Marketing
If you are confused about this term, you're not alone. Business experts are often at odds on what's included in this category. We've narrowed it down to this: marketing is everything you do to place your products or service in the hands of potential customers, that typically includes market research, public relations, advertising and promotion.
Market Research helps identify potential customers and the features and quality they want. Next steps include setting a price and then letting customers know about your product or service. Along with the marketing information provided in our JumpStart and FastTrac workshops, we've designed two specifically targeted to this subject.
PROGRAMS AND SERVICES
Targeted Workshops
“JumpStart Market Research” – Here you will learn what market research is and how to use it to assess the potential of your business idea. Learn a process to conduct your own market research.
"JumpStart Marketing and Setting Strategies"- This session addresses how to: distinguish between selling and marketing, identify benefits for building skills in both areas, identify key forms of media that will help market your business, develop at least 3 strategies for marketing, and more
Business Coaching
WBDC business counselors and marketing experts meet with clients individually to work through marketing issues, discuss and develop marketing strategies, and enhance their managerial skills. Please call 312.853.3477 X 0 to schedule an appointment.
Specialized Assistance
Referrals to Specialized Business Professionals – The WBDC can refer you to experienced professionals with expertise in a variety of disciplines, including accountants, lawyers, graphic designers, and sales consultants. For referral information, please contact 312.853.3477 X 0
Market Research
WHAT IS MARKET RESEARCH?
Market research provides essential information to determine if a market exists for your product or service, as well as the nature of its demand. If research shows a lack of demand for your product or service, you'll need to learn strategies that can make it more appealing to your prospective customer.
Information about a particular market segment, a geographic area, or customer preferences will better prepare your to make the decisions that can make or break your business. Here are questions to ask yourself as you move along the path to business ownership:
- What makes my product or service unique?
- Who will buy my product? Think primary and secondary. Primary refers to the likeliest customer and secondary to another who may purchase less frequently. (An example might be a Chicago hotel that seeks tourists, but may also appeal to locals wanting a respite and luxury experience. Some 80% of your marketing dollars and attention should to to the first group, and 20% allotted to the next.)
- Where do my customers live?
- who are my competitors and what do they offer that I don't?
- Can my customers afford what I am selling?
- What are my customers' habits; i.e. where do they go to purchase my good, how often do they buy?
If you're unable to answer the above questions, market research is vital.
Methods of Research
*You can organize a focus group, perform surveys, field test your product, conduct interviews, and observe. This type of investigation provides feedback, determines demand for proposed service, measures response, and reveals how much your customers are willing to pay.
*Visit the business section of your library and review the information gathered by government agencies (Census Bureau Information), chambers of commerce, trade associations, and other organizations. You will also find books and business publications; magazine and newspapers, and other great sources.
Public Relations (PR) manages information between your company and your customers. Although you pay a public relations consultant or a staff member, there is no fee involved in submitting press releases, announcements, or other news items to newspapers, or radio and television stations, Often, public relations offers a third-party legitimacy that advertising does not have. Othe PR activities include speaking at conferences, employee communication, and sponsoring events.
Advertising attempts to persuade potential customers to purchase a particular brand of product or service. Every medium delivers these messages, including television, radio, magazines, newspapers, video games, the Internet and billboards. a fee is required to place advertising and it is often done by an advertising agency on behalf of your company.
Promotion uses various methods to reach your target market. Efforts range from firms that spend big bucks to get clelebrities to serve as spkespersons to the purchase of small items that bear your comapny's logo and are distributed at conferences, community events, and other places where your customers gather.
In addition to marketing workshops, you can gain greater clarity by working one-on-one with a WBDC counselor or find assistance from one of the experts in our database (accountants, lawyers, graphic designers, sales consultants) who are eager to work with small and medium sized businesses.
Call us at 312 853 3477 x 0. or send an e-mail to wbdc@wbdc.org for either of these services.
Product & Service Offerings
Along with your current product or service, you would be smart to think ahead. You don't need a crystal ball, but you do need a commitment to focus on your customers, market trends, and out of the box thinking to predict additional ways to serve your base. If you stay in touch with your customers' needs and desires you're likely to get ideas for new products or services.
Also
Look for a new way to present your product or service to make it more enticing to your current customer base and to draw in a new target market. (Movie companies did this by allowing their films to travel beyond theatres to peoples' homes with cable TV and video rentals. This attracted fans who were making purchasing decisions based on price and convenience.)
Find new uses for existing products. (Baking soda was originally marketed as a baking product and now doubles as a deodorizer)
Often products are services that already exist in the market, but make it easier for customers to buy them from you. (Jewelry stores pierce ears on site, thus building a base of immediate earring buyers. U-Haul sells boxes in their warehouses, allowing customers to speed up the packing and moving process.)
If you don’t know what product or service you want to sell, or you need help defining it, sign up for the JumpStart series or the FastTrac workshop series.
If you wish to discuss expansion of your product or service, make an appointment with a WBDC counselor by calling 312 853 3477 x0.
Pricing
WHAT IS PRICING?
Correctly pricing your products or services is the key to profits.
Pricing your product or service must serve two purposes:
- Insure profitability for your business.
- Be attractive to your customer base.
Answer these questions before developing your pricing strategy:
- How much it costs to produce my product or service (including my labor)?
- What's the break-even point of my business?
- How many units (product or service) must I sell to break-even?
- What do my competitors charge?
- What are customers willing to pay for my product or service?
If you can't answer these questions, conduct market research before developing your pricing strategy.
To discuss your company's options for getting your product or service to your target market , arrange an appointment with a WBDC business counselor. Call 312-853-3477, x0.
Placement
WHAT IS PLACEMENT?
Simply defined, placement includes all sales and distribution activities that place your products and services in front of your customers. Some businesses sell their product or service directly to the end user (direct sales). Others sell to a middleman or distributor who then sells to the end user (indirect sales).
Can you answer these questions about placement efforts?
- How and where does my target market buy my product or use my service?
- Are there innovative ways that could get my product or service to my target market cheaper , more efficiently, or easier for my customer?
NEXT STEPS:
- To discuss your company's options for getting your product or service to your target market, schedule an appointment with a WBDC business counselor by calling 312-853-3477, x0.
- For more in-depth information about developing your product strategy visit the Online Women’s Business Center Marketing Mall.
