Do You Know Your Market?

With the idea for a new business, comes a circle of questions that need great attention before proceeding any further.  The first question on your list of 500 is to define your target market.  Your target market is your consumer.  The consumer is the individual or group of individuals that strive off your business, your core market of individuals in which your advertisements are addressed to.  There are two basic target markets: consumer and business.  It is apparent the definition for the two markets, but for the purpose of clarification, here are two examples:

1. If you sell shoes to a retail store or in your own store, your target market is consumer.
2. If you sell commercial property or business equipment, then your target market is business.

Defining your target market will ensure a better chance of success and it will create a niche for your business and its services and/or products.  To determine and identify your target market, the process of evaluation of your products and/or services need to take place.  Once you have completed the questions below, you will have taken the step in identifying your audience and aiming directly for them, oppose to wasting money on those that are not interested or fit for your product and/or services, according to statistics.  Follow the question set below to help identify your market.

1.Describe the idea and concept behind your business
2.What will the concept be used for?
3.Are there similar concepts and ideas currently in the market?
4.What are places in which the individuals that would be interested in my product/service spend their leisure time?
5.Education places?
6.Shopping/Eating?
7.What is their preference in newspapers and magazines?
8.TV and Radio stations?  Any particular shows?

Once you define your target market, and you create a niche for your new founded business, keep it current.  Always re-evaluate your business, and where it stands with your clientele.  Ask yourself the following questions every time you re-evaluate your business.

* Who are your clients?

* Who are not your clients?

* Can they be converted into potential sales? How?

* What is the impression your clients have of you and your business?

* What do your clients think your mission is? Values?

* Can your niche evolve into current times, and current market and economic change? –Remember, you want a business that is successful, regardless of the economy, because society sees it as a necessity.

* What is your niche’s life cycle?

Once this niche has been well-established, your next step is to create a mission statement that will encompass the goals of your business and your philosophies in which your company will abide by.  The mission statement should be no longer than a few sentences; maybe a short paragraph of only five sentences.  The mission statement is what is presented to your customers as an overview of your business standings.  But not only is this statement instilled in your customers, but also in your employees, competitors and communities.  Like all other aspects of starting a business, the process of creating a mission statement starts with a list of questions that you can reflect upon.  Ask yourself why you are in business? who are your customers? how you differ from competitors? and define the type of level of service you provide.  Also, mention the roles played by your employees, if any, because they too are the key to a successful business if they are your direct link to your consumers.
The right words and phrasing can create the ultimate mission statement and give a lasting impression to your customers, employees, vendors and community.  For great lasting impression is a great method for establishing a new business.

We’d like to thank Giselle Rivera at www.Eliteresumes.org for another great contribution.

Editor’s Note:  If you’d like to be featured as a guest writer on Obzokee.com, please visit our “Write for Us” page.