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Date: Tuesday, November 17, 2009
What Questions Do You Need to Answer Before You Develop Your New Small Home Business Marketing Strategy?
A common error among new small home business owners is to put the cart before the horse. In other words, they plan how their going to advertise their products before they sit down and thoroughly analyze all of the information. To make certain that your create the best marketing strategy for your new small home business, you need to have the right information. The following are just a few things you need to understand before you develop your plan of action:
Target Market
Your target market consists of the individuals who will buy or should buy your products. In order to develop a plan, you need to first know who your target market is and what the demographics are of the market. In other words, what are their age groups, where do they live, and what do they want. You must try to figure out what their primary reason would be for purchasing your product and why they would want to buy your’s over their competitors. Without this information, your marketing strategy may not actually reach your target market.
Your Competition
To be successful, you must also research your competition. Who are the competitors that can threaten the success of your new small home business? What are the strengths and the weaknesses of your competitors? Which of your competitors have the largest percentage of your target market? Last, what can your new small home business offer that your competitors can not? Without knowing what your competition is doing, there is no way that you can develop a strategy that is going to be successful.
Your Products
Last, to create a winning marketing strategy, you must know everything there is to know about the products you plan to sell. Do your products fulfill a need and, if so, what are they? What are the benefits of using the product and what are the features of the product?
How do these features differ from other products on the market? Are their any improvements you could make to the product? The answers to these questions are the key to your success. Unless you know how your product works and what it can offer to your target market, you will not be able to put the product in its best light.
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