In order to properly market your product, you need to answer the following questions. This information can be used to help you develop your marketing plan. Contact SBDC for more information on constructing this plan.
Who are my customers? (This determines your target market)
Where are they?
How many are there? (This indicates your market size)
What are their needs?
How can I reach them? (The distribution of your product is very important.
Where your product is located can affect how well it sells.)
How much will they pay? (The pricing of your product is also very important.
You must take into consideration what your competitors charge.)
Who are my competitors?
Are my competitors successful? (If so, why? If not, why?)
How do my competitors market their business? (One method of marketing/dealing
with competition is the end-run strategy. In this strategy you adopt your competitors’
strategy with the intention of making it better).
What are the market trends? (What are people buying? It is important to be aware of
market trends. This relates back to knowing your customer’s needs. Try to distinguish
between trends and fads.)
What are the technological trends? (One obvious answer to this question is the
Internet. Will you be using technology? How can it be used to help your business?
Do you need to advertise on the Internet? Do you need a network of computers
for your business? If you are in a business related to technology, it is imperative
that you stay abreast
of any changes.)