Bootstrap marketing is the most convenient form of marketing for most startups and small businesses. Bootstrap marketing involves the use of little or no budget and creativity to reach a business’s target audience and make them possible clients for the business. This paper will analyze the importance of market research for bootstraps, how a business can create a competitive edge using bootstraps, and how a business can pinpoint a target market (Stine).
The Role of Market Research in Building A Bootstrap Marketing
For an effective bootstrap marketing plan, market research is vital. This is because the research involves collecting, analyzing, and interpreting data relating to a company’s market’, rivals and customers. The critical role of market research is to identify the satisfaction levels of pre-existing customers and possible ways to gain new customers. Low-cost and timely market research can quickly identify significant demographic and market trends. The market research process involves various steps such as; defining the objective of the research, whereby the researcher sets up the goal for their research. Secondly, the marketer collects data from customers through means such as surveys, social media conversations, focus groups, test markets, business directories articles, among others. The third step involves analyzing and interpreting the obtained data .lastly; market research involves drawing conclusions and acting on them (Nyukorong).
Plotting a Bootstrap Marketing Strategy: How to Build a Competitive Edge
A company can create a competitive edge when the customers perceive that the company’s goods or services are superior to those from other companies (competitors). The minor nature of the business creates a unique advantage over large competitors when adequately used by business owners. There are numerous ways in which the bootstrap marketing technique builds a business brand when the customer is the target. An entrepreneur creates a competitive edge through bootstraps by finding a niche and entirely focusing on it. This allows the company to take advantage of small areas that the large businesses ignore and then create dominance. Secondly, a company can make use of publicity. This can be done b sponsoring popular local events, media interviews, and sponsoring community projects (Stine).
Thirdly, a business can gain a competitive edge by being unique in its customer approach and standing out from the competitors. Another meaningful way a company can gain a competitive advantage is by linking with customers emotionally, whereby a customer gets an emotional boost anytime they make a purchase. This may either be through offering customized products for customers. The fifth most crucial way of gaining a competitive edge is by dedicating itself to customer satisfaction. This is by encouraging customer feedback and making up a follow-up for any concerns from customers (Nyukorong).
How A Small Business Can Pinpoint Their Target Market
The target market refers to the specific group of potential customers a business intends to sell its products or services. Pinpointing these target markets is crucial for marketing effectiveness, unlike the traditional mass marketing practices that are costly and risky as their efficiency is not guaranteed. The marketing strategy ensures that the message reaches out to those highly likely to purchase a product and its predominant customers. To identify a target market, the company should conduct thorough marketing research to understand well and segment potential customers based on their needs. The segmentation can be based on race, age group, gender, income, educational level, demographic features, among many more considerations (Nyukorong).
In conclusion, Bootstrap marketing plan comes with a range of benefits in creating awareness of a product to customers. Employing unique and creative bootstrap marketing as described above ensures that businesses are in the spotlight and create a special connection with their customers.
Nyukorong, Remy. “Conducting Market Research: An Aid to.” (2017).
Stine, Robert. “Sociological Methods & Research.” An Introduction to Bootstrap Methods: Examples and Ideas (2018). <https://doi.org/10.1177%2F0049124189018002003>.