Posted: Dec 11, 2007
Know Your Market
by: Kathy Tyson

A daunting part of starting a new business is identifying a target market. Novice business owners to well-heeled entrepreneurs experience the same difficulty figuring out who their product and services fit. Regardless how much of a challenge this may be, it is probably the most important part of your business plan. Without a clear target, you will not be able to move your product or sell your services in the most efficient and profitable way.

Begin with the basics and then work toward a final marketing model that captures exactly who your customer base.

What can your product or service do for them? Who would have a regular need for your product or service? Will the consumer understand and relate to your messaging? How do you build a relationship with your target audience? Who is your competition? How are you different from the competition?

In order to find your business niche, you must know your customers in and out. Doing your homework will save you valuable time and money in the long run and a lot of stress. After you have identified your core customer base, how will you keep them? Even after acquiring your customer base, you will have work to achieve brand loyalty and encourage them to become repeat customers. Take the time to observe people. Collect your observations and apply it to your messaging.

Do your research. There is so much information out there covering demographics, spending patterns, income etc that with a little drive and focus you can beat the odds. There is no excuse. Use the Internet, partner with a business mentor and use your local library to break the customer base code. Every year scores of businesses drown because they have not identified who is their customer base.

Research not only informs you about the market, but may even give you new ideas for your business or service. The more that you arm yourself with knowledge, the more empowered you will become as a business owner. One of the dangers of working on your own is the isolation. Make sure that you are constantly in touch with what is going on in your market. If you are aware of the market climate, then you will be prepared when change comes.

Article Source: http://www.goarticles.com/cgi-bin/showa.cgi?C=716253

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