Monday, November 30, 2009

Market Research

Market Research, that is what Coca Cola does when they launch a new drink. We are a small company, we cannot afford to hire Ipsos Reid or Neilson to do research for us! WRONG! Wrong in a way that you DO NOT NEED to hire research pros. You can do it yourself with a bit of creativity, energy and discipline.
Here is a success story about small business market research. A true story. A woman in a mid-size town noticed a beautiful store for rent. 1,400 square feet. Nice size. Best location in town, right on Main Street and next to a very busy cafĂ©. The woman has an interest in fashion, kids are in university, husband away for work, yes, my own store would be great. A shoe store, yes, that is it. I was talking to all my girlfriends, they were excited, yes, we want a great shoe store in town. Done deal. ……. Can I live off my girlfriends buying shoes from me?, forgodssake, I need to sell 2,000 pairs to break even….. Will “normal” people buy shoes from me? There is a national chain store in town, there is Wal-Mart (yeah, we are better than them), there is another independent store that seems to be doing well….do people want a shoe store? Would be nice to know before spending umpteen thousand dollars in inventory. Main Street is very busy on Saturdays. Folks out there shopping. Hmm, why not ask them, the future customers?

The lady prepared a simple questionnaire, only 4 questions. Her daughter and 2 friends went out on Main Street and asked 150 passer buys, right in front of the proposed store, these 4 questions. It turned out….not many people wanted a shoe store but 64% wanted a bakery! Well, apart from fashion, the woman is a hobby chef and has interest in good food. To make the story short, she opted for a bakery. It has been a success. Actually, people say we needed a bakery in town. No regrets about the shoe store.

This is an example, how a small business owner conducted a very simple market research – yielding dramatic results. And the cost: $ 0.00.

Of course, you are not opening a new store every year, but every business needs some kind of market research from time to time. You need to know your customers - who are they? What do they like? Where are they from? How do they rate your business? Don’t you think this is crucial, vital to your business?
Here is an example of what you can do: An ongoing issue for all small businesses is advertising. How do I spend my dollars wisely? How, where should I advertise? Research can help! Your existing customers can be a wealth of information; start a simple routine on cash check out and ask them for their postal code. This will tell you where they live. Trivial. Let’s now assume you offer a unique product for which people would not mind travelling a bit. Advertise this product in the neighbouring town, say in the local paper of this town. As you continue asking for customers’ postal codes, you will (hopefully) notice, that you now have indeed attracted customers from the neighbouring town. Proof that your advertising works. Your cost: $ 0.00.

In short, be creative, think about what you need to know and come up with simple solution to find out. It is easier than you think. Be creative. You won’t need Ipsos Reid or Neilson for that!

Thursday, November 19, 2009

Local Television - Is it staying or going?

Check out this article from the Kitchener Record.

It will create a little clarity around the subject of Television Networks looking for more money from people.

http://news.therecord.com/Opinions/Editorials/article/630488

Maximizing & Simplifying Your Message

Far to often we see video and advertisements that suffer from a condition known as "Information Overload". Many advertisers and businesses try to force large complex messages into fast and overbearing ads. If there is one thing we have learned at Intrigue Media, it's that simplicity and minimalism are great tools in making amazing advertisements. Most people believe that attaching every word, image, and animation they want into an advertisement gives the general public a great deal of information to take in. However, it's more common for such a busy advertisement to switch off the viewers interest. The goal in simplifying your message is to give the audience a bite sized amount of information that is both easy to remember and interesting to look at. No one wins from a complex advertisement that nobody will remember or care to watch.

Planning

Planning is the first step to creating sophisticated and effective local marketing campaigns. Implementation and Evaluation are the second and third components and tie back into planning once completed. Marketing must be viewed as an integral strategic component of every business in order to compete with national brand names and million dollar advertising budgets.

Monday, November 16, 2009

Message, Medium, & Demand

The three variables to any advertisement are the Medium, the Message, and the Demand for your products or services. The ideal advertisement has a strong medium with a strong message on a market full of demand. Obviously, this is not easy. The goal is to do the best you can and evaluate your initiatives in order to better understand how to make your advertisements better in the future. Business is a long term practice. Overnight success does not happen (most of the time). Time, persistence, energy, strategy and demand will turn into success over the course of years. If an ad campaign fails, learn from it, try to understand why, and do not allow it to happen again.

When advertising in a paper or magazine remember a few things:

When advertising in a paper or magazine remember a few things:
1) The top right corner is the best place for your ad. People see the top right corner first as they turn the page, and gives you a chance to grab their attention.
2) The bottom right corner is the next best place. This corner is the anchor of the page and the final place the eye looks to before turning to the next page
3) Always avoid the gutter. The gutter is the inside of either page bordering the spine of the publication. Often your ad will be lost or bent, making it difficult to read.
Remember, people are lazy. When something is difficult to read, it does not get read.