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 SLIDE 1

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? SLIDE 2 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? SLIDE 3 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? SLIDE 4 Targeting New Markets

Developing a Customer Profile Who are your customers? Are your customers all the same? How do your customers differ? SLIDE 5 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? SLIDE 6 Targeting New Markets

Where to Go for Help Library reference room Trade magazines Competitors Small Business Administration Small Business Development Centers Cooperative Extension Service SLIDE 7 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? SLIDE 8 Targeting New Markets

Advertising Communicating a sales message to customers A well-organized plan An investment SLIDE 9 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 SLIDE 10 Targeting New Markets

Advertising Budget SLIDE 11 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 SLIDE 12 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 SLIDE 13 Targeting New Markets

Television Similar to radio Expensive SLIDE 14 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 SLIDE 15 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 SLIDE 16 Targeting New Markets

Yellow Pages Will your customers use them? Do your competitors use them? Can you afford it? SLIDE 17 Targeting New Markets

Brochures / Handouts How will they be distributed? Are they designed correctly to be easily opened, read, and responded to? SLIDE 18 Targeting New Markets

Label Advertising Good for establishing name of business Good for image building Only reaches customers who have made a purchase SLIDE 19 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 SLIDE 20 Targeting New Markets

Word of Mouth Excellent form of Advertising Can also be negative advertising SLIDE 21 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 SLIDE 22 Targeting New Markets

Packaging Wholesale vs. Retail Advertising tool Silent salesman Dressed for Success SLIDE 23 Targeting New Markets