Posts Tagged ‘Market This!: An Effective 90-Day Marketing Tool’

Day 34: Keeping your market research relevant

July 15, 2011

Market research is only valuable if it is current and relevant to your market and target audience. Even market research that is five to six months old can become quickly out of date fast!

Where do you get market research? There are a number of public and private research companies that can help you find what you need. If you can’t afford to do market research externally, have your company conduct simple and quick online surveys and focus groups to help you get the information you need. There are a number of online survey tools (such as Zoomerang and Survey Monkey that are relatively inexpensive and will result in your having a quick market research study with current data from your customers.

What’s a good length for an online survey? No more than 10-15 questions max. Ideally, you want to capture as much information from your customers as possible while you have their attention, yet in reality, most people will not complete a long survey. Keep it simple and short!

(Excerpt from Chapter 13, What Your Competitors are Doing and What they are Not Doing, Market This!: An Effective 90-Day Marketing Tool)

Day 26: Where to look for positive trends that can impact your business

May 30, 2011

So do you know what a positive trend is and how it can help to make your product or service look even better? A positive trend is one trend that encourages customers to purchase your product or service because of something good that is happening in the market or the news. These positive trends evolve and change over time, so being aware of these trends can really help you to anticipate what your customers will do when they decide to purchase your product or service.

So where can you find these positive trends? Look at the media for starters! Newspapers, online publications, radio and TV commercials can all help to provide information for you. Many current research reports appear in online newsletter resources. Analysts are also good at writing up white-paper reports on trends on specific industries.

Helpful Tip: Do a google search today — with key words around your business, your product or service — researching your industry or specific area of interest and look for articles, reports or anything written related to what you may be marketing and selling. Chances are, you’ll get some interesting information about what’s happening positively in your industry!

(excerpt from Chapter 12, Market This!: An Effective 90-Day Marketing Tool, How Current Trends can impact your business)

Day 23: Fun Segmentation: Customer Bucket Wish List

May 20, 2011

Segmenting your customers can actually be a fun task when you think about what you’d like to see in terms of customer growth and revenues. Think for a moment about your ideal customer list, your “wish list” for how you’d like to see your customers segmented. For example, if 70% of your customers are in the biotech segment and 10% non-profit, and 10% Greentech, think about what percentage of your business you’d like to grown in an existing or another segment. Here’s a quick exercise you can do to get started with your own Customer Bucket “Wish List”:

1. I have X customer buying my product or service now.
2. From a segmentation perspective, my customers fall into the following industries/categories in terms of percentages. (your answers should add up to 100%)
__% Industry or category here
__% Industry or category here
__% Industry or category here

You get the idea! Now do the same exercise but use the exercise above to instead document your ideal “wish list” of what you’d like to see in terms of segmentation for your customers. If there’s a new market you’d like to enter, be sure to include in this “Wish list.”

___%Industry or category here – Wish List
___%Industry or category here – Wish List
___%Industry or category here – Wish List

I’ve seen a lot of people use this exercise to really define where their existing customer sit in terms of segmentation. A funny thing happens when you start to document what’s happening and really define where you’d like to go–it can really help you to set a path for success! This customer bucket “Wish List” is really handy for planning purposes and allowing you to see where you have the greatest opportunity in your business today with low-hanging fruit customers.

(Excerpt from Chapter 10, Segmenting your customers, Market This!: An Effective 90-Day Marketing Tool)

Day 16: Profiling Your Customer

May 2, 2011

It’s critical to get a picture of what your target audience looks like before marketing to them. You can get this information through online marketing surveys, informal phone interviews, focus groups, market research sturies, and digging into your own existing customer database information. I call this “profiling your target customer.” Take a moment to profile your target customer. What motivates your customers, what inspires them and what makes them tick?

(excerpt from Chapter 9, Identifying and Connecting With Your Target Audience, Market This!: An Effective 90-Day Marketing Tool)

Day 2: Your Customer’s Opinion Counts First

April 9, 2011

Your customers seek and purchase your product or service, so their opinion should count first before you plan out your marketing strategies. Their perception of your product or service needs to be an ongoing part of your decisions as you plan out marketing activities. What does this mean? It means checking in with your customers often and make it a point to see how they are viewing your business. Remember, your customers are most important to the success of your business and their perception of your product or service should be a critical component of your marketing decisions!

(excerpt from Chapter 1: Market This!: An Effective 90-Day Marketing Tool)