The main aim is to specify your customers as accurately as possible. Over the years I have been told imagine the type of person, company you wish to deal with and then market your products directly to them.
Do you wish to offer your services in the UK? Do you want to specify an area say Yorkshire or would you like to define it right down to a specific town? By listing the specific geographical areas where you intend to start trading you can base your planned marketing and sales activity on these and calculate the costs accordingly.
If you have a limited budget it might be more preferable to start in one area and then move into others once the funds become available.
The list is endless when considering your target market here is just a few :-
- When or where are people or companies likely to buy your product or service?
- If you sell through intermediaries like chain stores, agents or wholesalers do they have particular requirements? Would they deal with your size of business?
- If you sell your products or services to manufactures, commercial firms, public bodies what type and size of business would you prefer to deal with?
- If the organisations are large which particular areas or activities are you concerned with?
- Can you identify the key decision makers when it comes to purchasing your product or service?
- You may need to be part of a big project for example in a building project and therefore you will need to know not only what the client wants, but also the company you are working with to gain the contract.
To be honest the list is endless. I would suggest before you start a business to target exactly who and where you are going to be putting the main emphasis of marketing. Many people take the scatter gun effect hoping that they will hopefully hit something. Experience has shown that by doing this you will use up time, energy and money because there will be more misses that hits.
Next Article – Business Planning –Scanning the Environment
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