Who Is Your Market & Where Are They?
An important part of planning your business is to know who will use your products/services.
The vast majority of small businesses will rely on their communities for sales. It is in your best interest to get to know everything you can about your community, or the people who will use your business products/services.
Please don’t spend advertising dollars on people who don’t want or need your products/services. First, find out who are your potential consumers. Research by answering the following questions:
• Are most of them female?
• Are most of them male?
• Are they an even mix of male & female?
• What is their average income bracket?
• Where would these consumers generally congregate?
• What are their interests?
• What is the average size?
• What is their average age?
• What type of work do they do?
• Do they live in apartments, houses or rural areas?
• What is the average family size?
• Which radio stations would they most likely listen to?
Answering these questions will enable you 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. With the answers to the above questions, you can formulate marketing strategies aimed specifically at those consumers.
Break it down into the types of people who live there, and you will be able to make informed marketing decisions. Find out the income levels of your average consumer that is vital to your business. Don’t waste your time trying to sell expensive items to low-income consumers. Study, your consumers habits.
Once you have a better idea of who you are targeting, you can then research the best way to advertise and promote your business.
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Comments
Great questions to start your strategic planning, as well as the business planning. The market is what you need to conduct the other prediction. Thank you.
Great post! This same sort of process needs to happen for the operations and product aspects of the business as well (asking a good set of questions) and then most importantly the plan needs to be executed. We have developed a manifesto on “Execution” that might be useful to your readers. http://bit.ly/M5Wj8
Thanks,
Ed Loessi
RapidInfluence
http://www.rapidInfluence.com












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