1. Target Marketing Forecasting SUNY ADIRONDACK Business 209 April 6, 2016

2. Target Market Identify your typical customer. Tailor your marketing pitch accordingly. No one can afford to target everyone. Targeting allows you to focus marketing dollars on who is most likely to buy your product of service. If you don’t know your customer you don’t know your business

3. Tips Look at existing or similar businesses. Scan the media and Internet for similar businesses. Check out your competition: – Who is shopping/buying? – Is there a niche market they aren’t capturing? – Are there gaps in what they are offering? Analyze your product/service: – Write out a list of each feature of your product/service – Make a list of people who you think can benefit – Identify the demographics (see next page) Identify “gatekeepers” and “influencers” Talk to potential customers: – What do they want? How much will they pay? – Find ways to talk with them – Look at the customer surveys on www.paloalto.com, www.surveymonkey.com and www.eSurveysPro.comwww.paloalto.com www.surveymonkey.comwww.eSurveysPro.com

4. Demos Age Location Gender Income level Education level Family status Occupation Ethnicity

5. Understand how customers think What features are most appealing? How your product/service fits into their lifestyle? How and when they will use your product? Where do they get their information? What media reaches your target?

6. Evaluate Are there enough people in my target? Will they really benefit and want? Do I understand what motivates them to buy? Can they afford it? Can I reach them cost effectively?

7. How do I find this info? Search online for research others have done. Search for magazine articles, blogs, etc. There may be online forums. Look for survey results that are published. SUNY ADK Library Reference Desk. Adirondack Chamber of Commerce. Economic Development Corporation (EDC). Trade Associations. Trade Magazine Media Kits. SCORE.

8. Resources www.census.gov www.marketresearch.com www.business.gov www.knowthis.com www.marketingpower.com www.hoovers.com www.ceoexpress.com www.bea.gov www.mybestsegments.com www.esri.com/industries www.pbinsight.com www.libraries.rutgers.edu/rul/rr_gateway/_guides/busi/ma rkres.shtml www.libraries.rutgers.edu/rul/rr_gateway/_guides/busi/ma rkres.shtml www.mra-net.org and www.marketingpower.com www.mra-net.orgwww.marketingpower.com

15. Explain the forecast Sales forecast was based on what? Sales strategy Marketing strategy Assumptions made for the forecast Try to anticipate questions that will be asked Key is to do your homework in advance