Determining target market is the first business planning step. Priority should be given by asking some salient question like; why the people would want to buy from you? For instance, have you consider if the market you sell is the best market for your products and services? Are customers deriving the right benefits and satisfaction from your business? Can you genuinely say customer’s satisfaction is guarantee at the end of the day?
If the answer to the above is unclear to you, there is urgent need to revisit your background of your business plan.
Tips To Clarify Your Business Objectives
Use the below steps to define what your business is capable of offering to the market, identify the right target market and build a niche for your business.
Be Exact About Product and Service Offer
It is pertinent to ask yourself some salient question, apart from the general products and services which your competitors can easily do with ease, what are your unique products and services? What exactly are you selling? What is your business good at? For instance, your business location may have several IT and computer products and services, but each is focusing at diver’s customer’s needs.
One might be offering repair service, perhaps other maybe consumables and networking facilities only, and other sells hardware’s, while others sells the software and accessories. All these are computers market targeting clienteles that are looking for the unique qualities each has to offer. What they are really selling is a combination of products, values, services and brands experience.
Priority should be given to understanding the unique business needs of the customers, what satisfaction does your customers derives from your products and service? What unique characteristics that is associated with your products and service? What will distinguish your business to stand out from your competitors?
Avoid Being Jack of All Trade
Try to avoid to knowing how to do a little bit of everything and not doing it perfectly. But it sometimes comes at the cost of never having the time to master one particular skill, as such competency and customer satisfaction will be eroded. Clearly define and focus on what you do best, focus on product and service whose knowledge and skill is handy to you. Don’t involve in so many products or services line you will be unable to meet customer’s satisfaction because it will have a negative impact on your business growth.
Develop a strategy by structuring your products or services into manageable market niches. This will enhance smooth operation. In doing this, it will be easy for your small business to offer unique goods and services that are attractive to a specific group of prospective buyers.
Identify Your Niche
Niche market is a subset of a market on which a particular product is focused. Niche marketing defines product features, production qualities, demographics and price range to satisfy specific marketing needs.
It is a highly specialized market segment, which targets a niche of particular enthusiasts and aims to survive among the competition from numerous super companies. Niche marketing is a useful approach, which can help businesses to increase their financial gain margins.
Niche marketing is extremely cost-effective. For instance, if you are offering a product for a selected demographic, you could advertise the product using a local media so that marketing budget go a lot further, allowing you to use a more comprehensive media mix. Niche marketing works well when you understand the market.
Creating a niche is made easier by conducting 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.
Please feel free to comment and suggestion for area that needs improvement.