Sunday, July 31, 2011

Refining your tatget market strategy

If someone is in business they have tried to define their market at least in their initial business plan.  If the business owner is wise there is also a marketing plan in place and a means of keeping track of how successful a given marketing tool is.   The best business practice is then to adjust the marketing plan to stop doing what does not work and keep doing or even increase efforts at what is working. This is an ongoing project as long as one is in business.
     My market in South Florida is much different than in Chicago.  One thing unique to Florida involves demographics.  There is a part of the population here commonly called snow birds.  These are those who  still have homes in northern states and are here for the winter to escape the cold weather.  In my area it seems like half my market disappears for the summer.  When the market is narrow or small this is a problem.  I have tickets for the jazz concert on October 10th mentioned in previous blogs.  Those who have pianos tuned between now and Oct 10th will receive a complimentary ticket for this concert.  If this works I will do it again with a classical concert here a few months later and will be looking for a similar concert or event to use in Chicago.
      Opening a music store now in Florida makes sense because I have more time now to supervise the build out and get up and running in time for the season here.  I will also hopefully have time to test some products in the slow time and maximize profitability in the busy time.
     The winter is the busy time for piano tuning in any market and I am thinking would also be so for a music store.  The holiday season in general and the opening of schools and all the school purchase needs should make this true.  There is a lot on my plate in the coming months.  The year is more than half over and it seems like the the time has flown by.  This I suspect is going to be the lull before the storm as far as demands on my time. It should be an exciting time too as there is much to do that is new and I hope profitable for the business. 

    

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