1. Defining your market and performing market research
2. Learning why you can't overlook physical marketing methods
The market analysis, or consumer analysis, is a research study looking into your market (potential customers) so you can understand the needs and personality of your customers when moving forward and set realistic goals and expectations, therefore helping to minimize risks.
first thing's first: who are you?
SWOT Analysis is a common business tool for critical thinking when moving forward with an idea, concept, plan, strategy, etc. It stands for strengths, weaknesses, opportunities, threats.
- What are you strengths?
- What are your weaknesses?
- What opportunities do you see that you could immerse yourself in for growth or marketing? Eg, are there any unmet needs or focus areas that would be beneficial to your business or brand but that you are currently not involved in or utilizing?
- What obstacles do you foresee? What weaknesses do you have that you feel could be a major threat or hinderance to your business or brand's growth?
who are you?
- What are you trying to accomplish?
- What are your goals?
- What are you selling (information, services, products)?
- What makes you capable or competent to sell this information, services, or products -- whether for free, for charge, or both? Eg, what is your background?
your competitive advantages
- Why are you so awesome that customers/clients should use you over a competitor?
- What talents or skills do you possess that can knock down barriers that might come up?
who are they?
your target audience
Demographic information of your target audience is critical. Knowing these demographics helps you fine-tine who you are reaching out to and. equally important, how you reach out to them.
- Who is your target audience or customer base? Eg what are you selling and who is most likely to listen/buy?
- How old are they? Approximate age-range sufficient.
- What is their gender?
- What do they do for a living?
- Where do they live?
- What hobbies or interests do they have?
Next, we need to think about how the answers to those questions will impact how you plan on reaching out to them. Different methods of communication, advertising styles, imaging messages, and social media platforms varies between age group, gender groups, the locations of the world they are in (not even just language), and their own level of education. Once you weave your answers into those details to figure out how best to reach your audience, then we can delve into more specific strategies in BYB102.
- Who are your competitors? Eg, who is doing something similar to you (or similar to where you want to be). Go ahead and go look at them on their website and social media.
- What do you feel they are doing successfully?
Now, think about what they aren't doing.
- What do you feel they aren't doing currently that you could do yourself moving forward?
Lastly, might as well check out any tips or FAQs they might have! No one wants you to repeat the same mistakes they did if it can be prevented. Take free advice where you can get it, eh?
The Importance of Physical Marketing
Just because you are online doesn't mean physical marketing strategies aren't still worthwhile!
We highly recommend investing in some pretty awesome business cards. Websites like moo.com, minted.com, and vistaprint.com (just to name a few) have great options if you aren't a designer yourself. If you are a designer, vistaprint.com allows you to upload your own design and select some premium printing options.
Having physical business cards come in handy. Meet someone at an event and you two kick it off talking about life, hobbies, or just why you are both there? Hand them a business card!
Stopped for coffee at a local coffee house? You are most likely allowed to just plop a few cards down on the table or pin them up on bulletin boards.
There are so many other ways you can find to hand out business cards. But they are incredibly useful for networking and just getting your name and website out there!
Good ole fashioned advertising, friends! You don't have to put a big banner on the side of your car if you don't want to, but have you thought about T-shirts? What about tote bags? Baseball caps? Buy one of these and sport them when you are around town during the business week. When people ask you about them, hand them a business card!
More ideas include beverage coozies, pens, pencils, note pads, and stickers in terms of some cheaper options for mass dispersal.
Who doesn't love a gift? Send out snail-mail or deliver packages in person to busienss, brands, personalities, or just anyone who might be able to give you a little boost (eg an influencer who can tag you in social media, give you a good review, recommend you to their friends, like your Facebook page, or become your next client!). And, it goes without saying: don't forget to include a business card (or several) in your gift bag/basket/package.