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So, how much do you know about your market?

The more you know before you commit yourself totally, the better are your chances of success. Try these for size:

  • Do people want or need your product? How do you know?
    You need to find out what alternatives people are currently buying. Also how many, and how often do they buy?

  • How many people want your product? How do you know?
    Find out how many potential customers you might have. Ask your suppliers, ask people who already use the product or service, ask your competitors.

  • Describe the type(s) of people who would be likely to buy your product or service.
    This helps develop your customer profile. The more you know about your customers, the better you can satisfy their needs.

  • How much will they pay for it? How do you know?
    Check out your competition again. Ask people what they would pay.

  • How frequently will they buy from you? How do you know?
    Repeat business is good business. Regular customers are the best customers.

  • How will they find out about you?
    As you find out about your customers, start thinking about how you will promote your business to them.

  • Have you conducted a survey (questionnaire)?  What does it show?
    You need to survey at least 50 potential customers. Design your questions carefully.

  • Have you tested the market by trying to sell some of your products / services?  What happened?
    This might be called the "Suck it and see" approach.

  • What is the competition? Who are they? Where are they? How many of them are there?
    Find out as much as you can about them.

  • How does your business compare to the competition?
    Check out the Competitor Analysis Chart on page 4 of the downloadable full version (link below).

  • Where will you locate your business? Why?
    What is best for you and your customers?

Have you done a SWOT Analysis for yourself and for your business? If not, you can download the full version of this document in PDF format to use as a guide. Pay special attention to the strategies you intend to use to either take advantage of your strengths and opportunities, or compensate for weaknesses and threats.

Click here to download (Marketing_Getting started.pdf  85K)


 

 

 

 

 

 

 

 

Copyright 2008 Active Business Systems Pty Ltd                        Last updated 18 December, 2008