Business Recources Tips : How to Win the Market
winning-the-market
As a business man, at least two things that you need to do to winning the market. The first thing is describe your target market by these six basic elements, consist of categorized by age, sex, profession or career, income level, educational level and residence.
Identify and describe your customers by their age, sex, income/educational levels, profession/career and residence. You must know your customers better than you know anyone – their likes, dislikes, expectations. Since you will have limited resources target only those customers who are more likely to purchase your product. As your business grows and your customer base expands, then, you may need to consider modifying this section of the marketing plan to include other customers.
Then, you need to identify your competition. You can do this by conducting market research data and demand for product. Analyze who is your nearest direct and indirect competitors, the strengths and weaknesses of competitors, an assessment of how competitors businesses are doing, a description of the unique features of your product, the similarities and dissimilarities between your product and competitor’s, a pricing strategy for and comparison of yours and the competition’s products.
Identify the five nearest direct competitors and the indirect competitors. Start a file on each identifying their strengths and weaknesses. Keep files on their advertising and promotional materials and their pricing strategies. Review these files periodically determining when and how often they advertise, sponsor promotions, and offer sales.
The last point is describe your product. Try to describe the benefits of your goods from your customer’s perspective. Emphasize its special features – i.e., the selling points. Successful business owners know or at least have an idea of what their customers what or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty.
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