How To Use Market Facts To Keep Your Business
On Top
By Tom Egelhoff
 We make decisions every day of our lives
based on instinct. Even more importantly we also make decisions
based on known facts.
During our Montana winters you learn to check with the weather
channel before taking a trip of any distance. Towns in Montana
can be 100 miles apart in some places and trips can be life threatening.
Candles (to keep you warm in a stalled car) and extra clothing
are a no-brainier.
When you really think about it, how many decisions do you
make each day where you have assembled some sort of facts to
assist you? Even something as simple as where to go for lunch
are based on cost, distance to and from, type of food, and speed
of service.
You could flip a coin
Research shows that using judgment or "instinct"
to make decisions is only accurate about 50% of the time. Those
odds are the same as flipping a coin. Should you make decisions
based on fact or instinct?
Tilt The Odds In Your Favor
Once again, using marketing facts in a small town or small
market is easier than in big cities or large markets. The market
is smaller and easier to evaluate. The cost of reaching the target
is usually less costly.
The down side is that if you make a mistake in either your
advertising or marketing it can be much more damaging to your
business in a small town than a large one. One you have convinced
the market place of what your business is, and you are wrong,
it's tough to change those minds. (See:
How To Develop Your Position Strategy:)
Start with the target market
Now you are going to have to separate fact from fiction. You
must start with your target market. Where are they? Are they
in town or on farms? Do they work or are they retired? Are they
men, women or both? What do they buy? When do they buy it? Do
special events in town affect traffic to your business?
The really tricky one--why do they buy? You are going to have
to ask them. What is the decision making process? These very
important questions will determine how you will reach them and
what the message will be. You will need the facts about your
target market in order to make an informed decision about marketing
and advertising your product to them.
Who's getting the facts on you?
The answer to that question is simple--your competitors. They
are hard at work determining what is fact and what is fiction
about your business. You, or course, should be doing the same
thing.
What are the major differences between you and your competitors?
Your strengths and their weaknesses and vice versa. What are
your competitors saying to customers about your products and/or
services? What are you saying about them.
If you have an advantage over your competition make sure it's
featured prominently in all your advertising.
What if you're wrong?
That's the beauty of marketing and advertising. If it was
easy everybody would be doing it. Even armed with the best possible
set of facts you are still going to make mistakes. Don't dwell
on them. Keep on collecting the facts and discard those that
prove to be unreliable.
In life and business there are no guarantees. If you make
a mistake, make sure it is truly a mistake. If you are convinced
that you were right in the first place -- then try, try again.
If you missed something, make sure that your new direction
is still in step with your marketing and advertising objectives.
The last word on marketing facts
As you have probably noticed, there is no new information
in this article. If you read at all you've heard this same message
in a hundred different versions.
The point I want to make with this article is that we sometimes
know there are facts involved in our decisions we just don't
look at them. We don't separate them from our intuition or "hunches."
Make sure you have all the facts in front of you and you will
find that your advertising and marketing decision making will
be easier and usually much more effective.
(To Main Menu)
This article may be reproduced for your non-profit
group or organization provided it is not altered in any way and
the following is attached:
©1998 - 2004 Eagle Marketing PO Box 271 Bozeman, MT
59771-0271
http://www.smalltownmarketing.com - (406) 585-0219 - Toll FREE
(888) 550-6100
email: tommail@smalltownmarketing.com
Based in Bozeman, MT, Tom Egelhoff is the author of How To Market, Advertise & Promote Your
Business Or Service In A Small Town, and The
Small Town Advertising Handbook: How To Say More And Spend Less.
He is also a seminar and workshop presenter
and trainer. He may be reached at 888-550-6100 or PO Box
271 Bozeman, MT 59771-0271
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