How to Write a Marketing Plan
Identifying Your Market (Part 1 of 5)

by Sherry Shafer, Drake University SBDC, Des Moines, IA Any good marketing student will tell you that marketing is the four functions used to create a sale: the right product to the right place ERROR MSG at the right price through promotion. But at the heart of good marketing campaigns are simple communications principles involving a message (what you're selling), an audience (your potential customers), and a medium (the link between the two). All three pieces are important in a successful marketing campaign, but most people have trouble identifying their market. Markets are made up of consumers, businesses, organizations that have a need or desire for your product or service. However, sometimes it is just not enough that they have a need or desire—what you really want are customers who are willing and able to pay for them. To find those customers, you'll have to stop thinking of your market as one big group of buyers, but rather as several individuals or smaller groups. For example, if you're a mechanic, your market doesn't just include the large group of the general public that owns cars; it should target those specific people who have something wrong with their car right now. These potential customers have to want to get their car fixed, and they have to be willing and able to pay to have the work done by someone else ... so, your potential market has shrunk substantially and is much smaller than simply all car owners. craps strategyThis is not necessarily a bad thing. By focusing on this small group you will find motivated buyers. So the trick of identifying your market becomes the trick of identifying a particular market niche. Once you've identified your strengths and weaknesses and determined your market niche, you can begin trying to identify your best potential markets/customers, as well as those markets that you probably will want to leave to someone else. Hoteles en VeneciaHere are some questions to ask yourself when determining your market niche: What products/services do you plan to offer? Why did you pick those? What aspects of your business do you enjoy doing most? Least? What is unique about your business compared to the competition? hotel rooms LeuvernWhat are your strengths? Weaknesses? Who are your customers? Describe them...are they groups or individuals or both? Where do you intend to market your products/services? Describe the business you're in, as opposed to the products or services you offer. If you need assistance in identifying your market, contact your local SBDC. Continue to Part 2, Analyzing the Competition click here for next
hoteles en ZurichSherry Shafer is Director of the Drake University SBDC in Des Moines, Iowa. For further assistance, contact a consultant at a Small Business DevelopmentCenter.

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