How to Choose Right Market for Your Business: Choosing a right market for your business (product and services) can be a game changing step.
if you pick the right market your sells will go high your marketing strategy will hit its goals more easily and you will be able to increase and scale up your business more easily
How to Choose Right Market for Your Business
So lets have a look on few factors which you should keep in mind while choosing your target market.
1. Understand your business
First of all you need to understand your business and know your products in and out.
How your product is going to add value in customer’s life what problem you are solving for your customers and how you are helping your customers to make their life easier.
2. Demand and support gap analysis.
If you want to enter in competitive industry then you should bring something new on the table if you want to make it big.
There is a one quote in The Art of war book that your should fight your enemies where they are weak.
It simply means don’t try to compete with your competitors on their strong points find a niche where they are weak and dominate there.
3. Define your customers
You need to identify your customers
What types of customers you want to attract in your business
For example 5 star luxury hotels attracts different types of customers and a local restaurant attracts different types of customers.
You can see both businesses have different types of customers luxury hotel customers can spend more money than a local restaurant.
So you need to decide what types of customers you want. you can do this by analyzing customers of similar business their age, gender, habits, locality, etc. Its totally dependents on your business so do your own analysis.
4. Reach to your customers and potential customers
See your business from the eyes of your customers what they want, what they like about your business.
what makes you different, where they expect your business to be how you can be a part of their life.
You can reach to your potential customers via referral, bring your friend and get extra off, sales, events, workshops, etc.
After identifying all necessary things you need to make marketing plans to reach your customers and potential customers.
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You can also run loyalty program, customers delight program, weekly discounts sells, organize events, help peoples through your business.
people loves it when a company comes forward to help a common man.
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