Part 1 of our two part review for small businesses on market research tools available through the Arkansas State University Small Business and Technology Development Center for market segmentation.
Powerpoint discussion for Next Level Business Boot Camp class in Batesville Arkansas for nights 3 and 4 discussing online marketing options for small businesses by the ASU Small Business and Technology Development Center
Sharing the latest U.S. Small Business Administration's Arkansas Resource Guide, 2013-2014 by the Arkansas State University Small Business and Technology Development Center. This is a great resource for any Arkansas small businesses or entrepreneurs to make them more successful and to find resources available to help them grow.
Arkansas State University Small Business and Technology Development Center flyer for Affordable Care Act for Small Business free workshops to be offered in Jonesboro, AR on November 21st.
Powerpoint discussion for Next Level Business Boot Camp class in Batesville Arkansas for nights 3 and 4 discussing online marketing options for small businesses by the ASU Small Business and Technology Development Center
Sharing the latest U.S. Small Business Administration's Arkansas Resource Guide, 2013-2014 by the Arkansas State University Small Business and Technology Development Center. This is a great resource for any Arkansas small businesses or entrepreneurs to make them more successful and to find resources available to help them grow.
Arkansas State University Small Business and Technology Development Center flyer for Affordable Care Act for Small Business free workshops to be offered in Jonesboro, AR on November 21st.
The Arkansas Small Business and Technology Development Center, partnering with the Arkansas Health Connector is offering free 2 hour training seminars across the state on the Affordable Care Act for Small Businesses.
As a small business owner, learn what you need to know to successfully Navigate the Affordable Care Act at any of these free, 2 hour workshops. The seminars are free but must re-register. Additional information and registration process in the flyer
Notes for the Batesville, AR Next Level Business Boot Camp class to download. On night 2 discussed market research assistance available to small businesses, A local lender discussed cash flow and began discussions on small business marketing tips in this presentation.
The program is conducted by the Arkansas State University Small Business and Technology Development Center to small businesses in the North-central Arkansas area. Sponsored by Batesville Area Chamber of Commerce, Independence County Economic Development, Inc., Citizens Bank, First Community Bank, Liberty Bank of Arkansas & Merchant and Planters Bank
November - December 2013 Training at A Glance for small businesses in Northeast & North-Central Arkansas offered by the Arkansas State University Small Business and Technology Development Center. Features Affordable Care Act workshops for area small businesses.
Opportunity for Independence County Arkansas small businesses to take their companies to the next level of growth and profitability. A 6 night business series hosted by the Arkansas State University Small Business and Technology Development Center, co-sponsored by the Batesville Area Chamber of Commerce, Independence County Economic Development office, Citizens Bank, First Community Bank, Liberty Bank of Arkansas and the Merchant & Planters Bank.
Each night the class covers specific topics including market research, marketing (on and off line), cash flow budgeting and planning, financing options for growth, creating a winning management team and more.
Details on the flyer. Starts Tuesday, October 15th for six consecutive Tuesday evenings (6-9 pm) on the University of Arkansas Community College in Batesville campus.
Powerpoint presentation on facebook marketing techniques for small businesses presented by the Arkansas State University Small Business and Technology Development Center at the Baxter County Library in Mountain Home, AR.
Updated flyer of small business workshops to be offered in October 2013 for Northeast and North-Central Arkansas from the Arkansas State University Small Business and Technology Development Center.
Flyer prepared by the Arkansas State University Small Business and Technology Development Center to notify area small businesses and entrepreneurs about an upcoming workshop: Small Business Financing Options to be held Thursday, October 24th 1-4 pm at the ASU Delta Center for Economic Development 319 University Loop West on the ASU campus in Jonesboro, AR 72401
Topics will cover :
• Sources of Capital,
• Developing a Funding Request,
• Government Funding Assistance Programs for small businesses,
• Local funding sources, the truth about GRANTS and
• much more.
Additional information and registration at http://tinyurl.com/SmallbizloansJboro.
Powerpoint used by Herb Lawrence Arkansas State University Small Business and Technology Development Center in presentation to the Arkansas Pest Management Association's annual meeting in Little Rock. Lawrence discussed basics of online marketing tools for small businesses, specifically for use by small Pest Management companies
Flyer for Business Boot Camp to be offered in Batesville, Arkansas beginning Tuesday, October 15th from the Arkansas State University Small Business and Technology Development Center. The "Next Level" course is a 6 night program to help existing businesses grow their companies through expert speakers, small group discussions and training from small business consultants. Topics include Marketing, operations, financing, cash flow & budgeting and more. The program will run 6 Tuesday evenings at the University Of Arkansas Community College in Batesville beginning Tuesday, October 15th. Co-sponsors of the event includes the Batesville Area Chamber of Commerce, Independence County Economic Development, Inc., UACCB, Citizens Bank, First Community Bank, Liberty Bank of Arkansas and Merchant and Planters Bank.
