November 24, 2009
New Business Idea
If you have come this far then you must be confident that you are equipped to blaze forward with your enterprise. You have determined that your goals are viable and you’re gotten yourself reasonably organized. You are still simmering with the excitement of seeing your vision come to life. All you need to do now is inform the folks who will be your customers that you are open and ready to take their money. Though the mediums of marketing have been covered elsewhere, creating an effective marketing and/or advertising campaign requires that you understand the factors of marketing. With those factors in mind, creating a campaign becomes more than possible. The first and most likely most important factor is your start-up customers. You want to know who your customers are (also known as demographics) and what they want, in the most objective terms you can manage. What your customers want is especially important to know but also difficult to accurately gauge. Surveys and focus groups can help, but even these can be uncertain.
Some things to realize about your customers include whether they're eager to pay more for higher quality or quantity, what products they'd like to see you carry, how much money they're willing to spend on your products, how often they want your products or services, and what motivates them do business with you over those of your competitors. While it can be dangerous to spend all of your time and energy obsessing over what your competition is doing, it is a good idea to at least pay attention. By arming yourself with the knowledge of what your competitors are doing, you will be able to react appropriately to better meet your customer's needs. You will also be able to make sure that you are competitive with regards to pricing and promotions. You don't want to miss a big sale from your competitor and price yourself right out of the market.
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