business development services 1 who’s your customer? session 3

Business Development Services1

Who’s your customer?

Session 3


Define your customer Define your target market Identify and list ways to reach your target

market Research costs to reach your target

market Determine your customer relationship

Session objectives


Market:

A place where people and businesses (buyers and sellers) come together to buy and sell products and services.

E.g. farmers market, stock market, real estate market, etc.

Market - definition


Customer attributes are the characteristics of your customer.

Customer attributes can be used to describe your customer

Customer attributes - definition


Your target market is the group of customers that you will direct your sales & marketing efforts to.

You can describe your target market using the group of customer attributes you have identified.

Target market


Target marke

t

Buys every week

Health conscious

Between 26-35

years old

Lives in Winnipeg

Makes over

$35,000

No kids

A target market : energy drink


Who would buy my product/service? Is there something they have in common?

Who would not buy my product/service? Is there something they have in common?

Is anyone buying now? What are they like?

Finding customer attributes


Gender Age Culture Buying habits Marital status Location Number of children Annual Income Lifestyle (e.g. golfer)

Common customer attributes


How can knowing customer attributes help a business sell its product / service?

Question:


Who do you need to tell about your product/service?

Question:


To reach her target market, Maria decides to put flyers in every mailbox in her neighbourhood.

All-Natural Doggie Treats


Marketing is:The broad range activities that a business uses to promote its company name and products/services.

What is marketing?


P____________ is the actual goods/services you provide, including their features, benefits and unique value proposition.

P ___________ is what you charge for your product/service.

P ___________ is where you do business, or where your product/service is available

P ___________ is all the ways you let your target market know about your product/service

P____________ is everyone who works for your business. They make sure that everyone has a positive experience using your business.

The 5 Ps


Product is the actual goods/services you provide, including their features, benefits and unique value proposition.

Price How much will you charge for your product/service.

Place is where you do business, or where your product/service is available

Promotion is all the ways you let your target market know about your product/service

People is everyone who works for your business. They make sure that everyone has a positive experience using your business.

The 5 Ps


Sales is part of the 5Ps. Can you guess where it fits?

Sales


Sales is about business development through personal relationships

Some activities cost money. Most take time.

Feasibility planning focuses on activities that cost money.

Sales


Prospecting One-on-one meetings Cold calls Presentations Association memberships Networking events Trade shows Partnering with other businesses

Sales activities


Once you’ve reached your target market, and they know about your great new product/service…

How do they buy it? Can they buy it from you directly or do

they have to go to a store?

Your customer relationship


B2C = Business to customer B2B = Business to business Sometimes, a business may have two

customers (a business, and the end customer)

B2C & B2B


Business-to-Customer (B2C) Business-to-Business (B2B)

The end user is your customer The end user could be the business (or their customers)

Lower volume per sale ($ or units)

Higher volume per sale ($ or units)

May not have ongoing relationship

Relationship is important

Marketing focuses on benefits (emotion)

Marketing focuses on features (logic)

Shorter sales cycle

Longer sales cycle

Fewer decision-makers

More decision-makers

B2C & B2B


Why is it important to figure out what your annual (yearly) sales will be?

Question


Maria uses her customer attributes & market research information to estimate her target market size.

All-Natural Doggie Treats

Manitoba households 448,780

Dog owners (35%) ?

Selects healthy options (2%) ?

What’s her target market size?

business development services 1 who’s your customer? session 3

Documents

stock market

farmers market

group of customer attributes

target marketdetermine

target marketidentify

real estate market

target marketresearch

sales marketing efforts