Fundamentals for increasing your income through marketing
2 – Claim Your Business
Walter decided to hire Kristina to help him market his business. They sat down together and answered a lot of questions about Walter’s business. They brainstormed the vision for his business. They discussed the product and who would be the people that bought his product. One of the major discussions topics was who were his competitors. Where were the competitors located and how did they market their business? They looked at other towns to analyze what other similar stores were doing.
Walter’s product was similar to sports cards and sports memorabilia. Walter thought that his target market was his buddies and their friends in their mid-thirties and forties. In reality, he learned that his target market was more likely to buy if they were between 18 and their early 20’s. These are kids with no or little responsibility for a growing family and they had jobs so their disposable income was higher than those in their 30’s and 40’s. Though a man in their 40’s loved sports, he would rather spend the money on an actual ticket than a baseball card.
Kristina gave Walter the project to look up 10 major competitors both in the area they lived in and nationally. He was to make a chart of how far away they were. Who it looked like the competitor was targeting.
1. Make a list of 10 major competitors in and out of your regional demographics
2. List what you like (strengths) about each competitor.
3. List what you don’t like (weaknesses) about each competitor.
4. Determine what your target market consists of:
a. Age
b. Gender
c. Education
d. Income: low, medium, high
e. Marital status
f. Lifestyle: i.e. conservative, trendy, adventurous, economical
g. Social class: low, middle, high
5. Walter isn’t targeting other businesses, but if your company is add the following:
a. Number of employees
b. Sales volume
c. Is there a segment in the market that the competitor is overlooking?
d. What products or services do I provide that my competitor does not?
e. Is my pricing competitive with the competition?
f. Who are the people who own the company?
After doing this exercise, Walter had a better idea of who was going to buy his products. He could picture them in his mind. He could get into their mindset and begin to think like they did. This helped Walter understand who to market his store to.
2 – Claim Your Business
Walter decided to hire Kristina to help him market his business. They sat down together and answered a lot of questions about Walter’s business. They brainstormed the vision for his business. They discussed the product and who would be the people that bought his product. One of the major discussions topics was who were his competitors. Where were the competitors located and how did they market their business? They looked at other towns to analyze what other similar stores were doing.
Walter’s product was similar to sports cards and sports memorabilia. Walter thought that his target market was his buddies and their friends in their mid-thirties and forties. In reality, he learned that his target market was more likely to buy if they were between 18 and their early 20’s. These are kids with no or little responsibility for a growing family and they had jobs so their disposable income was higher than those in their 30’s and 40’s. Though a man in their 40’s loved sports, he would rather spend the money on an actual ticket than a baseball card.
Kristina gave Walter the project to look up 10 major competitors both in the area they lived in and nationally. He was to make a chart of how far away they were. Who it looked like the competitor was targeting.
1. Make a list of 10 major competitors in and out of your regional demographics
2. List what you like (strengths) about each competitor.
3. List what you don’t like (weaknesses) about each competitor.
4. Determine what your target market consists of:
a. Age
b. Gender
c. Education
d. Income: low, medium, high
e. Marital status
f. Lifestyle: i.e. conservative, trendy, adventurous, economical
g. Social class: low, middle, high
5. Walter isn’t targeting other businesses, but if your company is add the following:
a. Number of employees
b. Sales volume
c. Is there a segment in the market that the competitor is overlooking?
d. What products or services do I provide that my competitor does not?
e. Is my pricing competitive with the competition?
f. Who are the people who own the company?
After doing this exercise, Walter had a better idea of who was going to buy his products. He could picture them in his mind. He could get into their mindset and begin to think like they did. This helped Walter understand who to market his store to.