Who Will Buy What You Have For Sale?
You can have the best product or service in the world, but if no one buys it,
it is worthless. Make a list of potential customers: individuals, groups,
segments of the population, or other businesses that need your product or
service. Have a clear picture of who they are and why they'll want to buy
what you have for sale. Describe your prospective customers in details: age
groups, sex, socio-economic backgrounds, likely interests etc. Brainstorm all
the possible markets (customers) and uses for your product or service.
Don't Try To Be All Things To All People
Look at where you will sell your product or service. What areas will you aim
to cover initially? What possibilities are there for future expansion? Local,
regional, statewide, nationwide, or global?
What About The Competition?
Effective competitive intelligence can mean the difference between success
and failure in your business. Oddly enough, many small business owners
start out by making assumptions based on very few fact and figure they'll
get the answers to all their questions as they go along. Dangerous stuff!!
It is critical to know where your product/service/business will fit in the market
place. Will your product or service be cheaper or more expensive? Will
it be different? What about quality, presentation, opening hours,
location, and level of service... How will your product or service
compare?
Those are questions that are vitally important and it will take a little
homework to gain insight into the best ways to complete.
Stay Competitive To Stay In Business
Even if you've been in your business for years and are continuing down the
path you set long ago, you may be making today's decisions based on
outdated assumptions about your market and competition. Stay competitive!
Regularly ask yourself:
Find A Unique Market Niche
In planning your business, look for a unique market niche that will give you
freedom from strong competition, or that will make your products or service
more valuable than competitors in the market.
Take every opportunity to learn from the competition. Learn from their
growth strategies, positioning, and media strategies. But, that does not
mean to say you should imitate what they do. Be different...Be better!
Observe what they do right and avoid just gloating on their failures.
The more you can learn about your customers and your competition, the
better you'll be able to decide how to position yourself in the market.
You can have the best product or service in the world, but if no one buys it,
it is worthless. Make a list of potential customers: individuals, groups,
segments of the population, or other businesses that need your product or
service. Have a clear picture of who they are and why they'll want to buy
what you have for sale. Describe your prospective customers in details: age
groups, sex, socio-economic backgrounds, likely interests etc. Brainstorm all
the possible markets (customers) and uses for your product or service.
Don't Try To Be All Things To All People
Look at where you will sell your product or service. What areas will you aim
to cover initially? What possibilities are there for future expansion? Local,
regional, statewide, nationwide, or global?
What About The Competition?
Effective competitive intelligence can mean the difference between success
and failure in your business. Oddly enough, many small business owners
start out by making assumptions based on very few fact and figure they'll
get the answers to all their questions as they go along. Dangerous stuff!!
It is critical to know where your product/service/business will fit in the market
place. Will your product or service be cheaper or more expensive? Will
it be different? What about quality, presentation, opening hours,
location, and level of service... How will your product or service
compare?
Those are questions that are vitally important and it will take a little
homework to gain insight into the best ways to complete.
- What are the types of services offered or products sold?
- What are your competitors' fees or special offers?
- What type of advertising do they do?
- Is a range of marketing niches being served, or are your competitors
mainly going after one distinct type of prospect or market segment? - Are there unplugged market niches?
- What are the customer hot buttons?
- What are the over served market segments?
- What are the common benefits and key selling points
communicated? - What promises do competitors make?
- What expectations do customers have based on those promises?
Stay Competitive To Stay In Business
Even if you've been in your business for years and are continuing down the
path you set long ago, you may be making today's decisions based on
outdated assumptions about your market and competition. Stay competitive!
Regularly ask yourself:
- Where is my business gaining market share?
- Where is my business losing market share?
- Where is my business weak?
- Is anybody currently exploiting that weakness?
- What is the relative strength of my business?
- Is my audience aware of that strength?
- How can potential customers differentiate my business from the
competition?
Find A Unique Market Niche
In planning your business, look for a unique market niche that will give you
freedom from strong competition, or that will make your products or service
more valuable than competitors in the market.
Take every opportunity to learn from the competition. Learn from their
growth strategies, positioning, and media strategies. But, that does not
mean to say you should imitate what they do. Be different...Be better!
Observe what they do right and avoid just gloating on their failures.
The more you can learn about your customers and your competition, the
better you'll be able to decide how to position yourself in the market.
To Succeed In Business: |
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| How To Make Money On The Internet FREE Ebook |
It is impossible to be all things to all
people.
potential customers or clients.
potential customers or clients.
potential customers or clients.
Find a hungry market that wants
what you have for sale.
people.
potential customers or clients.
potential customers or clients.
potential customers or clients.
Find a hungry market that wants
what you have for sale.
| Make Money From Home On The Internet CLICK HERE FOR RED HOT DOWNLOADS |
| By Business Entrepreneur Noel Peebles © |