Strategic Target Acquisition

One of the most difficult concepts for a tech entrepreneur to grasp is that of targeted marketing. The need to focus on a narrow market, especially during product launch and throughout the first year, is a matter of life and death for your business.

Who specifically is your market; what exactly are they seeking and why; where do they “live,”; what makes them feel important in their personal/professional lives; how do they feel about your technology; what organizations do they belong to and why; what magazines or other media do they relate with and why; which blogs do they read and why; how would each of them like for you to market to them and why; how much will it cost for you to do that; for how long will you have to do this marketing until you reach break-even; what are the response rates for advertising through the media that they prefer; how much are they willing to pay for your product; and on and on and on…

All of these questions must be answered in order to develop an effective strategic marketing campaign. Then you must carry out that campaign. It is nearly impossible to do this for multiple or broad audiences with your limited start-up resources, and especially considering the fact that there will be an unusually high level of personnel and product-related issues to deal with in the first year. You must bite into what you can chew.

Here is an analogy:
Several cave men are about to go hunting with clubs. Their goal is to eat. In a field are rabbits, deer, moose, and wooly mammoths. Which would you suggest that they target? How would you suggest that they do so?

In a different scenario, several modern hunters are hunting with elephant-guns. In a field are the same prey. Which would you suggest that they target? How would you suggest that they do so?

The answer to the question of what prey to hunt is very different depending on the tools that you have at your disposal. You need to look at the tools that you have at your disposal and then decide whom to target in your marketing (hunt). Because you are not a corporate behemoth, the target market must be quite narrowly defined. The key here is not your product or even what you want to do, but what you are capable of properly marketing. Pick a focused market, understand it fully, and then hit it hard.

As your resources grow, your target markets can be expanded.

Funds to Fight Imports

If your business has been negatively impacted by cheap imports or cheap foreign labor, there is a program that may be able to assist you in learning how you can adapt to the new market conditions.

The Trade Adjustment Assistance Center provides up to $75,000 to manufacturing and service companies that have been impacted by imports. The money is matched dollar-for-dollar to what your company expends (maximum project is $150,000). The money is used to hire third-party consultants who provide marketing, IT, budgeting, analysis, and efficiency-improvement project advice. To be eligible, a company must have had a drop of 5% or more in sales or employees due to foreign competition.

This project is funded by the U.S. Dept. of Commerce. See MATAAC for more information.

Obamacare and You!

Please see the announcement copied below regarding an opportunity to learn about how the new health care laws will impact your small business.

Main Street Alliance Phone Briefing for Small Business Owners
Health Care Reform: What it Means for Small Businesses

Wednesday, April 21 - 4pm ET // 1pm PT
Click Here to RSVP

Main Street Alliance Supporters:
We're writing to invite you to a special phone briefing on health care reform and what it means for small businesses on Wednesday, April 21 at 4pm ET // 1pm PT.
Now that health care reform has passed, many small business owners have questions about what it will mean for them and their businesses. As a small business owner, you might be wondering:
• Will reform stem the off-the-charts rate increases we've received in recent years?
• Will my business qualify for the new tax credits? If so, what will my credit be?
• How will the new health insurance exchanges help small businesses?
• What about the shared responsibility requirement?
• What if I'm self-employed, what will reform mean for me and my family?
If you're wondering about these or other questions, or just looking for information to share with other business owners about what's in health care reform for them, please join us!
Main Street Alliance Phone Briefing for Small Business Owners
Health Care Reform: What it Means for Small Businesses

Wednesday, April 21 - 4pm ET // 1pm PT
Click Here to RSVP

If you're interested in participating but can't make this time, send an email to info@mainstreetalliance.org; if there's enough interest, we'll schedule a repeat briefing in the following week.

Thanks,
Sam Blair
National Network Director
The Main Street Alliance