One of the biggest problems start-ups face is not truly understanding their market. Many times new owners will go with a shotgun approach and believe their product or service works for everyone. While that may be the case, aiming for pleasing everyone is NOT a good approach. Pleasing everyone is too broad and will make your marketing extremely difficult to target. This approach will also leave you in the midst of clutter and ultimately leave you not pleasing anyone.
A clear strategy is the 1st step in a successful launch. By laying a solid foundation for your startup and targeting a specific group, you can easily attain your empire.
First, we access who your potential customer market will be narrow it down to those most in need of your product or service. By identifying what we marketers call a “niche” market we can effectively and aggressively market your start-up.
The questions we will determine are your market size by answering the questions—are we targeting a region? Men? Women? Children? K-12 teachers in urban areas? The more specific the better
Market Wealth- Does this demographic have money for your product or service?
Competition- Who is your competition and why are you better? How are you different? How can you stand out?
Value Proposition – Is the problem you are trying to solve worth what you are charging?
“A Problem well stated is a problem half solved.”
Where do your Customers gather? How do they buy? Do they meet online on a certain page? Or do they meet at events? Do they shop online? If so where?
What appeals to your customers? Is it low price? Is it a purpose? Is it customer service?
What does your customer think of your product?
It is critical to establish your market ina way that helps you more deeply understand your customer and their needs. Without this first step, both your valuable time and money will be wasted.
Don’t throw spaghetti at a wall. Putting in the time and effort upfront to answer these questions will Propl you miles ahead of your competition.