|
Poor Folk Marketing.com
|
marketing iedas internet marketing online marketing offline marketing | |
|
Featured Business, Start a Personalized Candy Wrapper Business: Wrapcandy.com |
|
|
| |
| |
| Home | Small Business Information | Pay Per Click Advertising | Affiliate Revenue | Web Promotion | |
|
|
|
Analyzing Customers in Your Business Plan
The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs. The first step of the Customer Analysis is to define exactly which customers the company is serving. This requires specificity. It is not adequate to say the company is targeting small businesses, for example, because there are several million of these types of customers. Rather, the plan must identify precisely the customers it is serving, such as small businesses with 10 to 50 employees based in large metropolitan cities on the West Coast. Once the plan has clearly identified and defined the company's target customers, it is necessary to explain the demographics of these customers. Questions to be answered include: 1) how many potential customers fit the given definition? is this customer base growing or decreasing? 2) what is the average revenues/income of these customers? and 3) where are these customers geographically based? After explaining customer demographics, the plan must detail the needs of these customers. Conveying customer needs could take the form of past actions (X% have purchased a similar product in the past), future projections (when interviewed, X% said that they would purchase product/service Y) and/or implications (because X% use a product/service which our product/service enhances/replaces, then X% need our product/service). The business plan must also detail the drivers of customer decision-making. Sample questions to answer include: 1) Do customers find price to be more important than the quality of the product or service? and 2) are customers looking for the highest level of reliability, or will they have their own support and just seek a basic level of service? There is one last critical step in the Customer Analysis -- showing an understanding of the actual decision-making process. Examples of questions to be answered here include: 1) will the customer consult others in their organization/family before making a decision?, 2) will the customer seek multiple bids? and 3) will the product/service require significant operational changes (e.g., will the customer have to invest time to learn new technologies? will the product/service cause other members within the organization to lose their jobs? etc.). It is essential to truly understand customers to develop a successful business and marketing strategy. As such, sophisticated investors require comprehensive profiles of a company's target customers. By spending the time to research and analyze your target customers, you will develop both enhance your business strategy and funding success. As President of Growthink Business Plans, Dave Lavinsky has helped the company become one of the premier business plan development firms. Since its inception, Growthink has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share.
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
Professional Car Care Businesses You Can Start If you are in the professional car care business you may be looking to expand your business, for that no one can blame you. But which add on service makes the most sense? You will have to make an honest assessment of your current clientele and decide that for your self. Speed Kills on the Web! I only have to point to the 555 plus failed .com companies (according to Web Mergers) as the poster children of the "speed at any cost" business mantra that clearly doesn't work. Business Development Is Not An Event Cash flow. To stay in business, you've got to keep a steady stream moving through your company. Window Cleaning Business Start Up Should you buy a business opportunity or Franchise if you want to get into the window cleaning business? Or just start your own and work hard; grow the business into a full-time profession and expand from there? Let us talk briefly about window cleaning franchises is in general.One could argue without too much difficulty that buying a window cleaning franchise is simply a waste of money, after all you could simply go down to be 99 cents store and by a bucket 3 towels and a squeegee and hey, you are in business right? Well one could argue that, since to really be in business, you probably need to get a business license, insurance, buy some business cards and make a few flyers. There Is Security in Change... But Use Caution It has been said that the only constant is change. That statement, while true for everyone, it is especially true for those engaged in business activities. Secrets of Cleaning Truck Trailers in Your Fleet from a Veteran Truck Washer Cleaning the trailers towed by big trucks is not easy, those big forty-foot to fifty-three foot boxes are quite intimidating up close when you are holding nothing more than a brush and pressure washer gun, looking at a soap bucket. The hardest thing to do is to clean the back doors of trailers because they get really greasy from all the debris and stuff the truck has driven through. Administration Of Your Small Business You've been meaning to tend to the administration part of your business, that is, the growing list of things to do that relates to your small business. You've shoved all other appointments aside and starts getting down to working on the nitty gritty details, you're ready to go all out and tick everything on the list off! But where in the world is the list?The Administration part of the small business may seem simple but unless one gets down to doing it and doing it right, nothing else will get done. How to be Annoyed and Make Money When do annoyances in a relationship become too much to bear?Have you ever worked for a client that drives you up the wall and back down the other side but you keep working with them because you need the money? I am sure most of us have been in that position and were so happy when that relationship finally broke up. It felt like you were finally free and able to do what you do best somewhere else, or you fell into panic because you had no income anymore. Deciding Which State To Incorporate Your Small Business In Once you've decided to incorporate your small business the next step is deciding which state to incorporate in. A common misconception is that businesses must incorporate in their state of operation. Is It Recess Yet?! Confessions of a Self Employed Workaholic I have a confession to make. My name is Caroline and I'm a workaholic. Outsourcing and Virtual Assistants: Small Business Saviors Work smarter, not harderWhat is one of the best ways to work smarter without working harder? The answer is outsourcing. Whether you need occasional or ongoing assistance, outsourcing can save you money and time. Combating Over Regulation of Small Business Many small businesses do quite well due to the blood, sweat and tears of their proprietors. Unfortunately in doing to well often you find that the competition uses the government to attack you. Small Businesses - Big Obstacles Everyone is talking about small businesses. In 1993, when it was allowed, more than 90,000 new firms were registered by individuals. Essex Accountants: Top Things to Look For One of the most common horrific mistakes a business can make is hiring the wrong accountant. Once hired, it can be very costly to hire a replacement accountant due to the nature of the job which inherently and directly impacts your bottom line. Is Your Success Predetermined? Your on-line success is based on your efforts and yours alone. Sure there are many tools that help you, but it is still you. Awning Cleaning Business Case Study: Entrepreneurship 101 It is most fascinating to study how entrepreneurs spot opportunity in the market place. "My name is Lance Winslow and I am a serial entrepreneur, I admit I am addicted and need help. Competition in the Market Place and Over Disclosure Regulatory Burden The Federal Trade Commission is assisting competitor to cheat and encouraging this unethical behavior thru their disclosure rule on franchisors. Competition in the market place is far more competitive and the stakes are high enough that Over Disclosure Regulatory Rules cause competition to take the advantage and cheat. 50 Ways to Save Money There are countless ways to save your business money. Unfortunately, many Australian businesses are overlooking them, or simply don't have the time to go searching them out. To Buy Or Not To Buy: Lawn Mowing Business TRUTH IN THE LAWN MOWING INDUSTRYWe do not wish to slander any company or person but instead share information that is of value to each and every one! Most people who enter this industry will be effected by one of the following and we see fit to share with you what we know and have seen.Buying Into A FranchiseOk buy into a franchise, spend 25 thousand. The Workers' Compensation Situation in this Country is Nuts, Arnold in CA Takes Action The Workers' Compensation situation in this country is unbelievable. Why, well because of lawsuits and attorneys mostly.
|
| home | site map |
| PoorFolkMarketing © 2007 |
