subject: Knowing Your Market [print this page] Opening the doors for business doesnt always mean that folks are going to walk right in and want your services. The market is where all business does business with the world, so you have to understand exactly where your business is going to stand and grow. There will be two primary areas where youll need to start your businesses investigation: your audience and your competition.
The community
The bottom line is that your products or services you are going to offer must have value to the consumer. Whether you achieve this through your quality business charisma or hot products that few can say no to, it is vital to any business to offer what the world needs and wants. It is difficult to sell popsicles to Eskimos, but it can be done. Your product or service will have to be attractive to the audience, so youll need to find out if you are going to be in a fair market.
Consider also what kind of market you are about to get into. There are vast amounts of other businesses out there that may offer services likened to your own. Youll want to find out if your services and products will have a competitive edge, and how you will need to adapt your image to take the lead in the race. Find out if the market is already flooded with businesses similar to yours, and if there is a way to set yourself apart from the rest.
Why would they want to do business with you?
Do they trust you? Is it because of your skill and education? Relationship with others, including your audience, is important to being able to market your business. Consider how the people perceive you. Are you a newcomer to the business community, or are you a veteran with business expertise? These factors will affect how the business world will view you and your business.
How you treat your clients makes a huge difference in your business image. This is where your customer service skills will play the big part of creating a friendly and businesslike image. If youve had troubles in the past with customer service, you may have a difficult time overcoming them, so be prepared to strengthen your image with quality services and adapt yourself to become a customer friendly company.
Personalized services
Are you going to be in business to help particular groups, say for instance, families? Or will your audience be a little wider in nature. Perhaps you may even be targeting other businesses as clients, especially if you offer services that help companies achieve their own goals. Know the subgroups in your business market, because it will make your marketing strategies more specific in nature, allowing you to focus on what needs to be done rather than a spraying and praying strategy.
You will want to know your audience at a business intimate level. Consider what interests your clients will have. If youre in the sports business, youll want to know what types of sports are of interest to certain groups to help direct you to certain areas of the market.
Growth in the industry
While researching the market is vital in the beginning, continuing growth depends on adapting yourself to the ever changing market patterns. Consider looking to the past as well as current market styles. Like they say: History repeats itself. So you will want to also study where your market has been, and estimate which direction its going so that youll be one step ahead of the curve.
Set yourself apart from the rest
The best thing you can do in any market is to set yourself apart from the rest. Understanding your competition and your audience are necessary for this particular area. Youll have to find ways to make you and your business stand out and become experts in your market. With a better understanding of your business market, youll be able to step on the right stones and continue moving forward towards a future of growth and success.
