How To Segment A Target Market

PeopleOne of the tings a new business needs to focus on is determining who their target market is.  Although when most people think about a target market, most think of a consumer target market, like 25-35 year-old women.  A target market can be segmented in multiple different ways, not just demographically.  There are both consumer based segmentation as well as business based segmentation.

Lets take a look at a few ways to break out both B2C and B2B target markets.

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Dealing With Market Research Problems

For those out there who run their own business, especially a service based business, or do a lot of the sales and proposal work, I am sure that you have been involved with a potential client or tried to work up a proposal that you just cannot seem to get quite right.

I am currently in that predicament.  As I write this blog, I am working on a proposal that I feel like is one of the toughest I have ever written.  The potential client is a great opportunity and the conversations I have had so far, make me want to really work on the project.  However, the situation I find myself in is trying to figure out how to deliver the best market research project with a difficult set of criteria.  A lot of it has to do with problems that we try to work around, and sometimes, not so successfully. Read more of this post

Targeting For Business (And Personal) Success

Targeting For SuccessRecently, I have had several discussions with people about how to make their business (or themselves) successful in today’s market and economy. It seems like people have forgotten a basic concept that we were all taught back in school about business…know your target market.

The concept of a target market is not a new concept at all. In fact, I feel like it is one of the oldest business concepts out there. The American Market Association defines target market as “the particular segment of a total population on which the retailer focuses its merchandising expertise to satisfy that submarket in order to accomplish its profit objectives.” However, the target market is beyond the retail industry. It is for ALL businesses. By being able to specifically understand who your target market is, you can focus your promotional marketing efforts more effectively and efficiently. Read more of this post

Why Market Research Is Important In Today’s Economy

BusinessThe economy is not very good. (Was that supposed to be a news flash?) OK, everyone knows that. Unemployment remains high and for the jobs that are out there, many employers are not finding qualified individuals. Everyday cost gas are taking a larger percentage of our take-home pay. Government involvement into businesses seems to be a more pressing issue. Before you decide to jump off a cliff (don’t do it…it’s really not worth it), you need to consider how you run your business. In you business, everyday you are needing to make decisions that affect the success or failure of the business.

Decisions are made every day on pricing the products and services you sell, determining who to hire for a given open position, or where to cut cost to improve operational efficiencies. In today’s business environment, these decisions can lead to the success or failure of the business. When looking at trying to grow your business, many owners look at the cost, the projected revenues, maybe even a new marketing campaign. However, too many do not consider doing adequate research to launch their efforts.

By performing market research early in the process of starting a business, growing it, or doing something to make it survive in today’s market, you can make smarter decisions. By doing this, you can help determine the success (or failure) of the new venture. You can also better understand who your target market. You may also be able to find the optimal pricing for your product or service.

Then, based on the research, you act on the findings to start that new venture in a clear direction. Doing this will help prevent failure and ensure success.

What is something you are thinking about that you can use market research for?

–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at jnolfo@rhinomarketresearch.com.

Using Market Research To Replicate Restaurant Successes

Restaurant

Tom’s Restaurant in Manhattan was made internationally famous by Seinfeld

When a restaurateur has a successful restaurant, they typically want to open up another one.  Often times, the owner sets up a new restaurant similar to the previous restaurant.  Many times, the new restaurant has a similar type of food, atmosphere, and price range.  She may also place it in a similar type of location like in a shopping center.

One of the things that the owner may overlook is the success of the actual location and surrounding populations demographics and psychographics.  Here are some things to do some research on when looking at new locations for new locations.

  1. Get a clear understanding of the trade area: This is the geography that a typical customer will travel to come to your restaurant.  Most neighborhood restaurants draw customers from a one to five mile radius of the site.  However, unique concepts could draw from much further.  
  2. Match demographics and psychographics to the concept: Make sure that the trade area population can support the restaurant, financially and psychologically.
  3. Location, location, location:  This is always true regardless if you are setting up a new restaurant or buying a home.  For a restaurant, being near a strong residential population, a strong retail area with lots of traffic, and strong traffic generators such as movie theaters, hospitals, or a tourist attraction.

Unless you have a very unique concept, the success of most restaurants are heavily determined on its location and the daytime and residential population of the trade area.

–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at jnolfo@rhinomarketresearch.com.

An Evening with Dan Cathy

Dan Cathy

My college days that seem so long ago.  Back then, I had a professor of mine that I admired greatly tell the class that he was teaching that we should always take advantage of the opportunities to hear influential people speak, even if you disagree with them.  His reference at that time was when H. Ross Perot came to speak at campus.

Ever since then, I have actively tried to do what was recommended to me so many years ago.  I have seen a number of political figures (all levels of government, including presidential candidates), leaders of businesses, sporting figures, and television journalist.  Last night, I had the opportunity to listen to Dan Cathy, COO of the hugely popular burger-alternative fast food restaurant Chick-fil-a.  He also is the son of the founder Truett Cathy, the chain’s founder. Read more of this post

Looking Beyond Demographics

PeopleI always enjoy the opportunity to spread the word of how market research can help any business.  Last Friday, I had the opportunity to do it again.

During the conversation I was having, we started to talk about a restaurant that my friend is currently working with that is trying to figure out what kind of food the restaurant should serve.  The discussion quickly turned to the conversation of who lives in the area, in other words the demographic profile of the geographic area. Read more of this post

Getting On The Tech Bandwagon

Business and TechnologyI have had a realization within the last week.  And that realization is that not everyone, including business owners are on the technology bandwagon.

Last week, I wrote about the reasons why restaurants should have a mobile website.  And I posted the link to the blog post on the Restaurant Network LinkedIn group to share my blog and opinion.  Typically when I do this, I will get a fair amount of traffic to this blog and occasionally I will get a comment that reiterates what I have stated or thanking me for the post as they got something new out of it.  However, as of the writing of this post, there are 23 post.  And not all of them agree with me. Read more of this post

Five Reasons To Do Market Research

Research DefinedThere are many reasons to conduct market research.  It is mainly completed on the basis of services and products that the company is offering.  Although the number of reasons are literally limitless from broad position projects to determining the best version of a logo, there are five main reasons: Read more of this post

Eight Things I Learned About Business At The Masters

The 2012 MastersDon’t be jealous sports and golf fans, but I had tickets to Wednesday’s practice round to The Masters.  Although I am a self proclaimed hacker, I truly enjoy playing as much as I can.  It is never enough, though.

Afterwards as I reflected on the day, the sights, and the sounds, I realized that my day was a lot like a typical day at work.  There are things I saw and experienced there that can be applied on a daily basis in a business.  Here are 8 things I learned about business at The Masters.

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