Meeting the Demands of a Changing Market Place
The market is changing at an accelerated rate that brings with it an increase in the number of risks that are associated with doing business and the amount of competition in each industry. In a world saturated with comparable products and services, every business must find a way to make themselves stand out and be noticed by the consumers in their market place. You must choose your target market(s) carefully and then provide them with a combination of exactly the right products and services necessary to meet their needs.
Achieving company goals requires a deeper understanding of how to use precision marketing information in order to accurately determine customer needs, find growing markets, and discover markets that have remained untouched. In order to accomplish both increasing profits and increasing market share, every successful business needs both a business plan and a marketing plan. If you haven't already completed a SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis, set financial goals (both personal and business related) and defined what your company’s purpose is; contact Holt Marketing and Management and we will help you get started!
Marketing To Your Consumer
Ask yourself: How do the demographics of your customer impact their decision to buy your product/service? For example, do you think a mother of 3 will buy a 2 door Honda or a Mini Van? Will a single person be more interested in a Condo or a 3 bedroom home? Will an elderly couple be more likely to base their purchasing decisions on cost effectiveness or long term use? Factors that influence these decisions include: income, age, gender, educational level, family size, marital status and lifestyle. A suburban couple with children (demographic) that is into fitness and health might be more likely to purchase a swimming pool than a single woman who owns her own home but likes to travel and move around.
Determining what your target market wants and then analyzing your strengths and weaknesses, as well as that of your competition, will give you the competitive advantage you need to beat out your competitors. We are helping you get started with our FREE Competitive Advantage Analysis Form...just click the button below!