Most businesses face steep competition; According to the US Small Business Administration, to be successful and break away from the pack, one of the first steps in your business development plan should be to determine your market and identify why they should give their business to you. Make sure that the market you are targeting is the best market for your product or service. To do this, you must identify the benefits that your business offers, and how your target market’s needs are aligned with those benefits.
These tips should help you to define exactly what your business offers, how that can serve the needs of your target market and how to build a niche for yourself.
Make sure you know precisely what you have to offer
Beyond your actual product or service, what are you really selling? For example, your city probably has a wide variety of restaurants and diners. They all sell food, but they do not all cater to the same people. Each is filling a slightly different need, and catering to a slightly different market.
Your local diner probably caters to people who want affordable, home-style meals, while the drive-through serves those on the go and the sit-down restaurant with tablecloths and candlesticks serves those looking for a more upscale dining experience. All three businesses serve hot meals, but the experience they offer varies greatly.
Make sure you understand not only your product or service, but how it fits the exact need your customers are looking for and how it compares with similar competition offering perhaps the same product or service with a different experience. What exactly separates you from the rest?
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