach her target market, Maria decides to put flyers in every mailbox in her neighbourhood. All-Natural Doggie Treats

12. Business Development Services 12 Marketing is: The broad range activities that a business uses to promote its company name and products/services. What is marketing?

13. Business Development Services 13  P____________ is the actual goods/services you provide, including their features, benefits and unique value proposition.  P ___________ is what you charge for your product/service.  P ___________ is where you do business, or where your product/service is available  P ___________ is all the ways you let your target market know about your product/service  P____________ is everyone who works for your business. They make sure that everyone has a positive experience using your business. The 5 Ps

14. Business Development Services 14  Product is the actual goods/services you provide, including their features, benefits and unique value proposition.  Price How much will you charge for your product/service.  Place is where you do business, or where your product/service is available  Promotion is all the ways you let your target market know about your product/service  People is everyone who works for your business. They make sure that everyone has a positive experience using your business. The 5 Ps

15. Business Development Services 15  Sales is part of the 5Ps.  Can you guess where it fits? Sales

16. Business Development Services 16  Sales is about business development through personal relationships  Some activities cost money. Most take time.  Feasibility planning focuses on activities that cost money. Sales

17. Business Development Services 17  Prospecting  One-on-one meetings  Cold calls  Presentations  Association memberships  Networking events  Trade shows  Partnering with other businesses Sales activities

18. Business Development Services 18 Once you’ve reached your target market, and they know about your great new product/service…  How do they buy it?  Can they buy it from you directly or do they have to go to a store? Your customer relationship

19. Business Development Services 19  B2C = Business to customer  B2B = Business to business  Sometimes, a business may have two customers (a business, and the end customer) B2C & B2B

20. Business Development Services 20 B2C & B2B

21. Business Development Services 21 Why is it important to figure out what your annual (yearly) sales will be? Question

22. Business Development Services 22 Maria uses her customer attributes & market research information to estimate her target market size. All-Natural Doggie Treats Manitoba households448,780 Dog owners (35%)? Selects healthy options (2%)? What’s her target market size?