The Place to Start and Grow Your Business

Albuquerque • Farmington • Las Cruces • Rio Rancho • Roswell • Santa Fe

Clint Reecer, MBARegional Manager,WESST Rio Rancho

What is WESST?• WESST is a statewide small business development and training

organization committed to growing New Mexico’s economy by cultivating entrepreneurship.

• WESST offers a variety of services to New Mexican entrepreneurs, including:• Business Training• One-on-one Business Consulting• Low Cost Loans• Business Incubation

• Many of WESST’s services are free!• WESST also has very low-cost specialty services available

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Who does WESST work with?• EVERYONE!

• We provide services across all sectors and support all individuals.• All WESST offices are Women’s Business Centers

• WESST’s Statewide Impact, 2008-2011:• 1,159 jobs• $93 million in personal income• $128 million in Gross Regional Product• $60 million in wage and salary disbursements• $87 million in consumer spending

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Product and Market Definition• What are products?

• Every business offers a “product” – whether that is a good or a service.

• Your products are what customers associate with your business.• Markets:

• The market is the context in which your products are sold.• Markets are composed of:

• Buyers• Sellers• Competitors• Other External Forces

• Products and Markets are deeply interrelated!

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Product and Market Definition

• To be a successful entrepreneur, you must develop your product with a target market in mind.

• Be able to think about each element independently, as well as how they relate to each other.

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Product and Market Definition• Questions you should be asking:

• What are my products?• Who are the consumers in the market for my products?• Who is my competition?

• Direct – other businesses with the same product for your market• Indirect – other businesses with a replacement product for your market.

• How do I best reach the consumers in my market, and how can I overcome my competition?

• The answers to these questions are constantly changing.

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Marketing• Marketing is the process of presenting your products to your

target market.• Marketing comes in many different forms:

• “Traditional” advertisements (flyers, TV/Radio, mail, etc.)• Digital marketing

• Social Media (Facebook, Twitter, LinkedIn, etc.)• Search Engine Optimization (SEO)

• Word of mouth

• Marketing is a constant effort!

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Marketing• Think about your 4 P’s:

• Product• Place • Price• Promotion

• Once you’ve identified the 4 P’s, create a Marketing Plan that addresses these content areas:• Short-term goals (less than 1 year)• Long-term goals (greater than 1 year)• Marketing budget• Proposed marketing efforts and their costs

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Resources for Small Business• WESST Training Programs:

• Technology Basics for Small Business – WESST Rio Rancho• February 4th

• 5:30-7:30• Social Media – WESST Albuquerque

• January 21st & 28th • 5:30-7:00

• Register online at www.wesst.org/events• Many others are available as part of our Technology Toolkit –

check back frequently for new courses!

• One-on-one consultation with a WESST advisor!

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Online Resources• Small Business Administration

• www.sba.gov

• Office of Women’s Business Ownership• www.sba.gov/about-offices-content/1/2895• It’s easier to Google it!

• Finance New Mexico• www.financenewmexico.org

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Contact Information

Clint Reecer, MBARegional ManagerWESST Rio Rancho4001 Southern Blvd. NWRio Rancho, NM 87124(505) 892-1238creecer@wesst.org

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Thank You!