Step 1 of 21 4% Marketing & PricingMarketing Strategy {Company Name:16} Founded: {Year company was founded:14} {Nested Form:136:index[0],filter[1]} {Nested Form:136:index[0],filter[3]} {Company address:17.1} {Company address:49.2} {Company address:17.3}, {Company address:17.4}, {Company address:17.6} {Company address:17.5} Marketing & PricingBuilding a small business in a small Northern community can be challenging. However, whether you sew parkas, make soaps in your kitchen, design jewelry or even sell bannock, a marketing strategy will help you connect with your customers and build your business. A marketing strategy is a structured document outlining your business’s purpose, aims, and what makes it different from other businesses. It sets out who your customers are and why they should engage with your products and services. Your marketing strategy provides a clear framework for reaching your customers, including details on how you will promote your business and the relevant methods of communication you will use. Setting the right price for a product or service can be tricky, but it is very important to charge the right amount. Too high a price? People won’t buy as much. Too low? You may not be covering your costs and profit. This can be challenging when starting a new business, Following are questions to help you clarify your business goals and identify your potential customers. It will also help you figure out where they are and the best way to reach them. The following questions will also help you determine the best price for your product or services. Once you have answered all of the questions, you will have your own tailored marketing strategy! Let’s begin! Business InformationCompany NameCompany logoYear company was founded Month Day Year Company address Street Address Address Line 2 City AlbertaBritish ColumbiaManitobaNew BrunswickNewfoundland and LabradorNorthwest TerritoriesNova ScotiaNunavutOntarioPrince Edward IslandQuebecSaskatchewanYukon Province Postal Code CommunityChoose a communityArctic BayArviatBaker LakeCambridge BayChesterfield InletClyde RiverCoral HarbourGjoa HavenGrise FiordIgloolikIqaluitKimmirutKinngaitKugaarukKugluktukNaujaatPangnirtungPond InletQikiqtarjuaqRankin InletResolute BaySanikiluaqSanirajakTaloyoakWhale CoveOutside of NunavutName(s) and title(s) of who owns the company Name(s) of who owns the company Title(s) of who owns the company Actions Edit Delete There are no names and titles. Add name and title Maximum number of names and titles reached. Marketing Your ProductOur Products/ServicesSuccessful business owners know their customers well and understand what they want. It is important to make sure you have a product and service that customers want. Stay on top of changing preferences and trends in your business area. Keep an eye on your competition. More so, it is critical that you are able to tell customers what makes you different from your competition and why they should choose your product and service. Let's begin! Marketing Your ProductWhat you are sellingThe first step in developing your marketing strategy is to be able to clearly define what you are selling and why customers should buy your product or service. This will help differentiate you from your competition. What does the customer get from your product / service?Describe the product or service you want to sell. Marketing Your ProductWhat you are selling What is the goal of your business / product / service?Describe what your business wants to achieve by offering your products or services to potential customers. Marketing Your ProductWhat you are selling What makes your product /service special?Describe the unique features of your product or service that sets it apart from the competition. Marketing Your ProductWhat you are selling What is your brand?If you have one, describe your company's logo and what it represents. You should also include how you want your customers to remember you by and what impression you want to make. Marketing Your ProductIdentifying your customersReaching potential customers over a vast geographical area can be challenging. Successful companies pay close attention to the relationships they have with their customers. Using new marketing techniques, such as social media marketing (Facebook, Twitter, and Instagram), online marketing (setting up a website), traditional marketing (ads in local papers, ads on local radio) and even direct mail, business have many ways to reach their customers, which can make a big difference for your sales. Doing focus groups on potential customers is an excellent way to find out information about your potential customer. Marketing Your ProductOur customersIdentifying your customers Describe your potential client / customer.What type of customer would be interested in your product or service? For example, you can describe them by age, gender, particular needs, income level, occupation, geographical location, etc. Marketing Your ProductIdentifying your customers Where are your potential customers?Describe the geographical area where your business will focus on attracting customers. Will it be only in your community or will it be throughout the territory, across Inuit Nunangat, throughout Canada, or beyond? Marketing Your ProductIdentifying your customers Why would your potential