Now that you have a better idea of what your business can produce, what’s needed and who needs it, you will also need to identify:
Will this be a one-time sale, or is there a re-supply factor built in to my product?
Is it a paying market?
How much is each customer willing to pay?
· What would I need to do, to retain this customer and have him return?
You’ve identified your market, so now it’s time to segment your market. What do I mean by this?
1. Identify your core market
2. Analyze it to see if it there are sub-markets within this market
If you are able to identify one or more submarkets, you are segmenting your potential customer base.
Let’s look at an example: Customer A wants a toaster oven to give as a wedding gift, and Customer B is a student who needs a toaster oven for his/her dorm room.
You might want to create two versions of your product:
1. A luxury toaster oven with all the bells and whistles that can be sold at more “high-end” luxury stores
2. A basic toaster oven that has a lower price point than the nearest competing chain store
So up to this point you’ve been able to identify your Unique Selling Position (USP, your customers and your competitors. You’ve filled in all (or most of) your gaps. You’ve been able to work out your costs and brainstormed your actual product. You know your product has a strong, unique and competitive edge.
You are now ready to promote and brand.
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