Marketing My Business
Just because you make a product doesn’t mean anyone is going to want to buy it. The marketing section of your business plan explains what you are going to do to encourage your customers to buy your products and/or services.
First and foremost, Who are you selling to? Not everyone is going to buy your products. Even the most successful businesses understand they will only be able to sell to a limited number of people. This limited number is referred to as your target market. Your task now is to identify as closely as possible exactly who these people are.
- Age Range
- Average Income
- Marital Status
- Number of children
- Where they live
- Average dollar purchase
- Frequency of purchase
Knowing your target market assists you in your marketing strategy. If you have decided that your target market is women between the ages of 17 & 35 it wouldn’t make much sense to promote you product in sports publications – unless of course you are in the business of selling sports equipment for women. Knowing your customers helps you to reach your customers more accurately rather than spending money in areas that have a low impact.
Now it’s time to talk about Marketing Mix:
When developing a marketing strategy, professionals like to always remember the 4 P’S. (Also called the marketing mix)
Target Market-a specialized group of potential customers
Marketing-the process of selecting groups of potential customers, identifying their needs, and developing a strategy to satisfy those needs
· Talk to some prospective customers and conduct an informal survey.
· Take a look at some market research. Go to www.statcan.gc.ca Click on publications and search “market research handbook”