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Finding Your Market: Who are your customers?

Finding Your Market: Who are your customers?

Presentation by Kelly McAdam, Field Specialist for UNHCE, exclusively for NOFA-NH Winter Conference 2013.

Kelly McAdam

March 01, 2013
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Transcript

  1.  I would like to grow/raise ________, but where can

    I sell it for a profit?  Who would buy my product?  What makes my product or experience unique?  Is my product within reach to my potential customers? The Situation
  2. Identifying Your Target Customers  Demographics  Residential Status 

    Economic Status  Age  Geography-where do they live, work?  Psychographics  Interests  What do they value?  Behavior  Shopping patterns  Where do they look for product/service information?
  3. Marketing Mix Product Product variety Quality Features Packaging Sizes Services

    Place Channels Locations Price What you charge Discounts Credit Terms Promotion Direct Marketing Sales promotion Advertising Social Marketing Public Relations
  4. Market Research  Identifies Trends  Demographics-Census information  Psychographics-Trade

    Publications, Understanding needs and wants of different generations  Behaviors-Observing consumers  Other-what’s popular on TV and on the Internet  Talk to your customers-what do they value?  Threats and Opportunities  What needs are going unfulfilled?  Who is your competition and what do they offer?
  5. Questions to Ask  Who are my customers?  What

    are they looking for?  Where do they live?  Where do they shop?  What hours do they prefer to shop?  How often do they buy these products or services?  Which advertising media are likely to reach them?  Who are my competitors?  Why would customers buy from me? Why wouldn’t they?  How do customers perceive my business? Versus competitors?
  6. Customer Demographics Age Income Family Status Residence Psychographics What do

    they value? Interests Behavior How they shop, react Middle aged, with kids Two incomes Educated Year-round residents Time Family & Friends Providing healthy meals to their kids Local food, organic & natural practices Big web users, most have a smartphone, e-mail and Facebook Look for experiences to have with their family & friends One Farm’s Example
  7. One Farm’s Example  The Product  Vegetables grown using

    organic methods  Price  Higher than conventionally-grown and the supermarkets-they pay for value  Place-Convenience/Experience  Off the “beaten path”-it is an experience though, nice setting, great for families, CSA pick-ups in Laconia and Meredith  Promotion  Website, Facebook Page, e-newsletter, road sign, cooperative advertising
  8. Marketing Research Secondary Data Primary Data Types of Marketing Data

    Marketing data that already exist, having been gathered for some other purpose Marketing data that a business collects for its own specific purposes
  9. Secondary Data Sources Using information already gathered  Internal from

    business accounts Sales information Inventory tracking Customer accounts  External from trade associations, industry groups, universities, gov’t agencies … Census Data (population demographics) Economic forecasts, market trends Competitor locations, characteristics, profitability  Problems
  10.  Will this city support my customer demographic?  Population?

     Income level?  Municipal-support for businesses
  11. Primary Data Sources Performing research with the aim of collecting

    original information from buyers to address specific questions  Methods Surveys Behavior observation Experiments Focus groups  Especially useful Answer specific question or problem Innovative or new products New or local market  Concerns
  12. Options for Collecting Primary Data Mail Telephone In-person Interviews SURVEYS

    EXPERIMENTS BEHAVIOR OBSERVATION PRIMARY DATA Test Marketing FOCUS GROUPS Web
  13. Some Final Thoughts  Think about who will buy your

    products/services  What value can you provide for your target market?  How will you be different from your competitors?  What do the 4 P’s mean for you (your marketing mix)?  Do your market research  Talk to your customers