Marketing and Sales
Doing market research
Before investing time and money in your business idea, it is important to understand the facts. Completing basic research - like market research - can help avoid all types of problems. Let’s start with the basics that apply to all aspiring business owners: Do you have an idea or a business opportunity? An idea can make you money, but only after its viability is confirmed. To be successful, you have to:
- find people willing to pay for your product or service – research market potential using census data and demographic databases
- deliver the service or manufacture the product – research production options using business databases
- know who you compete with – research competitors using business databases
- understand whether your product or processor is unique or proprietary and how to protect it – research patent filings or register a trademark
Go to The Resource Navigator and search for Business Research to find libraries and others who can help you.
Using web-based marketing strategies
According to About.com, the top 10 Internet marketing strategies include:
- getting ranked with major search engines
- learning to use email marketing effectively
- blogging and interacting with your visitors
Exporting to expand sales
If you have a website to sell your products or services, you have the potential to reach markets beyond your immediate borders. According to the US Census, less than five percent of the world's population lives in America. That's millions of potential customers beyond our borders!
The Arkansas Export Assistance Center can provide help with things like trade counseling, market intelligence, business matchmaking, and commercial diplomacy.
Selling to the Government
Arkansas has a network of organizations in the Arkansas Procurement Assistance Center that can help with submitting bids to government agencies. They also support businesses in gaining certifications for women, veteran and minority-owned businesses.
Becoming Certified
Certification can help you market your business to both large business and governments. Many large corporations and governmental entities set aside a percentage of their purchasing contracts for small businesses, minority and/or women owned businesses. Becoming “certified” as one or more of these types of businesses enables a company to bid on contracting opportunities.
Many large corporations accept certification through third parties, such as The Mid America Minority Business Development Council, The National Women Business Owners Corporation or The Women’s Business Enterprise National Council.
Most government entities will require a company to at least go through a streamlined or shortened verification process specific to that entity.
Certification can take from 30-90 days.