Basic Steps in Performing Market Research

Market research is like a road map that shows you where your destination is and how to get there. When you do market research, you provide yourself with a clear picture of the kind of new products or services that can bring revenues and the ways to reach potential customers. If you have been running your business for quite some time, doing market research can help you determine whether your company has been able to meet the needs and expectations of your customers or not. It gives you important information about the various factors that affect your way of doing business. You can use the data to develop strategies, implement crucial actions and assess their effectiveness.

A good market research can help your business succeed in getting and maintaining customers and eventually earn considerable profits. To get you started, here are the basic steps in performing the research:

• Identify the problem as well as the goal of the research. For example, you may want to find out how your product/service fits into the existing marketplace.
• Prepare a research plan. Part of this process involves identifying the necessary data that you need. This step also includes performing qualitative and quantitative analysis, preparing questionnaires and data sampling.
• Gather the necessary information. This involves doing all the grunt work: outdoor interviews, surveys and feedback sessions, which are usually done by a team of expert data collection agents. You should also include online marketing surveys and group discussions in the process.
• Analyze all your data to prepare the final report. The overall purpose of the research campaign is to assist the development of the product or service that you are offering to the market. It can also inform the way you prepare your sell sheets. If you are presenting the collected data to a higher management, make sure to present the findings clearly with the use of graphs, pie charts, and other relevant tools.

Market research is a systematic process that involves different important steps. Ensure that you implement each step properly to avoid any mistake, which can have a significant effect to the overall result of the research. 

Reasons to Use Twitter for Marketing

Twitter is a social media platform that presents a valuable opportunity to entrepreneurs – the chance to communicate and engage with their target consumers. If you haven’t tried taking advantage of Twitter for your business, chances are, your competitors already have. So, what are you waiting for? Here are three reasons why you should start tweeting your way to marketing success:

• Tweeting can help you connect with your target audience in real time. Just like your newsletters, Twitter allows you to share updates and relevant news to people, albeit almost as soon as it happens. If you incorporate this to your marketing strategy, you will be able to let your customers know the latest updates about your products or services immediately. Quick dissemination of information is an advantage especially if your business relies on timing and information marketing for success.

• Tweeting is cost effective. If you are a small business owner with limited marketing budget, Twitter will let you reach prospects and customers anywhere in the world without spending so much (unless you are going to pay someone to tweet for you). Opening a Twitter account is free of charge so the only relevant expenses are for the Internet connection and computer. You can also send tweets through your mobile device at a minimal cost.

• Tweeting allows you to network extensively and to build brand awareness. Through Twitter, you have the opportunity to locate people who share your interests and this can help target prospective customers. For example, if you are selling cars, you can easily find car enthusiasts and follow them (and get them to follow you as well). This will allow you to build a following and establish solid relationships, which can eventually lead to sales.

Start sending tweets about the latest news and events that are relevant to your business. If you are having a promotional sales, launching a new product or whatever, tweet about it. Keep your customers informed and engaged. With Twitter, you have the power to keep your company name and brand consistently in front of the market. Use this online marketing advantage to relate and communicate with your target customers.

Offline Marketing Ideas for Your Online Store

Running an online store automatically makes you think of employing online marketing strategies to promote the business. But don’t forget the fact that offline methods can still make a difference in reaching out to prospective customers and driving traffic to your site.

There are various ways that you can promote your site offline. Here are some ideas that you may want to try:

• Expand your network by getting in touch with other business professionals in your niche. Taking part in conferences, seminars, trade shows, etc., can open up new opportunities and bring in more exposure for your online business.
• Contrary to what many believe, print is not dead. You can always take advantage of newspaper and magazine ad placement as well as press releases to gain attention. You could also invest in printed materials such as brochures and catalogs. Just remember to include the URL of your online store in every sales literature that you print.
• Flyer printing can go a long way in spreading the word about your business. So create your own flyers and remember to print your URL in a conspicuous area in the sheet. Hand them out in strategic places such as malls, supermarkets, and local business centers for maximum exposure.
• Print T-shirts and send them out as free gifts to your customers. People love freebies, especially if they are functional. Giving away T-shirts will give your business free exposure in return. When a recipient wears the shirt around outdoors, you are guaranteed of instant audience for your advertisement.

Boosting your business’ visibility locally can help your online store gain attention even as you take advantage of online strategies. Offline marketing strategies are really great web traffic generator. You can even employ them to boost your online marketing efforts, such as what we have discussed here. 

What Makes a Good Tagline?

A tagline is a short and snappy way to communicate what a particular company is offering to its target market. But what really makes a good business tagline?

A good tagline doesn’t have to be more than six or seven words (if you can make it in three or four, even better). Keep in mind that a short tagline packs a powerful punch than longer ones. Nike’s “Just Do It” is a good example.

Your tagline shouldn’t have to be complicated or technical. Use simple, everyday words that anyone will easily understand. Your tagline should also convey to your prospective customers why they should do business with you and not with your competitors. For certain, you are going to use the tagline when you print brochures or posters, so sure that it evokes a positive image for your brand. Now comes the tricky part.

Even if you are able to meet these standards with your tagline, you have to make sure that it is appropriate to your target market. Imagine if you have a tagline that appeals to top business executives yet your product is actually meant for the working class. To ensure that your tagline speaks to the appropriate audience, the best thing to do is to identify your market first and then focus on their needs.

Ideas for Maximizing Offline Marketing Tools

Using an online marketing strategy may be the trend these days but you can still rely on its offline counterparts to do the job. If you’ve been spending so much time online, let this piece remind you of why you should still opt to go offline and give print marketing another shot.

Aside from being inexpensive to produce, printed materials are effective in putting company names and brands in front of consumers for a longer period of time (surely, not everyone can stay very long in front of their laptops or desktop computers).

Here’s how you can maximize the impact of three of the most popular printed advertising tools in any industry:

Business cards

Design attractive business cards and make it a point to hand them out to people who may need to contact you. It goes without saying that you should always have your cards with you anywhere you go. Add value to your business cards by putting basic product information on the back or better yet, have them double as discount cards.  

Brochures

Aside from containing comprehensive details about the product or service you offer, your brochure may also carry useful and relevant additional information that will encourage your readers to keep it or pass it on to other people. If you are selling cosmetic products, for example, you might want to share some tips on how to avoid getting fine lines and wrinkles. Your target audience will certainly appreciate your brand for such helpful information.

Postcards

Postcards are one of the more effective and affordable ways to get your brand in front of the eyes of your target customers. But since you only have a few seconds to get their attention, you must be effective in motivating them to take action. Keep your message short and direct to the point. The reader must easily understand what you want to say even with just a glance. End your message with an instruction on what the reader should do to get additional details and a reason (or incentive) to do it without delay.