2nd September 2020
One question to ask yourself is, does your product or service solve a problem, or is there a gap for it? A lot of amazing businesses start by someone recognising a problem and finding a solution for it. This will also link to the next point of researching the market. Can you identify any gaps in the market or is there a demand for your product or service? This is also very important to a successful business.
Researching the market that you are planning to enter is fundamental in the preparation for launching your new business to establish whether you have a viable proposition and can you stand up against the competition. You must work out whether you have a broad enough target audience in order to be successful, as well as reviewing other businesses in your industry. This allows you to look at how they are marketing themselves, what levers they use, what is working and what isn’t. How is your product or service different or better than theirs, what do you offer that they don’t?
This will allow you to create an effective business and marketing plan for your product or service.
2. Your Audience
All successful businesses know what customer base makes them successful, you need to think about who your target audience is. Not everyone will want to buy your product or service and you must identify the group that does. This is important when it comes to all aspects from design, colour, logo, tone of voice and all areas of communication. This allows you to focus your time and budget on the specific market you want to be speaking to. Once you have defined a target audience you can work out which social media channels or marketing channels are best to use, for example, if your product is aimed mainly at teenagers and young adults, you may consider putting more time into Instagram, whereas slightly older adults 30+ you may look at Facebook or even email. Once you are more established you can look at how to make the target audience broader
If you have started or thinking about starting a business our team of creative marketing experts are ready and waiting to bring your idea to life.
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by Josh Murphy, CEO & Founder
Let’s create something together that we can all be proud of.
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