Now is the Time to Get to Know Your Market
- Step 1: Determining & Defining Your Brand.
- Step 2: Researching Your Market and Positioning Your Brand to Capitalize on a Sector of it.
- Step 3: Launching Your Brand.
- Step 4: Managing, Monitoring & Tweaking Your Brand
In this week’s podcast episode, I want to talk about Step 2 of Researching Your Market and Positioning Your Brand to Capitalize on a Sector of it. I chose this topic this week, in part, because I am featured as a guest poster at The MicroEnterprise Journal Blog this week, where you can see my featured post entitled “4 Tips to Get a Better Feel for Your Market” (thanks to Dawn Rivers Baker, Editor of The MicroEnterprise Journal and its Blog for featuring my article this month).
When you venture over to The MicroEnterprise Journal Blog, you’ll read about my experience starting out in business 2 years ago. When I first started my original business, I was similar to Richard Pryor’s character in the 1985 classic movie “Brewster’s Millions” where I was “in the business of being in business”, and I made the classic entrepreneur’s mistake of answering “everybody”, whenever anybody asked me who my target market was.
Over time, I’ve learned to narrow down my target market to my “ideal customers”, and here are some tips that can help you get to know your market:
1. Conduct informal research
2. Try The MiniMarketing Survey
3. Conduct a formal large-scale market research project
4. Review your customer records and feedback you already have.
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