Now is the Time to Get to Know Your Market

August 25th, 2010 by easy

Hello and welcome to Small Business EASY Branding Tips.  Brought to you by SSS for Success (EASY Brand Marketing Specialists), working to help Small Businesses Survive through EASY Sales. 
Over the past several weeks, we’ve talked about EASY Small Business Brand Marketing Tips, ways to build traffic to your website and/or blog, and “The Basics of Branding and Why Anyone Can Do It”.  We detailed the 4-Step Common Sense Branding Strategy that I think most small business owners should be aware of when seeking to create, build, and enhance their company’s brand: 
  • Step 1: Determining & Defining Your Brand.
  • Step 2: Researching Your Market and Positioning Your Brand to Capitalize on a Sector of it.
  • Step 3: Launching Your Brand.
  • Step 4: Managing, Monitoring & Tweaking Your Brand 

In this week’s podcast episode, I want to talk about Step 2 of Researching Your Market and Positioning Your Brand to Capitalize on a Sector of it.  I chose this topic this week, in part, because I am featured as a guest poster at The MicroEnterprise Journal Blog this week, where you can see my featured post entitled “4 Tips to Get a Better Feel for Your Market” (thanks to Dawn Rivers Baker, Editor of The MicroEnterprise Journal and its Blog for featuring my article this month).

 

When you venture over to The MicroEnterprise Journal Blog, you’ll read about my experience starting out in business 2 years ago.  When I first started my original business, I was similar to Richard Pryor’s character in the 1985 classic movie “Brewster’s Millions” where I was “in the business of being in business”, and I made the classic entrepreneur’s mistake of answering “everybody”, whenever anybody asked me who my target market was.

Over time, I’ve learned to narrow down my target market to my “ideal customers”, and here are some tips that can help you get to know your market:

 1. Conduct informal research

 2. Try The MiniMarketing Survey

 3. Conduct a formal large-scale market research project

 4. Review your customer records and feedback you already have.

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