HOW TO FIND AND COMMUNICATE WITH YOUR CLIENTS
- Understand why, how, where and when to do market research
- Common market research tools
- Identifying industry data and research
- The concept of market segmentation, demographics, phychographics and niche markets
- Distinguish between direct and indirect competition
- How to create a simple customer profile
- How to use customer and competition profiles to calculate and analyze market potential
The Marketing Fundamentals
- Product – what are you selling. How is it different to what is currently on the market and how does it solve/ fill a gap?
- Markets– are there specific markets that the product is more suited to. Where will the product be sold? Sales channels.
- Price – what is the pricing strategy? High volume/ low price? Premium sales/ high price?
- Purpose of marketing – message, differentiate features, provide information, retain customers, stimulate demand etc.
- Understanding the basic product positioning
- Importance of the marketing mix
- Product life cycle and how it affects marketing decisions
- Objective of marketing – for example improve sales/ profit or performance, launch new product, maintain or improve market share, increase awareness of product or service, test a product or service
- Where will the growth come from/ How will the marketing activity drive growth?
Market research is one of the most useful tools that a small business can use to understand customers and maximise the potential for profit and growth. You will gain an understanding of why you should do market research, how to do market research, how to implement the research into your marketing and sales strategy so that you leverage growth strategies.