Market Research | Insights | Boyds Direct

Crafting an Effective Vision Statement

Insights — Mon, 30 Jun 2025 12:41:11 +0000

When it comes to moving a business forward, nothing is quite as important as a vision statement. While a vision statement might be similar to a mission statement, the two have very distinct characteristics. Though mission statements are essentially based on the present, vision statements are focused on the future. Mission statements explain why a company exists, while vision statements focus on the values and hopes the business has for the future. A mission statement focuses primarily on sharing the company’s purpose with customers. Meanwhile, a vision statement is much more concerned with directing a company’s internal team members.

For this reason, some companies even choose to keep their vision statements private. And while both mission and vision are critical to any successful business plan, a vision statement can sometimes get swept under the rug. A vision statement is a vital part of any successful small business, so today we explore how to craft an effective vision statement to move your business forward.

1. Consider your core values.

First and foremost, consider your core values as a company before moving ahead with the vision statement. Your core values outline where the company wants to go in the future. By identifying the company’s culture, purpose and values, you can be sure to align the vision and mission statements as you move forward.

2. Find a need to fill.

Next: identify a need the company fills for customers. How do you help others solve their everyday problems? This should be a core component of the vision statement. After all, you can’t have a vision for the future if you don’t first know what you will be doing. Determine which problems the company addresses and consider how to include those in the vision statement.

3. Visualize the future.

Once you have identified the need, visualize the future for the company. Ideally, vision statements should reflect what the company will look like in five to ten years, though the length of time can vary depending on the business type. Identify where the business is at currently, and visualize where you would like it to go in the future.

4. Dream big… realistically.

While visualizing, don’t be afraid to dream big for the business… within reason, of course. Balance ambition with realism. Your vision statement should be big enough to excite people, but also realistic enough that it could actually be accomplished. If your vision statement doesn’t seem achievable, you might have a tough time getting fellow team members on board.

5. Use simple, short language.

As you begin drafting the vision statement, it’s important to use simple, clear and concise language. No need to get too wordy here. Focus on limiting the statement to one sentence of about 10 to 15 words. By avoiding lengthy or complicated wording, you ensure the vision statement is as clear as possible, and easier to understand by everyone who reads it.

6. Share the vision statement.

Speaking of reading, once the vision statement is drafted, it’s time to finalize and share it with others. Depending on your choice for the business, you could communicate the vision statement with other team members and investors, along with current and potential customers. By communicating the vision statement with others, you also hold the company accountable, as you move forward into the future and strive to accomplish your goals.

Of course, as the business grows, so does the vision statement. A vision statement should adapt and update as the company does, constantly reflecting the goals you want to achieve. An effective vision statement is a vital component of any successful business plan. As you move forward, be sure your vision statement is drafted appropriately and ready to lead your business into a successful future.

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Identifying Your Target Audience

Insights — Mon, 09 Jun 2025 12:05:34 +0000

In the marketing world, there’s nothing quite as crucial as an audience. Before you can sell something, you first have to know who you’re selling to. In this case, the who is practically more important than the what. And if you ask any successful business owner about the most vital part of marketing, they’ll undoubtedly say the same thing: Know. Your. Market.

However, knowing your market is often easier said than done. You start with a product that you want to sell, but you’re not sure who wants to buy it. How do you identify your target audience? We have a few crucial steps.

Evaluate current customers.

A simple way to start identifying your target audience is by evaluating your current customer base. Who are the people that already buy from you? What do they buy from you, and why? Collect as much data as you can on common demographics, characteristics and interests among your customers, and then evaluate it. Once you know who is already buying the products, you gain a better grasp on how to reach them and others.

Check on the competition.

You can learn a lot from your biggest competitors. If you’re not quite sure who your audience is, check on who the competition is targeting. Who are their current customers? While your idea, product or service might be somewhat unique, chances are you’re still part of an existing industry. There are others around you doing similar things. You just have to identify who they’re marketing to and discover a way to set your business apart.

