Understanding Your Market
This blog entry was posted on April 14, 2007.
Starting a new business? It doesn’t matter if you are planning a bricks and mortar business or a web business; you still need to understand your market. In Internet marketing or in our marketing consulting we coach our clients through this market analysis before helping them create their own marketing plan.
Market Forces: What market are you competing in? What size is it? Is it growing… if so, how fast. What factors or trends are happening that will affect it?
Competitors: Understand your competitors. What is it they do well? What are their weaknesses? What services and products do they provide?What market share do they have? What are their prices like?What do their customers think of what they provide?
Compare your offering: How is your product positioned in the market and how does it stack up against your competition?
Customers. Who makes the buying decision? What causes them to decide to buy? Describe everything you know about them including demographics, interests, hobbies and anything you can think of that will help you understand how they think.
Once you understand the market, the competition, how you compare and who your customer is, then you can design an effective marketing plan.
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Filed under: Business Consulting,Internet Marketing
This entry was posted on Saturday, April 14th, 2007 at 12:32 pm and is filed under Business Consulting, Internet Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.No Comments
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Comment by Micaela Keiss — August 9, 2011 @ 2:10 pm