Marketing & Distribution

Target Market and Analysis of Market, Marketing Survey

• Who, what, when, where, why, how, how much.
• Who will purchase the product or service? Are they on-line?
• How do they presently purchase? Would they purchase over the internet?
• What is the size of the present market (how much)?
• What is the potential size of the market (how much)?
• From where do they presently purchase?
• Why is there a demand or potential demand for your product or service?
• Where do they live, what are their spending patterns, is the number of customers growing or shrinking, are they spending more or less per capita?

These questions will vary depending on the type of business. In order to answer these questions a Marketing Survey is necessary.

A marketing survey contacts current and/or potential customers. Other market research would include reviewing research reports and statistics prepared by others, magazine and newspaper articles and conversation with experts in the industry.

There are many good books on marketing and marketing surveys in Community Futures Regional Business Library. You can search the books online through this website. A good book on Marketing Surveys that you may wish to refer to is Look Before You Leap: Market Research Made Easy published by the Self Counsel Press.

Signed Letters of Intent, Purchase Orders or Contracts

• These documents can be signed and are non-binding letters that prospective customer(s) will show varying degrees of enthusiasm for your product or service.
• They also can be signed orders for the purchase of goods or services for delivery on a future date.
• Included is an example of a letter of intent that you can draw up for your prospective customer to sign.

A New Millennium Marketing Consideration

How about Doing Business On-Line?

Do you think setting up a web site on the internet will help your new business? The advantages of having a web site for your business include:

• Greater access/exposure to more customers (world wide potential).
• Leveraging traditional advertising: for example, including your email and web site address on brochures and business cards.
• Advertising products, services, special promotions, sales, etc on-line.
• Lower lead costs: cost of new customers is lower than traditional media.
• Lower staffing costs: products and services can be available 24x7 without a retail location.

Plan your web site to fit your target market. Ask yourself, what is my on-line objective? What is the purpose of my web site? How will it meet my customers expectations?

What Can my Web-Site do? It can:

• Give product or service information. For example, an on-line brochure or newsletter. create a periodic newsletter for your customers and email it to them.
• Offer customer support
• Feature an up-to-date catalog including thousands of products, prices, descriptions and photos at a cost far below that of printing and distributing printed copies. Note that the larger your site, the more it'll cost.
• Allow for direct sales and direct advertising (emailing information about new products and services to your on-line customers is fast, effective and cheap).
• Whatever the purpose, once you get people visiting your web site, try to get their name, address, phone number, etc. so that you can take advantage of a steady source of potential customers

How much will it Cost?

• You can get a fully functional web site developed by an independent web site designer for about $1000, or you may choose to build your own with CFDC assistance (consultations and web based workshops). Be sure to ask a designer if there are any special "web site hosting" considerations that might up your costs.
• Visit other web sites to see what features they have that you might want on your own site. Then you can either build these features into your site yourself or ask your web site designer to do it. Regardless, your site should be easy to read and fast to load.
• One of the best ways to check that you have an effective site is to ask a real internet novice to log onto your web site with you looking over their shoulder and taking careful notes. Whatever you think about your business web-site, keep in mind that its how your site meets your customers needs and expectations that really matters. Once you've established that your customers are on the net, an attractive, well laid out web site, focused on meeting your customer's requirements, will keep them coming back and build your businesses bottom line.

Where can I Find out More?

• New Media West has a large database of new media workers right here in the Kootenays. Search their database to find a web designer to fit your needs and budget.
• Web sites such as Web Monkey and w3schools have excellent online tutorials for those who want to do-it-yourself.
• Ask people in your community. You will be surprised how eager some people are to share their knowledge, plus it is a good way to build up a network of business contacts.