Small Business Marketing – The Power of a Market Review

Conducting a market review is one of the most important steps in the small business marketing process as it provides together with a business review the information you need to create a dynamic marketing plan. All big businesses conduct these reviews as they know it can save time and money for their business.

A market review does not have to be complicated and a lot will depend on what information you can source. The important factor regarding a market review is to understand the key elements of your market and how these elements can affect your business now and in the future.

The key elements you need to look at when conducting a market review for your small business include:

Size of Market
Your market is simply the overall industry in which you compete. For example if you sell juice then you compete in the Beverage Market. If you sell holidays as a travel agent then you compete in the Tourism Market. Analyzing the size of your market can tell you whether it is growing or declining, help you to identify growth opportunities and for a new small business can determine if the market is large enough to compete in and operate a profitable business. There are many sources you can use to gather information on the size of your market and these include trade magazines, industry associations, search engines and local government websites and resources.

Market Segment Analysis

Segmentation is a process that looks at the total market and then divides the products or services into broad groups that have similar characteristics. In the examples above, whilst the total market is beverages, the segment that is the most important to a juice manufacturer is the Juice Segment. Looking at the total beverage market today throughout the world the leading soft drink manufacturers have entered many of the market segments such as bottled water to expand their business. Market segment analysis also helps you to determine where your small business marketing efforts should be concentrated.

Distribution Channel Analysis
A distribution channel is the way in which your product or service is made available to your customers so they can purchase it. Examples are supermarkets, personal selling (face to face selling), distributors and the internet. Analyzing the sales of each distribution channel in your market enables you to identify which channels are the most important for you to compete in to grow your business.

Market Trends
A trend is any significant change to your market that your business may need to respond to. Examples of market trends include changes to the economy, changing customer demographics, social and global factors (to name a few). If you conduct business in the USA at the moment or are intending to compete in the USA then the concerns about a possible recession and how it could affect your small business needs to be identified so action plans can be put in place to minimize the impact.

Market Seasonality
If a product or service is seasonal it means that the majority of the sales occur at one or a few times a year. Tax accountants obviously have increased sales when the end of the financial year occurs and tax returns and other government reporting are required. Understanding market seasonality factors can lead to your small business maximizing sales through this period and also may highlight opportunities to spread your sales throughout the year.

Competitor Analysis
Your key competitors need to be analyzed in order for you to identify their key strengths and weaknesses and how they compare to your own small business. Reviewing this area means that you can be smarter with your marketing efforts and be proactive against their weaknesses and of course defend against their strengths. One tip that all big businesses do is to have a competitor file with examples of their marketing activities, products or services.

Big businesses know the value of reviewing the market in which they compete and you can to. Remember you can start slowly and just review one section at a time and then put in place activities or make business decisions based on the review to grow your small business.

© Marketing for Business Success Pty Ltd 2008

Work At Home Business Solutions – A Beginner’s Primer For Niche Research

So, you want a work at home business solution that will help you identify a profitable market niche to target. Everybody seems to have trouble with this, and sometimes I do too since it seems to be so confusing. In this article I’d like to provide you with an easy work at home business solution for niche research with a simple to follow step by step process that should help you get through the potentially confusing research phase.

So, the first thing you need to do when building a home internet business is to come up with some product or service ideas, right?

Wrong.

The first thing you need to do is mentally prepare yourself for what may be the greatest experience of your life, but that is a topic for another article! You are going to need a work at home business solution for coming up with ideas before you can crunch the numbers you receive from niche research. It may be hard to come up with product ideas on your own though, so you should look into a guideline you can follow to spur your creative side.

So, my advice for a work at home business solution for niche research is to use the Overture search engine term suggestion tool and look for searches over 10,000 but not higher than 100,000. Beyond that point the competition will likely be too heavy. This is of course just my opinion, and should only be used as a rough guideline to get started.

Once you’ve found a topic, the next part of my work at home business solution for niche research is to dig deeper into that topic. Let’s say you chose a topic that has 150,000 searches on Overture for the broad term. If your topic is, say, golf, you should look for a niche within that topic like “improve your golf swing” which only gets 16,000 searches or whatever.

Then run your niche searches through Google Trends for the next part of my work at home business solution for niche research. This will let you know how often this subject is popular, and you don’t want to make a product that is only popular during the summer only for example.

Then check Google AdWords for a work at home business solution for niche research. See how people are bidding pay-per-click ads on that topic. If people are advertising regularly, they are probably making a profit.

Then, it is time to decide on a niche using the above criteria, which should complete the work at home business solution for niche research!

Using Your Small Business Marketing Tools to Differentiate Your Business

Perhaps the most important quality for your small business marketing materials is that they are different. If you do nothing else right in your small business marketing, at least be different.

Why is differentiation so important? Because, in most industries, there are hundreds – if not thousands or millions – of other businesses that claim to provide the same service or sell the same product as you do. If you don’t differentiate your business from all those others, the chances that you’ll get many customers are pretty slim.

Some common ways to differentiate your business are:

Superior service

Greater product availability

Higher quality

Better performance

Greater durability

Prestige

Technology leadership

Satisfaction guarantee

Lower cost

Faster delivery

More customer support

But even if you are very different than your competitors – you offer superior service, greater durability, or a satisfaction guarantee that beats all others – it won’t matter unless your prospective customers know about it.

That’s where your small business marketing strategy comes in. Businesses have been using their small business marketing strategies to announce how they’re different from their competitors as long as they have been using small business marketing strategies. Think Maxwell House’s “Good to the last drop,” Campbell’s Soup’s “Mmm, mmm good,” or WalMart’s “Always low prices.” Those highly successful taglines not only get prospective customers to remember the company name, but also convey a message about the difference between that company and others.

To make differentiation a part of your small business marketing strategy, you first need to understand your competitors – you can only explain how you’re different from them once you know what they’re like. Learn what your competitors offer, how they differentiate themselves, and – most importantly – what your prospective customers think about them (if you know what qualities your prospective customers see as shortcomings in the other companies in the market, you’ll have a good idea of the market gap you can fill).

Once you’ve decided how you are different from your competitors, you need to tell your prospective customers about it. Building that differentiation into your tagline can be a very effective start. Then include that tagline, along with your logo, on every piece of small business marketing collateral you have. Another small business marketing way to publicize your differences is to write a press release. Explain how you’re filling a need in the market that no other company has filled.

Once you’ve differentiated your company and used your small business marketing tools to publicize your differences, you have to follow through on your promises. If you say that you’re the cheapest – or the highest quality, or the friendliest, or whatever – then you better be just that (nothing turns away a customer like a failed promise).

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