Conduct market research
Market research is a key part of developing your market strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competition is doing.
Profile your target markets
Trying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts.
Generally segmentation is based on factors such as:
- geography – location
- demographics – age, gender, education level, income, occupation
- behaviour - loyalty, attitude, readiness to buy, usage rates
- lifestyle – social class, personality, personal values.
Your target market should have a need for your product or service and be willing to pay for your offer.
Develop your business brand
Every business, regardless of size, is likely to need a brand. A brand is more than a logo, colour or tagline. A well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for and what you can deliver.
Choose your marketing avenues
While there are many available, consider your target audience when you are determining which to use. Options include a business website, social media, blogging, brochure and flyers, networking events, print advertising, word of mouth, cold calling and letter drops.