Also research the following Target Market Size

Kinley

How many competitors there are What services your competitors offer Competitor profit margins Current industry trends Only when you have all the information can you benchmark, extrapolate, and manipulate these realities in your favor. 5. Know your customers Model the ideal customers your business intends to cater to and understand what they want. Don’t fall into the “build a great product and they will come” fallacy. Today, customers have so many choices, so you have to fine-tune your goals and carve out a niche for yourself.

There are two main points to focus on when researching your potential customers: Demographics (age, income, location, etc.): Understand where to find your target customer base online or europe mobile number list offline. If you haven't determined where to find them, you may have a big problem marketing your product to them. Psychographics (interests, desires, pain, fears): Put yourself in their shoes and think about what would make them choose you. Once you’ve identified their motivations, you can focus on the important features that influence your customers’ decisions and ignore the rest—you only have so many resources, including time, so don’t waste them. When you describe your target customers in detail, you should be confident that such a group actually exists and that you know where to find them. 6. Know your product Whether your product is a physical object, a digital creation, or a service, you should identify three different aspects of it: Your actual product: What you create Outcomes of your product: What you’re really selling What product impact: How different are your customers’ lives as a result of the outcome For example, your actual product is shampoo—scented goo in a jar.



However, the impact is that your clients feel better about themselves and feel more attractive and confident. Another important point: You may sell dozens of products, but for your business plan, it’s best to choose just one. Focusing on one product and focusing your marketing message on that product can help you focus and achieve better results. For example, McDonald's sells 145 items but bases its marketing around its iconic Big Mac. 7. Develop a marketing strategy A marketing strategy is a map of the steps you will take to promote your product.