Question 1

Conduct Market Research

Accepted Answer

Market research is essentially gathering information providing insight into customers thinking, buying patterns, and location. It can assist the business by monitoring market trends, checking the competition’s business, and presume initial sales forecast. (Small Business Development Corporation)

Question 2

Profile your Target Markets

Accepted Answer

To effectively promote your product, you must know who your audience is. Therefore, you should group your potential customers based on specific characteristics. For instance, location, age, gender, income, social class, etc.

Your target audience MUST have a need for your product/ service and be willing to pay the price you stipulate. (Small Business Development Corporation)

Question 3

Identify your Unique Selling Proposition (USP)

Accepted Answer

Your Unique Selling Proposition (USP) is the main reason customers decide to buy your product/ service instead of others. To succeed, you must define what you offer differently and convey this idea to potential customers.

Some questions to take into consideration when developing your USP:
 • What do you love most about your products/services?
 • What special skills or knowledge do you have?
 • What makes your customers come to you instead of your competitors?
 • How do your customers benefit by purchasing your products/services?
 • Which aspects do you generally highlight when you describe your business to strangers?

Question 4

Develop your Business Brand

Accepted Answer

A brand for your product/service is vital. It will include, logo, color, tagline, etc, and it goes beyond its appearance. “A well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for, and what you can deliver.” (Small Business Development Corporation)

Question 5

Choose your Marketing Channels

Accepted Answer

Analyze which channel would best align with your target audience. Some examples are: creating a website, social media platforms, blogs, word-of-mouth, email marketing, content and SEO marketing, etc.

Question 6

Set your Goals and Budget

Accepted Answer

It is helpful to set SMART (Specific, Measurable, Attainable, Relevant, and Time-based) goals and allocate a marketing budget. Elements to take into consideration:
 • Website development and maintenance
 • Search engine optimization strategy
 • Design of branding
 • Printing promotional material(business cards, brochures, etc.)
 • Advertising
 • Donations & sponsorships
 • Employing marketing staff

Question 7

Nurture your Loyal Customers

Accepted Answer

Customers are key to your venture’s success. Below are some tips on how to build customers’ loyalty:
 • Communicate regularly with customers through social media, blogs, etc.
 • Provide after-sale follow up
 • Deliver on your promises
 • Provide benefits that exceed initial expectations
 • Use feedback and complaints as an opportunity to improve services
 • Listen to customers
 • Train staff in customer service and basic sales processes

Question 8

Monitor and Review

Accepted Answer

You must monitor and review your marketing activities regularly to ensure company’s goals are being achieved, such as increasing sales. It is good practice to review your plan when:
 • You introduce a new product/service,
 • A new competitor enters the market, or
 • If something negatively affects your company (Small Business Development Corporation)