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In today’s competitive environment, finding and keeping clients is getting tougher and more costlier to do so it is really important to really get into the minds of your customers and to understand what makes them tick. Knowing your customer intimately is the first step to easy sales.

Until you know (1) who your customers are, (2) what they want, and (3) what motivates them to buy, you can’t prepare an effective marketing plan.

Now when preparing your marketing plan, don’t confuse “wants” with “needs.” People don’t necessarily buy what they need, buy they’ll most always buy what they want. For instance, have you ever known someone that went to the store to buy a pair of shoes that they needed and came back with a new shirt, pants and a sweater to match the shoes? Or how about the shopper who goes into the supermarket to buy some milk and comes out with a frozen pizza and other treats.

To really get to know your customers you’ll need to ask yourself questions such as:

• How does my potential customer normally buy similar products?  Does he shop in the stores, in malls or on line?
•  Who is the primary buyer?  Does the wife make the decisions or the husband?  Is there a procurement department?  What is the buying process?
• Where does my potential customer get their information?  Do the watch TV, read newspapers or magazines?
•  What are my potential customer’s primary motivations for buying?  Do they have a pain?  What is their financial status?  Do they want to look good, be healthy, gain status?

Here are some places to do your research:

>>Wordtracker – type in your keywords and phrases and see if anyone is searching for your product.  Some tricks are there are two ways people ask questions… remember you want to use language that people are searching for and check to see if there is a demand for what you are offering.

1)     50% of the people are logical and ask “how to” questions – How to create a marketing plan

2)     The other half are more emotional and ask “the best marketing plan”…..

 >>The SRDS list – www.srds.com  This is a compilation of every magazine and list out there with the volume of readership.  This database has demographics and everything you need to research on your niche. 

• • Statistical Abstract of the United States (annual) Published by the U.S. Department

of Commerce, this publication provides one-stop shopping for a demographic portrait  of life in the United States. (http://www.census.gov/compendia/statab/)

•  Drive around your local area – sometimes you can tell a lot about a neighborhood simply by driving around
•  Conduct a survey – poll your target to identify certain trends and characteristics.

 Ask questions – the best way to find information out about your customers is to ask them directly.  Ask, Ask, Ask is the number 1 marketing tool you have in your arsenal.

 ©Kellie D’Andrea & Associates

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By Palo Alto Software, Inc.

Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. If you are seeking funding from a venture capitalist, you will certainly need a comprehensive business plan that is well thought out and demonstrates sound business reasoning.

If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan. If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one.

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Every business owner should have a complete understanding of the competitive landscape in their market. Competition is defined as any business that provides a similar service or product in the same market, region and industry. A strategic business owner not only knows who his competition is but also understands the best way to position himself ahead of his competition. The following provides a step-by-step process in creating your competitive analysis. Read the rest of this entry »

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