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What Are the Best Tips for Market Development?
One essential component of growing a business into a serious money maker is using the correct strategies in market development. Implementing efficient and effective marketing techniques can often mean the difference between success and failure. Some tips include brainstorming to figure out business goals, deciding who the target market consists of, creating a simple but effective marketing plan and tweaking the plan as needed.
In order to optimize a business, the first step needs to consist of a brainstorming session to figure out exactly what the business goals are. It usually works best to first create short-term goals over the next two to three months. Then decide what the more long-term goals are over the next year. Finally, it's important to figure out what the extended business goals are over the next three to five years. Having this information readily available should make it easier for effective market development to take place.
After some general goals have been developed, it's then crucial to decide who the target market is. For example, does the business cater to the needs of teenagers or middle aged people? Are the products designed for women or men? Figuring out the exact demographic of the population that a business wants to reach will impact the overall market development strategy. Without knowing who the target market is, time and money is often wasted. However, knowing this information will make it easier to make well-informed marketing decisions that should boost profits.
Another tip is to keep the market development plan simple. Especially in an age of information overload, most consumers are turned off by overly complicated marketing. This means that it's usually a waste of time to create things like overly elaborate logos or websites. Instead, it's better to focus on the content or product, and not weigh advertisements down with needless information that is difficult for consumers to digest. Remember, that as a business or brand develops over time, it's always possible to build on the initial strategy.
An additional tip for market development is to tweak marketing techniques when necessary as time progresses. Paying close attention to statistics like sales and conversions is one of the best ways to decide what works and what doesn't. That's why it's so important to document things like marketing costs, increases in sales, decreases in sales and any other financial components. This way a business should continually improve with time, and make future marketing techniques easier to decide on.
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![Holding a brainstorming session can help a company determine its goals.]()
By: Monkey BusinessHolding a brainstorming session can help a company determine its goals.
Discussion Comments
A company will be much more successful in their marketing and sales, if they keep track of how sales fluctuate over time, what time of the year the sales are highest or lowest. This information will help to determine what changes in marketing will be needed.
When sales begin to lag might be a good time to offer coupons or a gift incentive to buy certain products. One could offer a reward for customers to fill out a survey about products or customer service. This information can be very valuable.
Also, I just love when web site companies offer free shipping!
When a company is starting an ad campaign, I think the best strategy is to keep the ads simple and direct. I am tired of going to web sites that are filled with information and overwhelming graphics. I like sites to be clear, with just the basic information.
If some people want more information, links could be set up or a telephone number for customer service.
I also like to read reviews by other customers. These often are what helps me decide whether to buy or not.
@GreenWeaver -Marketing development also has to include significant sales training so that the sales staff can target customers appropriately. Developing customer databases that are updated after every purchase helps the company serve this customer better. This is why in a lot of retail stores, the clerk will ask for you contact information at the register.
They not only want to track where their customers are coming from, but they want a way to contact their customers in the future and keep them for good. Some stores even offer reward or loyalty programs in which the customer receives significant savings based on their purchasing patterns.
Some of the offers are in the form of a coupon for a discount on a purchase while other companies provide free products for the loyalty. I love when companies do this because it does make me shop at their locations more.
I think that any new business has to consider competitive intelligence when they are creating their marketing development plan. I always try to find out what my competition is doing and what they are charging as well as what other advantages that they may have over my business.
This is really important because if you don’t understand your competition you may be giving business away to them. You really have to understand your target market as well as your competitors because how else are you going to convince a customer to go with your firm and counter the objections that they may raise about doing business with your company.
I think that if you are one step ahead in business development planning you will always have a competitive advantage. Once you decide what your advantage is over your competitors you might be able to use that in your marketing message.
The advertisements can be simple testimonials about your company or they might be a result of a product development survey given to you by a market research firm. This type of advertising is really effective because consumers really like the use of testimonials and statistics when seeing advertisements. I know I do.
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