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Know the Market to Position Your Business Correctly. About SCORE. Successful and experienced business owners and executives acting as volunteers Free ongoing mentoring: One-on-one E-mail Signup on our website – Mentoring Tab Seminars, workshops and Meetup Group - PowerPoint PPT Presentation
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Success Strategies for Business Owners
Know the Marketto
Position Your Business Correctly
Success Strategies for Business Owners 2
2
About SCORE
Douglas S. Cavanaugh
• Successful and experienced business owners and executives acting as volunteers
• Free ongoing mentoring:One-on-oneE-mailSignup on our website – Mentoring
Tab
• Seminars, workshops and Meetup Group
• Resources for small business: manasota.score.org
Success Strategies for Business Owners 3
3Introductions . . . Your Expectations?
• Introduce yourself• What business are you in?• What are your expectations for the meeting today?• Record . . .
End of the meeting feedback:
Expectation
Outcome Gaps
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4Identify Your Marketing Goals
Have Your Business Needs Changed?
• Target customers– Existing customers– New customers
• Product or service mix• Pricing approach• Promotion Success• Budget• Sales channels
Karen Bevels
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Understand your target market• Size• Income level (for consumers)• Sales - Business to Business (B2B) and
Business to Consumer (B2C)• Purchasing habits• Demographics• Purchasing channels• Geographic locations• Industry / Geo-Political Trends
Surendra N. Kumar, Ph.D.
Market Research
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Industry analysis using the NAICS number to find info about your business segment (North American Industry Classification System)• Website searches• Customer surveys
SurveyMonkey.com, Zoomerang.com• Social media
Facebook, LinkedIn, Twitter, YouTube…..• Focus groups• Personal Contacts
Market Data Sources
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• Trade associations• Census data - to extrapolate information• American FactFinder (http://factfinder.census.gov)• EconomicIndicators.gov• Fedstats.gov• National Bureau of Economic Research (
www.nber.org)• Harris Infosource (www.harrisinfo.com)• Hoover’s (www.hoovers.com)• ThomasNet (www.thomasnet.com)• Public Library
Market Data Sources
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Is Your Brand Clear?
Branding is not the same as marketing. Branding is the image, logo and positioning of the product or service.
Three steps to brand creation:1. Identify unique selling proposition
(differentiation)2. Understand target market3. Communicate brand consistently
Douglas S. Cavanaugh
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9Competitive Analysis
Analyze the marketing methods or strategies used by your competition.
What is working for you and what is not?
Would similar methods work for you?
Are there niche openings to exploit?
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10Exercise 1 – Target Market Assessment / Goals
Use the Worksheet in your folder. Fill in your EXISTING target market and then potential NEW target markets you might pursue for growth
Fill-in your thoughts about pros and cons of each area list below:
Customer DemographicsCustomer Location(s)Customer Spending Habits / BehaviorsDistribution Channel
10 minutes to work and 10 minutes to discuss
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11Exercise 1 – Target Market Assessment / Goals
10 minutes to work and 10 minutes to discuss
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12Is the Strategy Right for You?
Not every marketing strategy is right for every business
When evaluating the options, ask:
• Will this help achieve my goals?• Will this reach my target customers?• Does this fit my budget? • Do I have adequate staff to implement?
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Assessing Your BusinessThe SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgwIt will help you assess the current state of your business in 5 key areas:
1. Management2. Marketing3. Sales4. Finance5. Operations
Decide what additional sessions to attend Develop a customized business improvement plan
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Business Needs Assessment - Marketing
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Help Us, Help You
Please fill out the session evaluation form
Your feedback is important to help us improve our programs!
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