Analyze the product.

If you have a product but no audience, start there. Make a list of all of the features your product offers and the benefits it provides. Then, work your way backwards to a list of people who have a need for those benefits. For instance, a print company could create business cards. Business cards set a company apart from the competition, identify their brand and get their name out there. So someone looking for a business card could be a small business owner.

Immerse yourself.

In today’s modern world, it’s not hard to get to know your audience members. Just go online. Immerse yourself with your customers and target market by engaging followers, interacting online and understanding what’s most important to them. You can even take things offline by hosting and attending events within the industry. The more you immerse yourself in the target culture, the more you will learn about potential customers.

Consider graphics.

And by “graphics,” we mean demographics and psychographics. Demographics refer to common trends among customers, while psychographics are more personal characteristics of individuals. For example, demographics include such things as age, location, gender, income level, education level, marital status, occupation and ethnic background. On the other hand, psychographics refer to a person’s personality, attitude, values, interests and hobbies, lifestyle and behavior. By considering the market’s common demographics and psychographics, you can create a general profile of your target audience member.

Knowing your market is critical to any successful business. However, it can sometimes present a challenge. As you navigate your company, keep these ideas in mind for how to identify your target audience, connect them with your product or service and grow the business.

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Making Networking Work for You

Insights — Mon, 10 Mar 2025 18:45:08 +0000

No matter who you are or what you do, networking can help you and your business grow. Today we dive into the big benefits of joining a networking group.

When it comes to business, you’ve probably heard the famous phrase: “It’s not what you know; it’s who you know.” Who you know can often connect you with top professionals in your field, help you build relationships with other businesses and even land you high-level jobs. Who you know matters, but how do you get to know them in the first place?

The answer: networking. Networking serves as a critical component of any business field, from marketing, to the paper industry and beyond! No matter who you are or what you do, networking can help you and your business grow. Today we dive into the big benefits of joining a networking group.

Connect the business.

Of course, the greatest reason for joining a networking group is the ability to connect your business with other businesses and professionals in the community. Whether you own a business or not, joining a networking group gives you firsthand contact with other industry-leading experts, giving you a leg up for business opportunities in the future.

Gain business advice.

When you connect with other professionals, you have the opportunity to learn valuable business advice from those who might have more experience or knowledge than you. Advice like this can’t be found in a simple self-help article online or a quick podcast in the car. It’s personal, direct-to-you advice that is invaluable when working with or building a business of your own.

Do market research.

In a networking group, chances are there might be one or two other professionals in a similar field as you. This gives you the perfect chance to do market research. Bounce ideas off of the associates you make in your group, explore new ventures and listen to genuine feedback from those who may or may not be in your market—but have a unique perspective.

Expand your knowledge.

What happens when you gain business advice and do market research in this networking group? Simple. You expand your knowledge base. And the more you grow in field, industry or business knowledge, the better opportunities you’ll have later on. Through networking, you have access to a shared knowledge base by connecting with like-minded individuals on a professional and personal level.

Earn referral partners.

Of course, the more businesses you connect with, the more referrals you can earn for your own company. Networking groups often have agreements to refer any businesses or individuals to each other before going outside of the “inner circle.” Sources like this are a gold mine when it comes to gaining and retaining new customers—who may not have heard of you otherwise.

Raise company exposure.

Whether you own your own business or work with a company you care about, being involved in a networking group allows you to raise the company’s exposure in the community. Get the business name and image out there by connecting with individuals from various fields.

Enjoy membership benefits.

Finally, many networking groups often have big benefits for members, such as discounts, coupons, swag and other perks—not to mention those guaranteed referrals we mentioned. These benefits alone are worth joining a networking group, as they unify and foster strong relationships within.

There are lots of benefits to joining a networking group in your community. No matter who you are, where you work or what your business journey looks like, consider joining a networking group near you.

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