One of the first steps to business planning is determining your target market and why they would want to buy from you.For example, is the market you serve the best one for your product or
service? Are the benefits of dealing with your business clear and are
they aligned with customer needs? If you're unsure about the answers to
any of these questions, take a step back and revisit the foundation of
your business plan.The following tips can help you clarify what your business has to
offer, identify the right target market for it and build a niche(position/slot) for
yourself.
Be Clear About What You Have to Offer
Ask yourself: Beyond basic products or services, what are you really
selling? Consider this example: Your town probably has several
restaurants all selling one fundamental product—food. But each is
targeted at a different need or clientele.One might be a drive-thru fast food restaurant, perhaps another sells
pizza in a rustic Italian kitchen, and maybe there’s a fine dining
seafood restaurant that specializes in wood-grilled fare. All these
restaurants sell meals, but they sell them to targeted clientele looking
for the unique qualities each has to offer. What they are really selling is a combination of product, value, ambiance and brand experience.
When starting a business, be sure to understand what makes your
business unique. What needs does your product or service fulfill? What
benefits and differentiators will help your business stand out from the
crowd?
Don’t Become a Jack of All Trades-Learn to Strategise
It’s important to clearly define what you’re selling. You do not want
to become a jack-of-all trades and master of none because this can have
a negative impact on business growth. As a smaller business, it's often
a better strategy to divide your products or services into manageable
market niches. Small operations can then offer specialized goods and
services that are attractive to a specific group of prospective buyers.
Identify Your Niche
Creating a niche for your business is essential to success. Often,
business owners can identify a niche based on their own market
knowledge, but it can also be helpful to conduct a market survey with
potential customers to uncover untapped needs. During your research
process, identify the following:
- Which areas your competitors are already well-established
- Which areas are being ignored by your competitors
- Potential opportunities for your business
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