Sunday, July 1, 2012

Knowing Your Market

Knowing your market is important as deciding on the location of your business. This goes without saying that these two success factors of your business goes hand in hand. For going into business without knowing your market is like walking along north or south express way or into the forest with blindfolded eyes.
Scanning your environment is key to sustaining your business. Bear in mind that when you enter into business - your business idea should be the solution to a problem. And your business should provide that solution continuously to your market.

Your market is your existing and potential customers. Understanding your existing and potential customers, the product or service's marketplace and who your competition is, allows you to plan for:
  • targeting your customers - their preference and what could be your business to offer them 
  • selling effectively - turn potential customers to customers at reasonable and competitive cost  
  • competing with other suppliers - enable you to be competitive with the existing business of the same nature thus help you decide on pricing, product volume and/or inventory control
  • discovering new business opportunities - opens other business ideas that you can offer
Conducting market research on your potential customers, or researching your competitors, can help you to plan your next marketing move and take advantage of any competitor weaknesses. It will also help you to understand potential and existing customers.

Simply put, knowing your market means understanding to whom you will give solution and why.

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