An important part of planning your small home-based business is to know who will use your product(s)/service(s). Market research is key to your business success!
The vast majority of small businesses will rely on their communities for sales. However, it is in your best interest to get to know everything you can about your community, and the type of consumers who will use your product(s)/service(s).
It’s important NOT to spend advertising dollars on consumers who don’t want or need your product(s)/service(s). First, find out who, where, what, why and when to define your market niche and gain potential consumers. The following questions should be a part of your marketing research and only your answers can dictate your business success. How Do You Define Your Market Niche:
• Are most of your consumers female?
• Are most of your consumers male?
• Are they an even mix of male & female?
• Where would these consumers generally congregate?
• Where within your social media networks can potential consumers exist?
• Where within your own community do consumers collaborate?
• What is their average income bracket?
• What are their interests?
• What is their average age?
• What type of work do they do?
• What is the average family size?
• Do they live in apartments, houses or rural areas?
• Why are they listening to radio stations, hanging out at social media sites? What’s their angle for doing so?
• When are they available to socialize with for example a.m and/or p.m?
• When is it the right time to pitch your product(s)/service(s)?
Research the answers to the above to define the physical limitations of your business and build a profile of your average consumer.
Some of the most successful businesses know exactly who they are catering to. The above questions can help you formulate a market strategy aimed specifically at those consumers that need/want your product(s)/service(s).
Break it all down into demographics. The more you know about your consumers, the better off you’ll be in making informed marketing decisions.
Find out the income levels of your average consumer – a VERY VITAL step! Don’t waste your time trying to sell expensive items to low-income consumers or less expensive items to higher-income consumers. Study your consumers purchasing habits. These powerful steps can determine your business success.
Once you have a better idea of who to target, you can then research the best way to advertise and promote your business to the right market niche!
Are you defining your market niche with the above tips? Please share your comments below.
About the author: Sonia Colon is writer/publisher of My Fashion E-Mall Blog, and biz owner at Books About Me. For additional powerful business articles and Internet marketing tips for maintaining a lucrative home business subscribe to her newsletter above.
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