leverage your business with market research

Using Market Research to leverage Business, Branding,

and Strategic Marketing

What We’ll Cover Today

Spy on your competitors: What do they say about themselves?

How are you different?

Where can you research them?

Websites

Google

Press Releases

Social Media

Networking Events

Ask mutual contacts

The more you understand your competitors,

the more effectively you can position your company!

How can you differentiate from them to stand out in your markets?

Define your brand identity. Get beyond your services list to what makes you different – an elevator

pitch could capture this.

Focus on talking about WHY you are a better choice

We can help you grow your businessWe can help you streamline operationsWe can help you expand your capabilitiesWe can help you make better productsWe have the best customer serviceWe have the most experienceWe have the lowest price (be careful with this)We are local

Who buys from you?Do they all look alike?

Or are they all a bit different?

The more you understand your different target markets, the better you can structure your products, services and

marketing efforts.

Start by analyzing your existing customers

Look at your revenue and profitability data by customer and customer segment. Are there any trends? Any customer profile that is NOT profitable? Any that were more profitable than you realized?

Target market examples

Men who like to go fishing and live in Alabama, Tennessee, or Georgia and make at least $60,000 per year


Women between the ages of 25 and 65 who live within 30 miles of Decatur, Alabama


Small businesses with at least 5 employees and revenue of at least $750,000 per year


The HR Directors at major industries in Decatur such as BP and 3M


Government Contractors in Huntsville

Understand the value and potential of each of your

Target Markets

What does your own data tell you?

3 year dashboards

REVENUE BY SEGMENT

2012 2013 2014

Government contracts

$3,100,000 $4,300,000 $2,600,000

Industries $1,500,000 $1,600,000 $1,800,000Institutions $800,000 $650,000 $950,000


3 year dashboards

PROFIT MARGIN BY SEGMENT

2012 2013 2014

Government contracts

5% 5% 3%

Industries 12% 14% 13%Institutions 8% 9% 9%


3 year dashboards

REVENUE BY SERVICE

2012 2013 2014

Fabrication $4,200,000 $4,300,000 $4,400,000Engineering $2,200,000 $2,300,000 2,500,000Service $800,000 $850,000 $950,000


3 year dashboards

PROFIT MARGIN BY SERVICE

2012 2013 2014

Fabrication 8% 10% 9%Engineering 11% 12% 12%Service 3% 4% 5%

Ask your existing customers (survey)

What products/services do you wish we offered?

What is your biggest need that you think we can help you with?

Do you foresee that your need for our services will expand or contract over the next 12 months?

What do industry or other sources tell you?

What is the buzz on industry blogs and social media channels?

What are demographic trends?

What do industry trade publications, seminars, or trade research tell you?

Do your own market research on a LinkedIn group page

Prioritize your target markets

1 2 3 4 5

What resources should you put into servicing or growing each target market?

Should your services be packaged or marketed a bit differently for different markets?

First define your services & message for each market

AUDIENCE PRODUCT/SERVICE MESSAGE

General Business Branding, print design, web design, marketing & social media consulting

We can help you be more strategic with your marketing so your business grows

Economic & Community Development Organizations

Web design, retail recruitment guides, presentation materials

We can help your community attract the attention of site selectors and retailers

Existing Customers All services – with a focus on new services

Don’t forget we can help you with a wide range of services

List each Audience…

…and the service/product you want to provide each

…and the message you

want to tell each

Do this in Excel

AUDIENCE PRODUCT/SERVICE MESSAGE BEST WAY TO REACH

General Business Branding, print design, web design, marketing & social media consulting

We can help you be more strategic with your marketing so you get results

Networking, public speaking, sales reps, referral program, social media

Economic & Community Development Organizations

Web design, retail recruitment guides, presentation materials

We can help your community attract the attention of site selectors and retailers

Industry Tradeshows, sponsorships, referral program, e-newsletters, blog

Existing Customers All services – with a focus on new services

Don’t forget we can help you with a wide range of services

Social media, Direct mail, referral programs, e-newsletters, calls

List each Audience…

…and the service/product you want to provide each

…and the message you

want to tell each

…and the best ways to reach each

Next, determine the best way to reach each market

Research your options Are there industry associations that allow

networking, tradeshows or advertising?

What local events do women go to and what local groups do they belong to?

What magazines or newspapers do my customers read?

What websites do my customers visit?

Where can you reach each target market…

Newspapers

Direct Mail

Trade PublicationsWhat ad size will work?

How many people will it reach?

Buy a database


Claim Google My Business, & Bing Places listings

Online Advertising & Pay per Click

Social Media Advertising


Television

Radio

Billboard

What are they watching/listening to? What times? Where are they driving?


Community groups

Trade Associations

Conferences

What else can I use?

How do you choose? What can you afford? Spread out your visibility over time What can you consistently deliver? Is a

monthly e-newsletter realistic? Biggest rule: Have a presence in as

many places as possible within your budget: a small ad four times is better than a big ad once

Develop your 12 month plan and budgetDo date/pricing research for print ads, events. Then plug in around those.

Build in Structure and Accountability with Monthly

Marketing Meetings What happened last month? Did it yield results?

Should we do anything different? What is coming up? What do we need to

prepare? Anything anyone is seeing in the industry as an

opportunity or threat? Any customer feedback on products or

services?

Rule #1:Regularly pulse your

company with market

research – PAY

ATTENTION!

Rule #2:ADAPT

QUICKLY!

• New services

• New products

• New marketing strategy

• New positioning statements

Bottom Line:You don’t have to be perfect.

You just have to be better than your competitors.

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