small business articles business management businesses Marketing sales Technology Business finance Lean Manufacturing small business Investing articles employee health

How to identify a target market for your home business


How to identify a target market for your home business? Targeting the right market can make all the difference between a successful home business and a home business that barely survives or in the end fails.

This is because there are markets in one are for one type of product or service, and not in others. In order to identify these markets, it is important to answer a few important questions. These questions will help you to identify your market, and how the idea you have for a home business will work for you.


Question #1

Who is buying the products and or services you want to sell?

This is important because if you do not sell the product or service in the area you want to work in, then you will not have any customer base.

Question #2

What are the similarities, and differences between the product and services you offer, and the products or services your competitor offers? What makes your product or service different?

The way this works, is that if your product or service does not have some type of significant benefit over the competitor, then you will constantly be running second place to the other businesses like yours.

Question #3

Will you be selling your product or service on a seasonal basis? In the area you are working to market your product or service will it need to be at specific times of the year?

This will help to dictate the time that you would want to market and have your products available. It will also let you know that you are able to market other products or services for your small business during that time frame.

Question #4

What kind of product or services will you be selling? Will the customers in your area want the type of products you are selling?

The reason this is so important is that in some neighborhoods, you may find that the consumer is buying the more expensive coffee. However, in other areas the consumer is purchasing the coffee at the local convenience store for $2.00 less. Will you want to be the expensive coffee seller if the coffee will not sell?

Question #5

What type of currency, or credit will you are willing to take. Your market may be a good credit customer with plenty of money. On the other hand, you could be dealing with the consumer with credit problems, and offering them credit would be a poor idea. This will help you to know how target your market.

Question #6

Why would the customers purchase goods or services from your small business? The way this works is that if your product or service is a product that the consumer wants, then you will be marketing to the right group of consumers with the product.

Do you offer a better product, service, price, convenience, reputation, customer's service, brand or impulse?

Question #7

Where will your customers make their purchases if you are not there? If you know that there is a convenient location for them to buy the same product, then you may find that your competition will have an upper hand. That is if their product is better, less expensive or if they have something special to offer the customer

These questions will make it easier to identify your market, and also to create a better marketing plan for your home business.

FREE: Get More Leads!
How To Get More LeadsSubscribe to our free newsletter and get our "How To Get More Leads" course free via email. Just enter your first name and email address below to subscribe.
First Name *
Email *


Get More Business Info
Sponsored Links
Recent Articles

Categories

Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use