customer need or want your product or service?Describe the specific needs you are filling for your typical customer. Marketing Your ProductIdentifying your customers How do you know your potential customer needs or wants your product or service?Describe what you have you done to identify customer needs and characteristics. Examples of activities to gather information from potential customers may include focus groups, interviews, surveys or other market research. You may also look at what your competition offers to better understand potential customer needs or wants. Marketing Your ProductIdentifying your customers Where are your customers currently getting the product or service?Describe where your customers are currently getting the product or service (your competition) and how they are getting it. Marketing Your ProductPromotionPromoting your business / product / serviceSuccessful business owners know their customers well, understand what they want and know the best way to reach them with information. Monitor how your customers are finding out about your products and services. Are they using Facebook and “Buy and Sell” pages or are they using more traditional methods, such as word-of-mouth and newspaper ads? Don’t be afraid to ask your customers how they found out about your business and if there are ways you could make it easier for them to find what they need. This will help you determine where to promote your business and how often you will need to do it. Marketing Your ProductPromoting your business / product / service What promotional tools will you use to promote your business?Identify places where and methods you plan to promote your business. For example, will you create a website, will you advertise using newspapers, radio ads, TV ads, online ads, social media? Pricing Your ProductSetting the right price for a product or service can be tricky, but it is very important to charge the right amount. Too high a price? People won’t buy as much. Too low? You may not be covering your costs and profit. Changing the price can change sales. Try not to change prices too often or customers may get confused. This can be challenging when starting a new business, but the following questions will help you determine the price for your product and service. Let's begin! Projected RevenuePricing Your ProductThe following questions will help you determine what a fair price is for your product and service. It is also a good idea to talk to your customers about what is a fair price and research what other similar businesses are charging. What does it cost to produce your product / service?Estimate the cost per unit for your product(s) or service(s). For example, how much would you charge for a one hour block of consulting fees, or for a single order of your product. When determining the cost of your product or service be sure to consider your overhead (e.g. office/ studio space, computer equipment and supplies, internet costs, etc.) as well as the input costs of your product or service (e.g. raw materials, packaging; for services, consider how your skill and education makes your service valuable). Product / Service Cost Actions Edit Delete There are no Products / Services. Add Product / Service Maximum number of products / services reached. Pricing Your ProductPricing Your Product Desired profit after expensesWhat do you realistically hope to make in terms of profit for your business? Express your answer in dollars per month Pricing Your ProductPricing Your Product What are your customers willing to pay for your product and service?Based on what you have learned about your customers and your product and service, what do similar products and services sell for? Can you offer a competitive price, based on your costs of production and your desired profit level? Pricing Your ProductSales and DeliverySelling and delivering your product or serviceUnderstanding who your customers are and where they are is critical to success. However, it is not only important for you to be able to reach your customers, but for your customers to reach you so that they can buy your product and service. How can customers order your product(s) /service(s)?Describe where you will offer your services; in-person, through an online or telephone-based platform, or both? If online, do you have a stable internet connection? If in-person, do you require a business location (like an office or studio), or can you work from home? Pricing Your ProductSelling and delivering your product How will your customers pay?What payment options will you provide? For example: cash, debit/credit card transactions, cheque, e-transfers, etc? Will you offer store credit? Will you require full payment for each purchase, or can customers pay monthly? Pricing Your ProductSelling and delivering your product How will you deliver the product or service?Does your product require shipping by mail or parcel post? Local delivery? How will you estimate the cost for delivery? Does your service take place virtually or is it delivered in person?This report is not intended to be a complete application for funding, nor does Pauktuutit collect any information from this tool(Required)This report is not intended to be a complete application for funding, nor does Pauktuutit collect any information from this tool I understand
