In my previous posts this year I covered goal setting, taking focused actions and being resilient. This month I would like to focus on working on your business and some market research-related questions to ask yourself, especially when starting out.
Questions to think about:
What value does my solution add versus the existing solutions in the market?
Being clear on my Purpose: what positive impact do I intend to have on the world?
Does my product have a feature that responds to a unique pain point or frustration of a specific group of people? This is how I will validate that target customers will be onboard with my product and also, if I am clear on who I am targeting then I can determine which customers I do not serve.
How will my products fit into the lifestyle of my target customers?
How will I evolve my product as the market moves on?
Where does my target customer shop? How often?
What forms of media do they use?
How do I approach my target customers?
Who are my competitors?
Who do the competitors sell to? What are they offering?
What does the competition do well and doesn't do well?
If you would like to hear more, please reach out via the Contact Form on the website for a free consult call. I help owners of small businesses and agencies to be really clear in communicating the scope of the offers they make and in identifying their ideal clients.
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