The Market Definition I am trying to narrow

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2 total messages Started by Deric Daugherty Mon, 04 Feb 2002 05:54

Author: Deric Daugherty
Date: Mon, 04 Feb 2002 05:54

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Hello All,

My company provides Web solutions for the small business and we have found
ourselves able to serve a wide scope of services.  In an effort to focus our
marketing, we have determined the need for some specializations in our scope
of services and the need to determine a more acute Target Market Definition.

I've determined some of the questions that need asked of myself.  The
answers of course are a little harder for me to define....any thoughts on
where or how one might find them?

Here are the basic questions that need an answer:

1.  Who needs our services the most?
2.  What relevant markets are stronger economically?
3.  What businesses are in an self-investment mode?
4.  Who would be the easiest clients to get?
5.  Who is able to pay what we need to charge?

I know that the answer is not in a book somewhere, but maybe you all might
have some suggestions on strategies or successes that could improve my
efforts in defining my target markets...and possibly yours.

My appreciations for your responses.
Yours truly,
Deric Daugherty
Synthesis Design Solutions
www.synthesisDS.com

Re: The Market Definition I am trying to narrow

Author: Scott T. Jensen
Date: Mon, 04 Feb 2002 15:06

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"Deric Daugherty" wrote:
> 1.  Who needs our services the most?

Who uses your services now?  If you have clients, that's the best place to
start off.  There's no maybe's here.  They have shown that they want your
services by currently paying for them.  Find out as much as you can about
them.  Call them up.  Send them a questionaire in the mail.  A marketing
firm can do a demographic and psychographic analysis of your customers if
you hand them all the information you have about your customers.

> 2.  What relevant markets are stronger economically?

All markets have their strong points and weak points.  Only the media
declares some market weak or strong.

> 3.  What businesses are in an self-investment mode?

All.  The successful ones in a market are re-investing some or all of their
profits back into their businesses.  The failing buisnesses probably aren't.

> 4.  Who would be the easiest clients to get?

Ones that are almost exactly what you have right now.  Find out who are your
current customers and go after ones like them.  That should keep you busy
for a while.

> 5.  Who is able to pay what we need to charge?

First, you need to know what your competition is charging.  Are you higher
or lower than them?  If you're higher, are you offering services that the
CUSTOMER feels is worth the extra money.  If you're lower, why are you
lower?  You might be hurting yourself by charging too little.  In
consulting, the more a customer pays, the more valuable the customer thinks
the advice they're getting is.  Is that a logical conclusion?  Nope.  Is it
reality?  Yup.

Scott Jensen

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