Consider your market
What type of people will buy from you and who will you target?
- Make a list of characteristics of the people who will buy your product or service.
- Where do the majority of these types of people live? Conduct some market research to find this out. There are many ways to find market research data. You could:
- visit potential competitors to observe the types of customers they attract
- talk to people in the industry
- ask customers their opinions - it's important to assess for yourself the needs of individual customers
- access statistical information from the Australian Bureau of Statistics, industry associations and chambers of commerce; specialty trade or industry journals, research reports and publications; Yellow Pages Online and other business directories; libraries/universities; small business corporations/advisory services.
- Complete our customer profile chart to help assess your potential market.
- Learn about the basics of selling.
- Learn about the basics of marketing.
- Use our market research kit to research online.
- Find your industry association.
How will you reach different segments of your target market?
- Identify smaller groups of people with similar characteristics who might be seeking similar features or benefits from your product.
- What sort of marketing strategies will you use for different segments? Marketing can be very expensive so it's important you use appropriate strategies for each particular segment. You could consider:
- what would entice customers to buy your product or service
- customer service
- competitive pricing
- efficient distribution network
- packaging and presentation
- finding prospects
- promotional ideas
- potential markets to be targeted and those to avoid
- where to advertise (e.g. newspapers, magazines, TV, publications, direct mail).
Do you have enough time and money to devote to the initial marketing?
- Consider how many people you need to reach to achieve your expected level of sales.
- Consider the cost and time of each promotional campaign. In the first year or two you might need to spend a lot of time and money gaining new clients before you can rely on word of mouth, referrals and repeat customers.
- Complete our marketing actions chart to help plan your marketing strategy.
I want to...
- The Income from Innovation Workshop 23/05/2017
- Payroll tax: Introduction to payroll tax in Queensland 23/05/2017