Monthly Archives: August 2016

Identify Your Target Market

A good way to determine who is likely to become your customer is to clarify the problem that your product or service addresses. For example, you run a housecleaning service. The problem that you solve is doing cleaning for people who cannot or do not want to do these jobs themselves. Upper income families, families where both parents work, and older people who no longer have the ability to do their own housekeeping, are all potential customers for your services.

Define your customer’s characteristics

Listing out the characteristics of your typical customer is another good step towards identifying your target audience. These characteristics need not be personal ones; they can pertain to lifestyle, income, geographical location, hobbies, and many other things. For example, for a gardening service, one type of target customer are people who live in neighborhoods with well-manicured lawns, attractive plantings and colorful flowers around their homes.

The business could also target corporate clients who want their office surroundings landscaped. For a business that specialises in home security, the ideal customers may be in a residential area that has a high crime rate and in high-income residential areas. Women living alone who worry about safety may be another potential target for sales. Listing out these characteristics allows you to zero in on your target audience accurately.

What is your primary market?

Many products and services address the needs of a variety of people but they still have a primary audience. These are the people who:

  • Gain the most benefits
  • Have the greatest need for these services/products
  • Have the ability to pay for them
  • Buy the biggest quantity of them on a regular basis.

Knowing who makes up this primary audience should be your goal when you are trying to identify your target market. For example, for a bakery, the local consumer may be a recurring source of business, but the icing on the cake (forgive the pun) may be local restaurants who buy breads and desserts in quantity to serve to their customers.

Strategy for your business

A trademark helps to separate similar products sold by competing companies and helps customers to remember a certain product.

Customers who are satisfied with a particular product link the trademark of that product with reliability and quality. This creates trust and means that in the future the customer will make repeat purchases of goods sold under that trademark. What this means for businesses is that trademarks are extremely important marketing tools and can add substantial value to a company and its products. Before adopting and using a new trademark, a company needs to have a clear strategy of how it intends to protect that trademark and prevent others from using it.

 

Searching Strategy

It is all well and good developing a new brand but a company needs to ensure that the trade mark is available and is not being used for a similar product by a competing company. It is crucial to conduct a search of the relevant trademark registers to ensure a third party has not already registered your trademark.

A comprehensive trade mark search requires specialist software as well as an understanding of trade mark law. A simple internet search is not sufficient. A trademark practitioner can review the results of a trademark search and give a good indication of whether a mark is available to use and register.

Business involves risk and while a trademark search is not infallible, it helps a company assess the risk posed by adopting a particular trademark. If a company launches a new product on the market without undertaking a search, there is a real chance somebody else has exclusive rights to use that trademark. This can have serious and severe commercial repercussions for the business such as a total re-brand, the granting of a court injunction to stop using the mark, damages and whole product lines having to be destroyed. A trademark search helps to reduce the risk of this happening.

 

Filing Strategy

Before launching, a business needs to be sure what territories it will be selling its products in. There are different registration systems available to secure trademark rights. For example, it is possible to register your mark on a country-by-country basis by filing national trademark applications, e.g. if you only want to protect your mark in Ireland, then you can register your mark by filing an Irish trademark application.

If you will be exporting to Europe, a very cost effective option of securing EU-wide trade mark rights is by registering your mark as a European Union Trade Mark. This gives you exclusive trademark rights in all 28 EU member states. There is also the option of the International Trade Mark System. This allows a company to protect its trademark in over 98 territories by simply filing one application and selecting the individual countries it wants its International Trade Mark to cover.

The cost depends on the number of territories selected. An International trademark also allows a company to manage their portfolio of marks through one centralized system.

The easy way to contact with your customers

As a small business, it’s important to have contact with your customers. But some phone calls could easily be handled by your website and other digital channels — saving time for you and your customers. Here are some ideas for how to tweak your website to handle some routine calls.

 

1. Add an FAQ page

You already know which questions come up again and again. Answer them once and for all on your website by creating a frequently asked questions (FAQs) page. Update this page regularly to keep up with the latest developments and to answer timely questions.

2. Review your website navigation

Maybe you already have plenty of information on your site, but no one can find it. If you use a creative, nonstandard navigation scheme, take a look at your web analytics to see if that is preventing people from finding the information they need. Even if you use standard navigation, check your labels. Are they clear and accurate?

3. Add a video demonstration

If you’re spending a lot of time on the phone giving directions on how to use your product, a video demonstration could save time. And because nothing beats a visual demonstration, an online video will be more helpful to your customers than a phone conversation with you.

4. Offer Internet-only sales

Take a page from the airlines’ book, and offer lower prices for customers who purchase online. Or, offer online-only sales to encourage people to buy online rather than calling or visiting your store. Financially, this strategy makes sense because buying online does not use your staff resources they way an in-person or telephone sale does. And, a lower online rate helps defray the cost of shipping, which is one reason many customers prefer to shop in person.

5. Utilise your social channels

These days, people are very content to engage with a business on social media to get to the bottom of their issues. Instead of leaving an email or making a call, why not enquire on an open platform like Facebook or Twitter – you might even find your answer on a business’ profile already.