Where do I find my market? Some more points to consider when STRIVING TO grow a SUPPLEMENT market

Your company

One way of deciding on the right markets to pursue is to consider your company and your business.

Do you have particular areas of expertise?

For example, have you a lot of experience in particular markets, such as working with doctors?

Do you have unique knowledge of a specific geographical area?

Are you better at getting on with certain types of people

Analyze your product/service.

Produce a list of each feature of your product or service. Next to each feature, list the benefits it provides (and the benefits of those benefits).

Your situation

The question to answer is:

Why am I uniquely placed to solve the problem?

Who is most likely to use the product? As you answer this question, consider factors like age, buying power, geographical location, and marital status.

Your current customer base

Who are your current customers, and why do they buy from you? Which ones bring in the most business? It is very likely that other people like them could also benefit from your product/service.

To refine both your target marketing and your pricing strategy, see who has already bought your product or service

Market research

Rather than make assumptions, reach out to groups of potential customers to get a more realistic picture of your audience and narrow your marketing efforts. You can conduct surveys, do man-on-the-street type interviews in stores, or organize small focus groups.

Do some market research and study your target audience's demographic, geographic and purchasing patterns.

The market

You must look at the market to see what else is available. The question you must have an answer to is:

Why am I uniquely placed to solve the problem?

Who is most likely to use your product? As you answer this question, consider factors like age, buying power, geographical location, and marital status.

Look at the competition

Your retailing strategy can help determine your target market. Will you have a store, a website or both? Will you be marketing only in your home country or internationally?

Who are your competitors targeting? Who are their current customers? Don't go after the same market. You may find a niche market that they are overlooking.

What are the customers problems?

The starting point in defining the target market for your proposition is to understand the problems that you solve. Once you have a good idea what these are, you can start to work out who is most likely to suffer from these problems.

Ask yourself:

To whom will these problems be most troublesome?

Who will have the most to lose by not dealing with these issues?

Evaluate your decision.

Are there enough people who fit my criteria? Will my target really benefit from my product/service? Will they see a need for it? Do I understand what drives my target to make decisions? Can they afford my product/service? Can I reach them with my message? Are they easily accessible?

CREATED BY MediTec Group FerroCare Division

Sources: www.inc.com, www.forbes.com, www.verticalresponse.com, www.entrepreneur.com, www.marketingdonut.co.uk, www.verticalresponse.com

Created By
FerroCare Division MediTec Group
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