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Small Business And The Ability To Find Market Place Opportunities

Marketing is one of the four corner-posts of a solid business. Knowing a few marketing tricks is great, but to be really successful you must be able to assess market place opportunities. Here's 13 points you should look at?

  • It is necessary to understand the prevailing economic and industry conditions. Analyze the demographics of your customer base

  • What are the customer's needs?

  • What pricing strategies can be implemented?

  • What is the activity of competitors?

  • What promotional strategies can be implemented (media, word-of-mouth referrals?)

  • What is your customer's profile?

  • Understand your customers' disposable income.

  • Plan promotional schedules around specific activities that are going to affect your customer base.

  • Develop a budget for each promotional activity prior to commencing on the promotional activity highlighting what you hope to achieve, what it is going to cost to promote and then analyze the performance against the budget expectation after the promotional activity is concluded.

  • You need to identify your unique selling proposition and center your marketing strategies round it.

  • If you are using media advertising or promotion, gauge the success of that promotion.

  • Checklist for maintaining sales.

    • Increasing the number of customers can be affected by location, effective advertising, in store displays, demonstrations and special events.
    • Exterior appearance identification.
    • Effective hardworking employees.

    • Hints on increasing average sales.

    • Companion selling
    • Selling higher quality
    • Merchandising/display
    • In-Store signs
    • Stock mix
    • Increasing repeat visitors by customers.
    • Staff attitude
    • Staff product/service knowledge
    • Staff sales ability
    • Stock range
    • Business image/appearance/housekeeping
    • Direct mail
    • Birthday and Christmas Cards
    • Newsletter

      About the Author

      Kelvyn Peters CPA is one of Australia's longest serving Tax Agents. He was registered as a Tax Agent in 1962 and accepted as a CPA in 1964.

      He is a well-known speaker and educator and is famous for his skill in the rescue of ailing businesses.

      In The News:

      Just days after scientists said they discovered the presence of phosphine in the clouds of Venus, the head of Russia's space agency declared "Earth's evil twin" a "Russian planet."
      The US wild pig population is soaring and rapidly multiplying, which experts believe is a ticking 'feral swine bomb,' according to a report on Saturday.
      Archaeologists have identified the wreck of a 19th-century slave ship off Mexico’s Yucatan peninsula.
      A man in Florida was bit by an alligator and nearly dragged into a canal behind his home last Sunday, all while walking his dog.
      A newly published study is warning that there will be 53 trillion metric tons of plastic pollution in the world's rivers, lakes and oceans by 2030.
      Newly published research suggests that some exoplanets in deep space largely comprised of carbon could turn into diamonds.
      Researchers have discovered 125-million-year-old dinosaur fossils that are perfectly preserved and suggest the creatures were trapped by a volcanic eruption.
      This summer, the English city was invaded by giant rats and now possibly UFOs.
      A magnitude-4.6 earthquake shook Southern California shortly before midnight Friday, with aftershocks measuring 2.1 and 1.6 on the Richter scale following soon after.
      NASA’s Transiting Exoplanet Survey Satellite (TESS) and the space agency’s retired Spitzer Space Telescope have been used to spot the first possible ‘survivor’ planet hugging a white dwarf star.
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