How To Conduct Market Research
Illustrates a seven sentence bootstrap, also known as guerrilla, marketing strategy. To be successful the entrepreneur must answer these seven questions.
(Business is Computer Hardware Shop w/ On-line selling)
First, what is the purpose of your marketing?
Second, what primary benefit can you offer customers?
Third, who is your target market?
Fourth, which marketing tools will you use to reach your target audience?
Fifth, what is your company’s niche in the marketplace?
Six, what is your company’s identity in the marketplace?
Seven the last, how much money we spend on your marketing?
To be successful in a bootstrap marketing strategy the entrepreneur must identify the company’s target market and its customers wants and needs. Effective identification of the target market and its customers depends upon sound market research. Sound market research entails defining objectives, collecting the data, analyzing and interpreting the data, and then drawing conclusions and acting on the data. Chapter 5 can be summarized by acknowledging 15 sources that will help develop a competitive edge. These sources include find a niche and build it, use the power publicity, entertain your customers, strive to be unique, build a community with your customers, connect with customers at an emotional level, create an identity for your business branding, embrace social marketing, blog, be dedicated to service and customer satisfaction, retain existing customers, be devoted to quality, pay attention to convenience, concentrate on innovation, and emphase speed.
First, how a company exploits the Web and its interconnectivity and the opportunities it provides is crucial to his success. Second, success on the web depends on developing a sound plan which addresses several key issues including site design, maintenance, creating and managing a brand name, marketing and promotional strategies, sales, and customer service. Third, very important for the entrepreneur to develop deep, lasting relationships with customers. Hence, attracting customers to a website cost money and it is always more profitable to retain existing customers. Fourth, establishing an attractive website and attaining a meaningful presence on the web requires time, money, energy, and talent. Fifth, and last, it is essential for the entrepreneur to consistently measure the success of the company’s web-based sales effort. It’s essential to remain relevant to customers taste, needs, and preferences. One key understanding to take away from these myths is that planning is critical. There are many basic strategies that an entrepreneur should take to achieve success in an e-commerce effort. Some of the main strategies include focusing on a market niche, develop a community of online customers, make sure your website appears credible and professional, go mobile, promote your website both online and off-line, use social media, and develop a search engine optimization strategy.
Pricing credit strategies. It’s important for the entrepreneur to fully understand the relationship among pricing, image, competition, and value. Pricing is an important element in the value that customers perceive about products and services they purchase. A low pricing model is usually not good for a startup company. Hence, larger companies have deeper pockets and can easily out price a startup company. Shoppers have three reference points they used to define a fair price. These three reference points are the price they paid for the product or service in the past, the prices competitors charge from the same or similar product or service, and the cost that a company incurs to provide the product or service. Thus, it’s important to understand the customers value proposition. There are many pricing techniques for existing products and services that include odd pricing, price lining, dynamic pricing, leader pricing, geographic pricing, discounts, multiple-unit pricing, bundling, optional-product pricing, captive-product pricing, by-product pricing, suggested retail pricing, and follow-the-leader pricing. The long list of pricing techniques demonstrates the potential complexity of pricing a new product or service in the marketplace. There are many factors that may play a role in determining the final price. In today’s competitive business environment, the entrepreneur must seek out individuals with the knowledge and skills to assist in their pricing decisions.
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