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Before you start any sales and marketing activities you should establish a
solid knowledge of the market by making a market description. If you don´t have a feeling of who your customers
are it becomes difficult to choose the right way to approach them.
Who are the market
There are a lot of questions that could be asked in order to establish a
picture a your customer. - How many customers can there potentially be?
- Do the
live in the neighbourhood or in the urban area, in the province, in the country,
in Asia or all over the world?
- Are they men, women, old people or children?
- What do they do in the spare time?
- What is the limit they are willing to pay for the product?
You shall know as much as possible about your potential customers. If you
know the name and address of the customers you have come very far in your marked
research.
- Read: How to start and run a small business
- Marketing Plan
Know your competitors in the market
In the market you also find competitors. You have to find out what you are up
against. On what level is the quality of the competitors product? What is the
price? How big is their turnover? How is their marketing and web site? Their
product development? Where are their weak points?
Iceberg
If you look at an iceberg 90 % of it will be under water. 10 % is visible to
the human eye. This you can compare with the market description and the
marketing material. You need to spend a lot of time researching the market and
thinking about the best way to approach the customers. After weeks of
researching you might end up making a five page web site and 300 business cards.
90 % was spend on research. 10 % on the appearance.
- Go to next
business issue: Market Research
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seem interesting
| consolee rukundo, rwanda |
31-03-2010 |
management of small boutique
| Vitthal Chaydhry, India |
27-11-2009 |
If you are in a market with a lot of customes dont bother make a market analysis. You just have to do better than the rest of the gang.
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