First, with your guidance and input, we need to establish the
service area. Sometimes that is easy, for instance for a restaurant
that obtains 80% of its business from consumers within a 10-mile
radius and the remaining 20% from travelers thanks to the eatery’s
relatively close proximity to major highways. Another example
would be an assisted living facility to be constructed where a
certain percentage of the residents would move from 6 to 7 zip
codes within close proximity to the location or from within a 5-mile
radius, a smaller percentage from a 10-mile radius, and an
additional percentage from an extended distance based on a
desire to be close to family members or due to high-quality
services or amenities. For other businesses, such as several of
our technology clients, their service area includes the entire United
States. Or, if their solutions target a specific industry and
regulations within a certain state, then their service area is that
State.
Assessing the competition is quite another matter, often best
completed initially by the client with our direction with our review,
comments, and edits. We specialize in research that can
establish the competition either locally, regionally, or nationally,
depending on the goals and objectives of a particular Business
Plan.
Once we have assessed the service area and the competition,
research on a particular industry or business, as well as our
experience in many different types of businesses, allows us to
establish a Market Penetration Rate. The Penetration Rate is
defined as a series of logical assumptions that determines what
percentage of customers or consumers utilize your Service(s)
and/or Product(s) within your service area.
We are often asked to provide standalone market studies. This is
an area of strong expertise, which includes nationwide support
from our network of affiliates, consultants, and experts, including
public relations experts, branding consultants and other team
members. Together, we can help you build existing businesses.
For more information on market analysis for long-term care and
senior housing operators, please click here.
In addition, we provide marketing consulting services that include
a complete review of your strategic marketing plan or preparation
of said plan based on your company’s goals within existing
markets or new territories of service/product lines you are
developing. For companies that need a kick start to increase
their sales or client base, we can provide complete marketing
services that go beyond the strategic marketing plan to include
preparation of marketing materials on a flat-rate contract basis
over 4-6 months and other related items, brochures, letters, and
press releases. In addition to Business Plan development, once
funded, we provide marketing services that include preparation
or editing of strategic marketing plans; preparation of press
releases, brochures, and marketing materials; and direct
marketing services to your potential clients.
