Market research

There are a plethora of advertising venues open to your nascent business. The key is selecting the right medium for your target audience. Trying to reach teenagers by advertising on Murder She Wrote, for example, is futile.

The first step to developing a marketing strategy is conducting thorough market research. Having a comprehensive understanding of current market initiatives and possible future advancements will allow you to position your company appropriately. As a start, test your competitors? products and services. Fill out your own internal customer evaluation forms for each of the products or services of the companies you test. Also, don?t forget to test your own business; the best way to critique your own business and others is to become a customer. Have your employees do the same. Take the time to sit with a customer if he or she has a complaint or an idea on how to improve your business. Then adopt the best techniques and ideas you find. Eliminate the disappointing aspects of other businesses, and develop your own image, emphasizing the comparative advantage of your business.Not only should you analyze your competitors? products and operations, but you should also follow their marketing initiatives. Keep files on your competitors that keep track of the way they advertise their product or service. What type of images do they intentionally project?

You should also learn about the community in which you are going to be conducting business. Become involved in community affairs, take part in philanthropic events and donate to local charities. This will both help you understand your market (you could learn, for example, on which kiosks you would do best to post flyers), and create a positive image for your business. The best way to create barriers of entry to future competitors is to position your business as the local favorite.

Tips

Certain grassroots advertising methods are commonly used, regardless of the advertising and marketing budget of the business. Offer features that will attract the type of individual that would most likely benefit from your product or service. Something as simple as offering free coffee or donuts every morning will help to attract a loyal customer base. Showing you care about the customers is the way to attract a consistent customer base and benefit from their referrals.

-- Every product, brochure, business card, pizza box or other document that you provide to potential or existing customers should have the name of your business, phone number, web address, e-mail address, and general information about your business. In addition, every piece of literature should request feedback from your customers (though this might be tough on a business card). Even though advertisements are meant to attract business, consumers will react more favorably when you solicit their opinions.