You want to start a business? Please research your market!
So you have a business idea? You want to start a business that makes you money every month? Then you must learn how to do your home works and research your market.
I’m also running a business and I can tell you from my experience that it will be easy to run a business if you know your targeted market. If you have your own targeted market, your business will be easy to stand out the crowd and grow faster than you ever dream about.
Brad Sugars, Entrepreneur.com’s Startup columnist, wrote an article on How to Research Your Market which I would like to share it over here.
Question to detect your targeted market for your business
- Is the market saturated? This will determine whether it is easy to make money from your business
- Does the market demand on what you are offering? This will let you see anybody will buy or use your products and services
- What’s the competition doing? Get to know your competitors, understand their SWOT and then position your business in the market accordingly.
- Can you reach your target audience? Research whether you really can reach your target market in particular area.
Collecting information that helps you develop a unique business
- Trade Information
- Demographic and economic data – you can try out American FactFinder, State Data Centers and Economic Census
- Business Groups
- Local Universities
- Local Competitors
- National Competitors
- Potential Customers
Source : Entrepreneur.com
Increase your business sales by knowing 10 triggers that make people buy
First you must understand what people really want, and here is the top 10 “wants†of people:
- People want to make money
- People want to save money
- People want to save time
- People want to look better
- People want to learn something new
- People want to live longer
- People want to be comfortable
- People want to be loved
- People want to be popular
- People want to avoid stress and gain pleasure
So if you can position your services and your products according to the “wants†of your customer in the market, then your sales will be boosted like rocket.
The Five “C†for successful Branding
I always hear that “Brand†is the key to success in business. Especially if your business market is very competitive and saturated, Brand awareness is important for your products to stand out the crowd. This is why there are so many companies spend billions of dollars to push up their brand.
So what is it takes for a successful Branding? Below is the 5 “C†that BeyondMarketingllc.com listed which needed for successful branding:
1. Consumer’s View – what is the consumers feeling on your brand
2. Confirm the Brand – Confirmation has to come from every level or your brand will not be credible
3. Communicate the Message – Your brand should be marketed across a wide-range of media and have a clear and concise message
4. Consistency – Constant Brand reinforcement is important.
5. Commitment – The commitment to the brand and its message has to be reflected by every aspect of your company
Source : BeyondMarketingllc.com
