Are you considering starting your own business? It’s an exciting step! Before making the leap, however, it can be helpful to do some market research, to make sure that people will buy what you have to offer. In direct sales, your company may already have a lot of this legwork done for you.
Here are some simple steps to briefly analyze how well your business might do, and to help you understand who you want to reach with your new business.
- Ask everyone you know in your local community if they would purchase your products/services.
- Within your local community, identify the people who would purchase your products/services. They are your target market in the beginning.
- Within this target market understand why they would purchase from you:
- Is it because they trust you?
- Is it because of your education and/or background?
- Is it because of your friendship and/or relationship?
- Is it because of the uniqueness of your products/services?
- Is it because of your personalized service?
- Is it because of the great value of your products/services?
- Is it because your products/services make your market more attractive?
- Is it because your products/services make your market more healthy?
- Are they families or individuals?
- Are they professionals?
- Do they own homes?
- What’s the age range?
- What’s their income level?
- What are their hobbies and interests?
- Are they a two family income?
Understanding why your target market will purchase from you will help you create an effective marketing plan. By identifying your target market’s similarities, you will be better able to promote your message to the right consumers. But most importantly, you will know if you can quickly make an income with this business and who your potential customers will be before you open for business.
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