EmpressofBiz, Biz Tips: Monday 5W's and H of Marketing

Monday Biz TiP: Good things will and are happening....because you have a marketing plan that you are working. 
A good marketing plan is based on on the 6 W's and H.  
These are not "fancy marketing terms" that you have to learn before you talk about your business.  These are simple questions you have to answer that give you the answers to your  market.  They are as follows:
1.  Who is your market?
2.  What do they buy from you?
3.  Where do they come from?
4.  When do they buy from you?
5.  What are they willing to pay?
6.   Why do they BUY from you?
7.   How do they buy from you?

Let's take a look at a family owned heating/air conditioning/plumbing company....we will call the The Three Brothers Heating/Air Conditioning and Plumbing Company..  they have been in business for three generations and employ 12 people.

1.  Who is your Market?  The company serves the South Hills of Pittsburgh within a 30 minute radius of their shop.  Many of their customers have been with them for over 30 years.  Their market is primary composed of houses forty years and older,mid market price and approximately 30% have more than one bathroom.

 2.  What do they buy from you?   Popular  item is fuel efficient furnaces and air conditioning.  Growing items are air cleaners and requests for powder rooms and full second 

3.  Where do they buy from you?   In the customers home as of now.  With the growing requests for powder rooms and second full baths the company  is thinking of establishing a store on main street.

4.  When do they buy from you?   Year round...although there are several months that have very low activity and the owners want to increase their customer base.

5.  What are they willing to pay?  The companies customers pay higher than average and do so because of their longevity and willingness to come at any time when their is a heating or air conditioning or plumbing emergency.

6.  Why do they buy?   Customers buy on trust and perceived value.  If you buy from them they will be their to take care of problems and "they know what they are doing".

7.  How do they buy from you?  Customers call in for several reasons     Generally customers call in either because they have a problem or responding from one of 6 mailings the company does to remind people of their service, maintenance contracts or new products.  
Customer generally pay by cash, check, credit card or for good customers they have a billing program.

This company has a number of decisions to make based on the opportunities that are being presented to them.  We will discuss this in our next post.