Know your Market

Welcome Executive Republic series for small businesses and sole traders. In this series we will give your start up idea some tips that we have learnt along our journey.

Know Your Market

Once you have defined your research objective it is important to know your Market, Customers and Competitors. Gather the research to interpret the findings so you can eventually draw conclusions as to whether your idea is viable. This could save you a whole lot of pain and money in the long run.
Here are some thought provoking tips for researching your market.

Your Market
-What are the key demographics of your market? E.g. Age & Gender
-How will your entrance affect the market and the current consumers as well as how you will sell your idea or product?
– Can the current market sustain your the growth with a new player?

Your Customers
-Who are your target customers and how do they behave?
-Where are your customers located?
-What is the profile of your ideal customer for your business idea?

Your Competitors
-What’s the profile of a typical competitor for your business?
-What are the competitor’s strengths?
-What are the competitor’s weaknesses?
– So what is your point of difference?

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