Flyer by the Arkansas State University Small Business and Technology Development Center for an Advanced Facebook Marketing workshop to be held in Mountain Home, AR On Tuesday, September 24th at the Baxter County Library. Registration and additional information on the flyer. The seminar is co-sponsored by the Mountain Home Area Chamber of Commerce, Norfork Lake Chamber of Commerce, Baxter County Regional Library, Arkansas State University-Mountain Home, First Community Bank, First National Banking Company and Liberty Bank of Arkansas
Powerpoint presentation in Mountain Home, Ar for Baxter County area small businesses to learn how to claim and optimize search for their local businesses. Conducted by the Arkansas State University Small Business and Technology Development Center sponsored by the Mountain Home Area Chamber of Commerce and Baxter County Library.
The class discussion included what is local search and why it matters, how to optimize local businesses for local search, discussions on citations and reviews
Created by Robert Bahn, Business Consultant and former commercial lender for the Arkansas State University Small Business and Technology Development Center to provide for Business Financing Options workshops to help area entrepreneurs and small business owners improve their ability to secure commercial loans. Tips and hints on what a commercial lender needs to see from your business plan.
Powerpoint by Arkansas State University Small Business and Technology Development Center at the Business Financing Options workshop held at the Batesville Area Chamber of Commerce for Independence County small businesses. Discussed alternative funding options for start up and existing businesses in the state of Arkansas to find capital for ventures.
Flyer prepared by Arkansas State University Small Business and Technology Development Center for an Advanced Facebook Marketing workshop to be held Wednesday, September 11th, 1-4 pm at the Batesville Area Chamber of Commerce.
Training workshops for small business owners and entrepreneurs in Northeast & North-Central Arkansas for September-October 2013 by the Arkansas State University Small Business and Technology Development Center. Information about each workshop, registration and location at the ASU SBTDC website http://www.astate.edu/a/sbtdc/ or call (870) 972-3517
Powerpoint of presentation to area small business owners on using Facebook techniques to improve online connections with fans. Created and presented by the Arkansas State University Small Business and Technology Development Center for Advanced Facebook Marketing workshop held at the ASU Delta Center Thursday, August 8th 1-4 pm.
Powerpoint presented by the Arkansas State University Small Business and Technology Development Center for a Fundamentals of LinkedIn seminar presented on the ASU campus Thursday, July 25th. Presentation walked attendees through basics of Why LinkedIn is a valuable network for business professionals, how to set up profiles including discussions on endorsements, company pages, making connections, groups and more.
Fundamentals of LinkedIn for Small Business Workshop flyer created by the Arkansas State University Small Business and Technology Development Center. This 3 hour workshop will be held at the ASU Delta Center for Economic Development, 319 University Loop West in Jonesboro, AR on Thursday, July 25th from 1-4 pm. Attendees will learn the basics of using this 225 MILLION + member professional network to include how to set up a profile, company pages, leveraging LinkedIn Status Updates, Connecting with others, Groups, and more. Details to register on the flyer.
Powerpoint presentation by Herb Lawrence, ASU Small Business and Technology Development Center to the local SHRM meeting June 11th at the Arkansas State University Delta Center for Economic Development...brief outline of social media and Human Resources
Flyer prepared by the ASU Small Business and Technology Development Center for Arkansas Sales and Use Tax workshop to be held in Jonesboro, AR Tuesday, April 9th at the ASU Delta Center. Instructors are sales tax professionals from Arkansas Tax Associates.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
The Arkansas Small Business and Technology Development Center, partnering with the Arkansas Health Connector is offering free 2 hour training seminars across the state on the Affordable Care Act for Small Businesses.
As a small business owner, learn what you need to know to successfully Navigate the Affordable Care Act at any of these free, 2 hour workshops. The seminars are free but must re-register. Additional information and registration process in the flyer
Notes for the Batesville, AR Next Level Business Boot Camp class to download. On night 2 discussed market research assistance available to small businesses, A local lender discussed cash flow and began discussions on small business marketing tips in this presentation.
The program is conducted by the Arkansas State University Small Business and Technology Development Center to small businesses in the North-central Arkansas area. Sponsored by Batesville Area Chamber of Commerce, Independence County Economic Development, Inc., Citizens Bank, First Community Bank, Liberty Bank of Arkansas & Merchant and Planters Bank
November - December 2013 Training at A Glance for small businesses in Northeast & North-Central Arkansas offered by the Arkansas State University Small Business and Technology Development Center. Features Affordable Care Act workshops for area small businesses.
Opportunity for Independence County Arkansas small businesses to take their companies to the next level of growth and profitability. A 6 night business series hosted by the Arkansas State University Small Business and Technology Development Center, co-sponsored by the Batesville Area Chamber of Commerce, Independence County Economic Development office, Citizens Bank, First Community Bank, Liberty Bank of Arkansas and the Merchant & Planters Bank.
Each night the class covers specific topics including market research, marketing (on and off line), cash flow budgeting and planning, financing options for growth, creating a winning management team and more.
Details on the flyer. Starts Tuesday, October 15th for six consecutive Tuesday evenings (6-9 pm) on the University of Arkansas Community College in Batesville campus.
Powerpoint presentation on facebook marketing techniques for small businesses presented by the Arkansas State University Small Business and Technology Development Center at the Baxter County Library in Mountain Home, AR.
Updated flyer of small business workshops to be offered in October 2013 for Northeast and North-Central Arkansas from the Arkansas State University Small Business and Technology Development Center.
Flyer prepared by the Arkansas State University Small Business and Technology Development Center to notify area small businesses and entrepreneurs about an upcoming workshop: Small Business Financing Options to be held Thursday, October 24th 1-4 pm at the ASU Delta Center for Economic Development 319 University Loop West on the ASU campus in Jonesboro, AR 72401
Topics will cover :
• Sources of Capital,
• Developing a Funding Request,
• Government Funding Assistance Programs for small businesses,
• Local funding sources, the truth about GRANTS and
• much more.
Additional information and registration at http://tinyurl.com/SmallbizloansJboro.
Powerpoint used by Herb Lawrence Arkansas State University Small Business and Technology Development Center in presentation to the Arkansas Pest Management Association's annual meeting in Little Rock. Lawrence discussed basics of online marketing tools for small businesses, specifically for use by small Pest Management companies
Flyer for Business Boot Camp to be offered in Batesville, Arkansas beginning Tuesday, October 15th from the Arkansas State University Small Business and Technology Development Center. The "Next Level" course is a 6 night program to help existing businesses grow their companies through expert speakers, small group discussions and training from small business consultants. Topics include Marketing, operations, financing, cash flow & budgeting and more. The program will run 6 Tuesday evenings at the University Of Arkansas Community College in Batesville beginning Tuesday, October 15th. Co-sponsors of the event includes the Batesville Area Chamber of Commerce, Independence County Economic Development, Inc., UACCB, Citizens Bank, First Community Bank, Liberty Bank of Arkansas and Merchant and Planters Bank.
Flyer by the Arkansas State University Small Business and Technology Development Center for an Advanced Facebook Marketing workshop to be held in Mountain Home, AR On Tuesday, September 24th at the Baxter County Library. Registration and additional information on the flyer. The seminar is co-sponsored by the Mountain Home Area Chamber of Commerce, Norfork Lake Chamber of Commerce, Baxter County Regional Library, Arkansas State University-Mountain Home, First Community Bank, First National Banking Company and Liberty Bank of Arkansas
Powerpoint presentation in Mountain Home, Ar for Baxter County area small businesses to learn how to claim and optimize search for their local businesses. Conducted by the Arkansas State University Small Business and Technology Development Center sponsored by the Mountain Home Area Chamber of Commerce and Baxter County Library.
The class discussion included what is local search and why it matters, how to optimize local businesses for local search, discussions on citations and reviews
Created by Robert Bahn, Business Consultant and former commercial lender for the Arkansas State University Small Business and Technology Development Center to provide for Business Financing Options workshops to help area entrepreneurs and small business owners improve their ability to secure commercial loans. Tips and hints on what a commercial lender needs to see from your business plan.
Powerpoint by Arkansas State University Small Business and Technology Development Center at the Business Financing Options workshop held at the Batesville Area Chamber of Commerce for Independence County small businesses. Discussed alternative funding options for start up and existing businesses in the state of Arkansas to find capital for ventures.
Flyer prepared by Arkansas State University Small Business and Technology Development Center for an Advanced Facebook Marketing workshop to be held Wednesday, September 11th, 1-4 pm at the Batesville Area Chamber of Commerce.
Training workshops for small business owners and entrepreneurs in Northeast & North-Central Arkansas for September-October 2013 by the Arkansas State University Small Business and Technology Development Center. Information about each workshop, registration and location at the ASU SBTDC website http://www.astate.edu/a/sbtdc/ or call (870) 972-3517
Powerpoint of presentation to area small business owners on using Facebook techniques to improve online connections with fans. Created and presented by the Arkansas State University Small Business and Technology Development Center for Advanced Facebook Marketing workshop held at the ASU Delta Center Thursday, August 8th 1-4 pm.
Powerpoint presented by the Arkansas State University Small Business and Technology Development Center for a Fundamentals of LinkedIn seminar presented on the ASU campus Thursday, July 25th. Presentation walked attendees through basics of Why LinkedIn is a valuable network for business professionals, how to set up profiles including discussions on endorsements, company pages, making connections, groups and more.
Fundamentals of LinkedIn for Small Business Workshop flyer created by the Arkansas State University Small Business and Technology Development Center. This 3 hour workshop will be held at the ASU Delta Center for Economic Development, 319 University Loop West in Jonesboro, AR on Thursday, July 25th from 1-4 pm. Attendees will learn the basics of using this 225 MILLION + member professional network to include how to set up a profile, company pages, leveraging LinkedIn Status Updates, Connecting with others, Groups, and more. Details to register on the flyer.
Powerpoint presentation by Herb Lawrence, ASU Small Business and Technology Development Center to the local SHRM meeting June 11th at the Arkansas State University Delta Center for Economic Development...brief outline of social media and Human Resources
Flyer prepared by the ASU Small Business and Technology Development Center for Arkansas Sales and Use Tax workshop to be held in Jonesboro, AR Tuesday, April 9th at the ASU Delta Center. Instructors are sales tax professionals from Arkansas Tax Associates.
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1. The Right Eyeballs Who Is Your Perfect Customer?
By Herb Lawrence, Center Director, ASU
Small Business and Technology
Development Center
Helping Small Businesses Grow…From the
Delta to the Ozarks
Last Tuesday on the Arkansas State University Blog, I started
what I hope will be a series of Tuesday Marketing Tips my readers will find valuable.
In the blog article "Get Your Marketing Message Right" I brought up a challenge that
many of my small business friends have mentioned in trying to get their marketing
messages noticed by potential customers.
I mentioned 8 Keys to Successful Marketing Messages that will help you stand out
above all the noise. The first one, and to me most critical is: My
message must be seen by the RIGHT EYEBALLS. By right
eyeballs I mean the potential customer who will be most interested
in what I have to say. For any business to be successful they
have to know who their ideal customer really is.
What I mean is you have to know your "world". At the ASU
Small Business and Technology Development Center I know my
world:
• A distinct geographic area 15 Counties in Northeast and North-Central Arkansas I am
definitely a "Local Business" with a specific geographic trade zone.
• My world is For Profit (or at least want to make a profit) businesses in my 15 county area.
• My clients are small... Generally $0.00 to $5 million in revenues and from 1 to 50 employees.
• Finally...they have a problem or maybe see a potential opportunity but don't know how to
find the right answers
At the ASU SBTDC our “Perfect Customer” is a small for-profit
business, less than 50 employees and making under $5 million in
sales, in one of my 15 counties who realizes he (or she) needs
help in a particular area that is keeping them up at night.
So who is your "Perfect Customer"?
Whether you are a B2B like me (business to business) or a B2C
like 75% of all businesses, market segmenting is really very easy
IF you have the resources to know where to look to get good hard
data.
2. Here is a quick example of the kind of data you need especially as a B2C: retailer,
hospitality, service, or health field AND it is available to you at your nearest Small
Business Center.
Let's say you are a jewelry store in Jonesboro, Arkansas (Craighead County) and you
want to know who your best customers are. While there are a lot of ways to segment a
market, for most brick and mortar retailers’ demographic data is the best place to start.
If you met with one of the ASU Consultants here is the first thing you would learn:
Best customers for Jewelry
• Young adult households aged 25-34
• Middle aged adult households aged 45-64
• Married couples without children at home
• Married couples with school-aged or older children at home
Households in Average Market Trends in consumer jewelry
Craighead Expenditure Potential consumption
• Average household
Under 25 2,779 83.62 $232,379 spending on jewelry fell by
22% between 2000 and
2009 with the great
25-34 5,558 137.15 $762,279 recession may continue to
fall with tighter budgets due
35-44 4,892 99.28 $485,677 to limited discretionary
spending potential.
45-54 4,520 119.83 $541,631 Total household spending
on jewelry in 2009
55-64 3,933 124.16 $488,321 • $12,708,627,100.00.
Nationally
• $2,796,623.95 In Craighead
65-74 2,555 88.91 $227,165 County
Over 75 2,041 28.99 $59,168 Average household in 2011
will spend
• $105.23 per year nationally
Total 26,278 $2,796,623 • $134.03 per year in
Craighead County
Demographic data on the number of
households came from our Demographics
Now subscription that allows us to access
a variety of demographic features by county, city, even zip code.
Consumer expenditure data from new Strategist Publications, Inc.
“Who’s Buying Apparel” that shows by demographic categories
how much households spend on a variety of goods and services.
3. Craighead County Households by Age
under 25 25-34 35-44 45-54 55-64 65-74 over 75
If you take a look at the
7.8% 10.6% two pie charts below it
quickly becomes obvious
9.7%
that out of my "World" of
potential Jewelry
21.2% customers in Craighead
15.0% County, certain groups
make a lot more sense to
target.
The first chart shows the
17.2% 18.6%
Craighead County
households by age
groups as a percentage of
the total number of
households in the trade
zone.
The second "pie" shows the percentage distribution of those segmented households to
the total market potential in the county for jewelry purchases.
Notice households aged 25-34 make up
21.2% of TOTAL households BUT they
make up 27.3% of the market potential!
Whereas households 75 plus make up 7.8%
of total households in the county but only
2.1% of the market potential for jewelry
purchases.
humm.... And finally the chart below shows us exactly which household segments are
the best to target. This is an indexed chart with 100 representing average
household spending on jewelry.
Those segments OVER 100 are the best to target because as a group they spend
MORE than the average on our product! Households age 25-34 followed by 55-64,
then 45-54 year old head of households.
4. Best Customers Indexed
Now the next challenge is to look at
140 130 those 3 groups closely....and try to
114 118 understand:
120
94
100 84
79
80 How those 3 distinct groups
60 think so we can create the
40 28 right message that fits each
20
category. Because the
RIGHT message to 25-34
0
under 25-34 35-44 45-54 55-64 65-74 75
year olds ISN'T the right
25 plus message for 55-64.
And, age is only one way to segment
your market.
Because jewelry is definitely a discretionary purchase it might also be helpful to
segment those Craighead County households by INCOME.
Demographic segmentation, whether selling on-line to potential consumers around the
United States, or in a specific geographic trade zone like Craighead County allows our
small business friend to start slicing and dicing his potential customers into
discrete segments and start thinking about how to craft his marketing message to
appeal to the different groups.
In addition to demographic and consumer expenditure information like this, it is also
helpful to pull in another tool for specific
geographic areas that the ASU SBTDC
uses Community Tapestry
Segmentation with a Dominant
Tapestry Map from ESRI like the one
above where we slice the geographic
areas of your trade zone into
homogeneous areas based on lifestyle
and attitudes.
For a more detailed description of ESRI’s
Community Tapestry Segmentation read
my recent article Simple Target Marketing
Tools for Small Business that I posted to
Slideshare.
5. The information provided in the jewelry store example came from New Strategists
Publications, Inc eBook: "Who Buys Apparel".
This New Strategist Publications “Who’s Buying Apparel”
provides extensive segmentation information on all types of
personal apparel items from jewelry to men’s suits, children’s
shoes to lingerie.
The Arkansas State University Small Business and
Technology Development Center maintains other editions on
any other possible consumer product or service from:
Transportation to food,
Entertainment to household services,
Insurance to health care.
And more
This data will zero your marketing efforts to the right buyers whether a plumber or
a dentist, restaurant or dress shop and virtually any business in between.
After you get the data you are able to determine the RIGHT EYEBALLS that you most
want to see your marketing message. Next Step: Make sure your message is in the
RIGHT place for those targeted eyeballs to SEE your message. In our coming blog
article we will discuss how to choose the right media channels.
In our 15 county area? Then call the ASU SBTDC consultants at (870) 972-3517, or E-
mail us for information asusbtdc@astate.edu for your free and confidential appointment
today.