Identifying Your Target Market

Identifying your target market is the most important thing you can do for your business. You have to understand who your customers are and where to find them in order to be successful.

The first step in identifying your target market is to understand what your products/services have to offer to a group of people or businesses. To do this, identify your product or service's features and benefits. A feature is a characteristic of a product/service that automatically comes with it.

Here’s an example, if toothpaste has a stain-removing formula - that's a feature. The benefit to the customer, however, is whiter teeth.

While features are valuable and can certainly enhance your product, benefits motivate people to buy.

An example is anti-lock brakes; they are features on a car, but the benefit to the consumer is safety.

By knowing what your product/service has to offer and what will make customers buy, you can begin to identify common characteristics of your potential market.

For example, there are many different consumers who desire safety as a benefit when purchasing a car. Rather than targeting everyone in their promotional strategy, a car manufacturer may opt to target a specific group of consumers with similar characteristics, such as families with young children.

Now is the time to renew your customer database and determine who your target audience is. The next step is segmentation or breaking down that market so that you can very specific as to whom the solution is provided.

Parts taken from an article by the Edward Lowe Foundation.

Trying to Decide What Email Marketing Service to Use?

This wonderful resource was shared with me by another virtual assistant.

With so many options out there, sometimes its hard to know which product would best meet the needs of your business. Attached is a link to an email marketing comparison chart. I found it helpful in just checking if I was using the right product for my business. I hope you will find it helpful as well.

http://email-marketing-service-review.toptenreviews.com/

Who Has the Time for Social Media?

I know I know, its all the rage. Business owners are finding clients using it and its quite effective. But seriously, who has time to update status all day. I'm really struggling with the idea that its worth my time. I know that any marketing avenue takes time and consistency before you can see any real results. But is my target market really online in social media outlets? Is that where I'm going to find them.

No offense to those who think twitter/facebook/linked in are fun, but I'm looking for people who are looking to concentrate on spending their time servicing their clients not updating on what they are doing, reading, thinking all day.

Most of my frustration might be due to the fact that I personally don't have time to truly explore the wonderfulness of these marketing avenues. But I just felt like venting today..

BTW, check me out on facebook/linked in/ and twitter (virtualbizmger)

Marketing in a Slow Market

As many small businesses find ways to trim the fat, many are mistakenly putting less budget and energy towards marketing. Instead of cutting marketing, revamping your marketing strategy would be a wise move. There are four vital steps that a business owner must take in order to endure these times.

1. Assess Your Customer's Behavior. Just as you are making adjustments to your business, no doubt your customers are as well. You need to figure out how these tighter budgets and perceptions of the importance of your offering and services affect the business that they conduct with you. Small business owners will need to adapt what and how we sell so as to meet the customer's needs as they emerge.
   
2. Measure ROI. All advertising designed for branding or image awareness is not appropriate in this economy. Are your campaigns specifically designed to drive customers to use your services? Each step in the marketing chain must lead to a measureable response and ultimately a sale of your product or service. Always ask your customers how they heard about you.
3. Market to Current Customers. Consumers, including your customers, are being a bit more careful about how they spend their money and look for companies that they know and trust. Remember it is more costly to find new customers than to maintain the ones that you have. Regularly reach out to customers through use of some sort of customer relationship management too. Vary your tactics, but stay top of mind without wearing out your welcome.
   
4. Emphasize price promotions versus price cuts. As consumers are looking for ways to save money, they are more inclined to use coupons. This is a strong indicator of the trend towards price-specific promotion. Avoid full-scale price cutting, after all you still need to service as a business owner yourself. Short terms promotions will stimulate sales from current customers and draw in new ones.

Starting a Business?

As many of us begin in business, we contemplate what we need to do NOW to get up and running; thinking we will worry about the other things later. In most cases, these basic THREE pieces are of great importance to providing a clean professional look for your business.

1. A logo: This brands you as an actual company. When you name is not attached, it should still be clear what type of company you have. Is this true of your logo? Perhaps it is time for a redesign.
   
2. 
   A Business card: Since we all know how important networking is, a business card is key for these types of social gatherings. These new contacts, must be able to get in contact with you regarding either a direct connection with you or someone that you know. This business card must also have your logo on it so that the marketing strategy of "branding your business" is further manifested.
   
3. A website: Who would have thought years ago that web presence would be so important to commerce in general – not just e-commerce? If you do not have a website, you can best believe potential clients will question the legitimacy of your business. Obviously a website has many benefits.
   
   1. It is available 24 hours/7 days a week (times when you aren't)
      
   2. Has the potential to provide general information about your business.
      
   3. Increased your chances of branding your business.
      

      
      

Many of these aspects of starting a business may take some time to develop, but ultimately they will make a huge difference in how progressive and profitable your business becomes.