Journal logo

Understanding Your Market

by Nishant Baxi 12 days ago in advice

Target market

Understanding Your Market
Photo by bruce mars on Unsplash

One thing that we do need to mention is that the market that you face is likely to be much different than the market that someone else faces. The goals that you have in comparison to the goals of someone else are much different. You are sure to see yourself striving for benefits that are not on target for your business.

First off, take a step back, out of the picture, and look at your market.

If you are selling on the internet, look at the other sellers. If you are a small local business owner, step back and look at your local market.

Whatever you are doing, step back.

To Consider Now

The market that you work in is very dependant on who your customers are. If you are looking for immediate success, just opening your doors can help you to get started. But, in looking at your market, you can better see several things.

Ask yourself and answer these questions before moving forward.

Who is my customer? The seniors or the children, the businesswomen or the business owner…determine who your customer is.

How do they find you? Do they find you online, through a simple web search? Do they need to find you through an affiliate link? Do they find you in their local area, in one of the most popular areas in the city?

Who else is out there? Who is your competition? Where are they located? What do they offer that allows you to better them? How do they better you in your marketplace? