The Entrepreneur’s Guide to Marketing
Market Research and Top Industries in Florida
Big business is alive and well in the State of Florida, but what many people don’t realize is that there are a vast number of different kinds of industries that are active here. When people from out of state think of the economy of Florida, they tend to think of things like citrus crops and tourism. While these are certainly significant facets of the Floridian economy, they are merely the tip of the proverbial iceberg. To help pin down what the top industries are in Florida, many business organizations turn to market research to reveal facts and trends across business lines.
What exactly is market research? Market research is defined as any planned and organized effort to gain information about target markets or customers. Essentially, it is a systematic way of knowing what market there is for certain products or services and how businesses can best tailor their own models and activities to accommodate this. Techniques used in market research include surveys to certain populations or demographics and focus groups or interviews with representatives of people, although many avenues have been explored by market research experts over the years.
Market research has confirmed what has already been known in Florida for a while: that we have a strong and diverse economy. As touched on, agriculture is a major component, as there are crops in Florida that grow best here versus other parts of the country. These crops include strawberries, olives, and citrus products, such as oranges and grapefruits. The aerospace industry has a strong base of operations at the Kennedy Space Center on the East Coast, but there are numerous facilities spread across the state as well. Health care and pharmaceutical companies accomplish much in Florida, with some of the best doctors and research organizations making their home in Florida as well. Other notable industries in Florida include manufacturing, financial services, and telecommunications.
There are so many aspects of the Florida economy that make it one of the strongest states for business in a variety of categories. If you’d like to learn more about market research and its influence on the top industries in Florida and how it makes a difference to your Florida business, please call the Hardee County Economic Development Council at 863-773-3030.
Understanding Market Data and Consumer Buying Behavior
One of the key components to running a successful small business is being able to successfully market the product or service in a way that will make people want to purchase it. That may seem like an obvious concept, but being able to cater to a population’s interest is much more difficult than it appears. In order to gain information about what kinds of people want certain products or services and how likely they are to buy or not buy them is the key goal of market research. Through this, experts have developed numerous theories about consumer buying behavior.
The idea behind these theories is that there are certain thought processes that go through a consumer’s mind when he or she is looking to purchase a good or service. Experts agree that there are six present, albeit in different capacities depending on the circumstance. The first is the awareness of the product if the consumer knows about it. The best product could exist, but if no one knows about it, it will not sell. The second is if it is a necessary item, which will be less likely to buy if it is not and finances are tighter. Information about the background of the product, or knowledge they have to have, and the research that they might have to do will also influence their desire to buy. Finally, awareness of the situation of the consumer and how they might feel after purchase also makes a big difference.
How can a business identify these factors and use them to its advantage? As noted, market research is the key. For example, such research can identify what the needs of a certain demographic or population are and what products could best be sold to them. Knowing what type of marketing best reaches out to a group of people would help make them more aware of a product. For storefronts, the interactions with a customer and knowing how to interact with one would make one more likely to patron the business again.
Market data reveals to business owners, big and small alike, valuable insights with regards to how to cater to their target audiences. To learn more about how market research can help your local Florida business be as successful as it can be, please call the Hardee County Economic Development Council at 863-773- 3030.
In the technological world in which we live in, many types of commerce are now done electronically and over the internet. Between the rise of online transactions and the ease of information that is passed on over the web, mastering the usage of technology has become a must-have skill for any company, big or small. Marketing, in particular, is a facet of business in which technological usage is very important for ensuring success.
The single best way to reach a marketable audience today is through the internet. In the past, magazine and newspaper advertisements were the strongest channel of marketing, followed by radio and television commercials. While these are all still very meritable means of marketing, they cannot compete with the speed and efficiency of internet advertising. The reason for this is that people spend more time on the internet than they do doing other marketable activities, like watching television or reading a newspaper. Most of the news and articles people read is online, so it makes sense that the bulk of their ads would also be seen online.
One of the key aspects of building a successful business is to market the goods and services being sold. By marking those products digitally, it allows the company to reach a much wider audience at a faster rate than any other medium. Moreover, market research is much easier to conduct online because of the ability to reach not only a vast amount of people but also the ability to target certain groups of people. Consumers are also much more receptive to taking the time to complete an online survey than they are of speaking with someone with a clipboard in a mall.
By becoming proficient with digital marketing, businesses can learn much more easily how to reach consumers and cater to their needs. They are also able to reach consumers to sell products much more efficiently than ever before. To learn more about the benefits of digital marketing for your small business and how to implement it, please call the Hardee County Economic Development Council at 863-773- 3030.
Cause Marketing and Charities
Marketing one’s goods and services is a key component to building and running a successful business. Far from a simple presentation of products to potential customers, marketing is a complex process that varies depending on the company and end goal in one. One type of marketing specific to companies who work in tandem with charities is called cause marketing. This can be an effective tool for a business to use to not only attract new consumers but to support their local community.
By definition, cause marketing is the partnership of a for-profit company with a non-profit organization for a benefit that applies to both parties. An example of this might be a company including donations to a certain charity as part of their advertising or presentation of a product, which is not hard to find among many big companies today. A campaign such as this is beneficial for both the company and the charity. The charity receives donations that aid it in its cause, while the company theoretically enjoys increased profits due to people wanting to either support a company that does charity work or the charity itself indirectly.
There are a few pitfalls to cause marketing however that are good to be aware of. One of these is that it is important for the business to choose a non-profit organization that “makes sense” or is relevant to the nature of the company, lest the company receives backlash for their cause and it actually hurt sales. For example, some might consider it hypocritical for a leatherworking company to donate money to an animal rights organization that is against animal-based products. Therefore, consumers would be turned off by this and therefore not patron that company.
Cause marketing is a useful technique for a small business especially to use because it not only helps increase interest in the business and its products, but it also gives back to the local community and establishes itself as part of that community. To learn more about cause marketing and how beneficial it can be for your local Floridian business, please contact the Hardee County Economic Development Council at 863-773- 3030.
Integrating Sales and Marketing Teams
Teamwork is central tenant to many successful companies and for good reason. A company is really just a large team of people working together for a common goal, but when the individual parts of a company work more closely and efficiently together, the results are even greater. One form of teamwork that is a trademark of many successful companies today is that between sales and marketing teams. Some businesses are even going so far as to merge these two together to create a single unified front.
As background, the goal of a sales team in a company is to work directly with potential clients in order to sell to them the product or service that the company is offering. The primary objective of a marketing team is to create advertising campaigns that attract people to the company and thereby also lead to more sales. As you can see, the purpose of both parts of the business are exactly the same. The only major difference between them is the execution of this goal. Sales teams tend to work directly and one on one with consumers to generate profit whereas marketing specialists reach people by the masses.
Market research has shown however that when both of these teams are on the page, the likelihood to create a sale is increased dramatically. For example, if the marketing team puts out an advertisement campaign, but the sales team is unaware of what they presented, it may cause confusion when they go to make the sale that makes the business look disorganized. On the contrary, if everyone has the same marketing strategy, the business looks organized and efficient, which leads to more sales and a stronger reputation.
Sales and marketing is one of the hardest aspects of building up a small business and making it successful, but it is also one of the most important. Therefore it is always a good idea for all sides of a company to be on the same page and to work towards the goal of maximum profit and efficiency together. For more useful marketing tips for your small business based on experience and empirical market data, please contact the Hardee County Economic Development Council at 863-773- 3030.