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you have a business idea and would like to know whether it might sell?
Well before you spend a lot of money on stock or decide to commit
to premises, you need to be sure that your idea is wanted and can sell
to your target audience.
Defining
your target audience
Before
you can begin selling to your audience it is important to be able to
understand and define the people you are selling to.
Isolate one of your product lines or a particular service you
offer and consider the following:
Is
this product line aimed at the business or consumer sector?
Consumer based
The
list is endless, but the more focused you are with your target market
the better you will be at selling your products or services to them.
Business Sector
What
type of business you are aiming at:
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If you are trying to sell a product or service
then the location of your target sector is extremely important.
How great is
this need?
Are
you trying to infiltrate an already catered for market group with the
same product?
Then
if so, why would they decide to buy from you?
Be very careful that you choose the right reasons, don't make
assumptions. Ensure you do
not rely on undercutting your competitors to attract your market unless
you have explored and can guarantee survival on the financial side of
your decision!
What is my
competition?
Where is the gap
in the market? (Take care if you have decided on price-cutting!)
Armed
with this information you can now make some informed choices on how you
can best attack your market for best results and higher profits!
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