How to Reach Your Target Market
Marketing an Economic Development Business
Marketing an economic development business can be a daunting task for new entrepreneurs. But with consumer demand on the rise, marketing skills are becoming increasingly important for economic development business owners and managers.
It's difficult to pinpoint a single marketing strategy that is capable of turning around a struggling business. But there is one trait that stands out above all the rest in terms of its ability to deliver marketing success.
The marketplace is constantly shifting to accommodate consumer demand and that means businesses need to adapt their marketing requirements accordingly. More than ever before, foundational marketing concepts have become the bedrock upon which successful marketing strategies are constructed.
Niche marketing is strategy that focuses on a subsection of the larger market. This can be especially useful for economic development businesses that need to be profitable in a small slice of the market. Niche marketing isn't new. It's been around for years and has proven to be most effective for firms that understand their key strengths and core audience.
Furthermore, niche marketing means tailoring resource acquisitions to the needs of your market segment. For example, top providers can focus mailing lists to the specific requirements of your market niche.
Encourage Word of Mouth Referrals
Industry-leading economic development businesses rely on a certain amount of word of mouth marketing buzz to communicate brand values and product messaging.
Many business owners mistakenly believe that word of mouth is largely outside of their control, when in fact, networking and other strategies can significantly increase the amount of buzz that is generated about your brand. Mind you, there's a difference between word of mouth marketing and viral marketing -- if word of mouth marketing is a new concept for you, you might want to hire a marketing consultant.
Many of the highest performing economic development businesses identify customer awareness as one of the hallmarks of their success. In this market sector, managers and promoters need to be extremely familiar with their customers' needs and purchasing preferences. Why? Because without a thorough understanding of buyer mindsets, it is impossible to accurately predict which tactics will deliver results. In our experience, market awareness is an equalizer, giving smaller brands greater horsepower in the marketplace.
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