Is market research the backbone of your strategy? If it isn’t or if you’d like to learn tips and tricks from an expert- join me for Market Research class on March 19th from 11:30am-1pm at BiGAUSTIN. Class is free with registration. Please do share with others in your network who might be interested. All are welcome!

Please click on the image above or via the link here to view a short-video of class excerpts:  http://vimeo.com/77657043

WHAT:  Understanding your Market class with Alix Morrow
WHEN:  Thursday, March 19th from 11:30am – 1:00pm
WHERE:  BiGAUSTIN, 5407 North IH 35, Suite 200
COST:  Free! [Registration required — call-in to register — number below]

REGISTER HERE:  https://www.eventbrite.com/e/understanding-your-market-tickets-16059212537

ALIX ON LINKEDIN:  www.linkedin.com/pub/alix-morrow/2/702/4aa/

WHY / CLASS DESCRIPTION:

http://bigaustin.org/event/understanding_your_market/?instance_id=1635

Understanding the context of your business is imperative for long-term success. We will start with the definition of market research. We will continue by identifying areas of interest and defining the usefulness of each area for your business. The session will conclude with considerations for continued market research success given the product life cycle model. After attending this session, you will have the proper context for gathering meaningful and relevant market research for informed decision making.

When a brand’s development reaches a bottleneck and growth slows down, frequently due to market saturation, a new strategy is needed to push the company forward. Increasing market share within the already established target audience is repeatedly the first go-to move by many. However, increasing use of a product/ service or stealing market share from a competitor can prove to be a futile effort, not to mention very costly. An often overlooked strategy is to branch out and look toward untapped niche markets. By finding an additional target audience, a company can create a whole new market segment filled with potential for growth.

Young Affluent Smart Segment (YASS) is just such a largely untapped segment. Based on our secondary research, AlixCompany defines YASS as the cohort at 25 -34 years of age with incomes over $100,000 per year. They have the capability as well as willingness to live a high-quality life and show love to the ones they cherish through consumption.

Looking at specific age groups, the table Money Income of Households—Distribution by Income Level and Selected Characteristics: 2009 indicates that the median household income for young adults, aged 25 to 34 years was $50,199. In this age group, the cohort earning more than $100,000 per year accounts for 16.25%. According to The Geographic Concentration of High-Income Households: 2007–2011, issued February 2013, most high-income households live in high-population counties, especially along the coasts. This could be a huge opportunity for your company to delve into.

Develop the untapped niche before your competitors and you will discover new market value. If we can assist to design a customized primary research study with YASS front and center, please just ask.

A search using keywords “young affluent” finds that researchers have paid attention to the Young Affluent Smart Segment (YASS), especially in recent years. Below is some information AlixCompany collected to offer you a brief introduction to existing findings in this niche. [Charts are clickable for prime viewability]

From Census secondary data:

Existing definitions of the cohort in today’s marketplace are summarized as follows:

AlixCompany is an early identifier and namer of the segment and our services support your ‘just right customized’ needs. Interested in YASS? Let us assist you in getting smart with the segment. Our perfect client includes:

1. Startups who have an interest in positioning in this segment;
2. Brands who want to develop a new market with new product lines;
3. Companies looking to rebrand or refresh current branding efforts;
4. Agencies who are working with brands currently connected to the niche.

AlixCompany’s YASS offering provides advance insight into this market, making you an immediate expert in the young affluent marketplace. We can offer you services in areas including market potential, consumer insights, competitor analysis, and short to long-term strategy.

Networking can be a huge help in pushing your company and career forward. However, many people overlook the details and don’t get the most out of it; networking is not a night out with your friends… so don’t take the same approach!  Below are some networking best practices so you can use networking to its full potential. Special thanks to Hui Wang and Luciana Torres for their work on this effort.

• Engage

Find influential industry professionals and don’t be afraid to engage. These people are leaders in their industry for a reason, so get to know them, learn from them, and show them how you can contribute as well. Don’t wait to be approached by someone, instead, confidently ask questions to break the ice.  A question like “What brings you to this event?” is a simple way to get a conversation started.

• Be Polite

You don’t have to speak with everyone, but you do have to be polite to everyone. Your actions reflect your professionalism and will be remembered, so be sure to leave a positive impression. This includes not “hijacking” a conversation- be sure to get your point across while also listening and giving others a chance to give their input.

• Be a Resource

While your ultimate goal may be to find investors, customers, or to otherwise improve your own business chances and conditions, you are also in a position to help others. Offer whatever resources you can- advice, contacts, support, partnership, or investment in order to increase your value to the business network.

• Relax

With so many rules and things to keep in mind, it’s easy to give off a stiff vibe. Know the best practices, but then relax and enjoy the event! Let yourself be taken by some conversations and don’t be afraid to show your personality. After all, that’s what will be memorable to others and make you stand out.

• Follow Up

After the event, no longer than two days, send out notes (emails are ok) to the people you held conversations with. The email should demonstrate that you enjoyed meeting them and that the time spent together was valuable. These emails should be sent out to everyone, even your competitors- professionalism is always appreciated. If the person you’re reaching out to is someone you would like to see again (and maybe do business together in the future), ask them if they are willing to set up a meeting.

With these easy suggestions, you can turn your next networking event into a valuable experience that could really help your company!

This past fall and summer, I contracted a brilliant University of Texas Grad Student to intern with AlixCompany. She asked if we could network together and I was more than willing. This post shares best practices for name  tag wearing and was created by Hui Wang and culled by Luciana Torres. I thought you all might also enjoy the read:

The name tag at a networking event is very important as it easily allows others to address you. Below are some details to think about when preparing name tags in advance:

• Magnetic-backed

Preparing a magnetic-backed name tag prevents clothing from being damaged by a pin or sticky back.

•  Lanyards

Special attention should be paid when you are offered a name tag with a cord or lanyard, since it easily turns over. You may need to find a way to fasten it or have your information on both sides of the card. Also, if the lanyard is too long it may sway when you are walking or may not be visible when sitting at a table. A simple solution is to shorten it to a proper length.

•  Easy to read

Your name tag is not a business card. Keep it simple and make sure important information, such as your name and business, is prominent. Avoid name tags with overly thick borders, unnecessary clutter, or too much text. If possible, test the font size and color to guarantee everyone can read it from a certain distance. The safest design is black or dark blue font on white background. Also, printed text is easier to read and more professional than a handwritten one.

•  Right or left

Wearing a name tag on the right is recommended in most cases. Why? It is easier to read when you are shaking hands. However, the left side may be more appropriate in mobile and populated events (e.g., expos and conventions). A name tag on the left side makes it convenient for people who are walking in your opposite direction to read.

In any networking event you want to be memorable and make the appropriate connections, so make it easy for people to remember your name! With the suggestions above, your name tag should allow for maximum eye contact and be as effective as possible.

I wanted to put MakerSquare Austin on your radar if it isn’t already and to share information about tomorrow’s open house.

MakerSquare is a 12 week intensive software training program. Students learn the full-stack (Ruby, Rails, JavaScript, HTML/CSS) and various JavaScript frameworks like Backbone.js. Sessions also include more advanced topics such as Responsive Web, Python, Node.js, Angular.js, and DevOps.

On Friday, they’ll take to the post-program road as classes end for the term. But before they go, MakerSquare is opening the doors for student demos, networking, and beer at an Open House this Thursday, October 2nd. I thought this talent showcase might interest some of our readers. If you are interested in attending, more information can be found here [registration is not required to attend]:
http://www.eventbrite.com/e/makersquare-open-house-tickets-13157359015