No-2
In order to market your product or service, it is imperative that you tailor your marketing and
sales efforts to specifically reach the segment of population that will most likely buy your
product or service. It is critical that you first determine or clearly identify your primary market.
Your energies and funds then can be spent more efficiently. If you don’t know who your
customers are, how will you will not be able to assess whether you are meeting their needs. Since
success depends on being able to meet customers’ needs and desires, one must know who your
customers are, what they want, where they live and what they can afford.
A good positioning strategy is influenced by:
Market profile: Size, competitors, stage of growth
Customer segments: Groups of prospects with similar wants & needs
Competitive analysis: Strengths, weaknesses, opportunities and threats in the landscape
Method for delivering value: How you deliver value to your market at the highest level
Types of Markets
A market is simply any group of actual or potential buyers of a product. There are three major
types of markets
1. The consumer market. Individuals and households who buy goods for their own use or
benefit are part of the consumer market. Drug and grocery items are the most common types of
consumer products.
2. The industrial market. Individuals, groups or organizations that purchase your product or
service for direct use in producing other products or for use in their day-to-day operations.
3. The reseller market. Middlemen or intermediaries, such as wholesalers and retailers, who
buy finished goods and resell them for a profit.
IDENTIFYING YOUR MARKET
Here are three steps to follow when identifying your market:
Identify Why A Customer Would Want To Buy Your Product/Service
Segment Your Overall Market
Research Your Market
Making an effective catering marketing plan is essential for the health of any food-based
business. According to a small business marketing survey by Clutch, 47% of owners take a DIY
approach to making, promoting, and improving on their brand. In order to do this catering
business owners need to have a solid plan of attack. This is especially true for those with limited
marketing budgets, which is considered small to nonexistent by industry standards. With the
right tools and strategy in place, you’ll be able to make and execute a highly effective catering
business.
6 steps for creating a catering business
Set Marketing Goals
For catering businesses, exposure is key. But exposure can be hard to measure,
especially if you aren’t currently using an intelligent business management platform.
Instead, focus your marketing goals on what you can easily record, monitor, and
assess. Following this philosophy, most catering businesses successfully use sales
targets to determine their marketing goals. Calculate how much you currently make
per week, on average. Go back as far as possible to get an accurate picture. Then set
both long and short term income goals. As long as you keep them realistic, these goals
should help guide your plan.
Find Your Target Audience
Everyone likes food, right? While that’s mostly true, a catering business has to be
cautious when it comes to how they spend their marketing budget. Trying to attract
anyone and everyone with your marketing is a sure fire way to waste your precious
resources.
Determine Your Competitive Advantage
Every business should have that “wow” factor that helps them stand out from the
crowd. It’s no secret that the competition is fierce in the food industry. But how you
choose to define your business will go a long way towards creating your catering
marketing plan.
Consider Local Marketing
Small business owners should always consider the customers they can appeal to in
their very own neighborhoods. When referring to local marketing, we mean both
digital and offline campaigns.
Refresh Your Catering Brand
If your catering business has been around for awhile it might be time to take another
look at your brand. Your overall image might have leaned on certain messaging in the
past. But now that your catering business has grown and improved, your branding
should follow suit.
Establish a Marketing Budget
How much should you be spending on marketing? For caterers and other small
business owners, it’s a tough call. Your marketing budget has to include what you
spend on day-to-day advertising (like paid social media posts) as well as long term
campaigns.
Explore catering marketing ideas
Join Professional Catering Associations
Team Up with Content Creators
Monitor Online Review Sites
Add Your Company to Online Directories
Use Social Media
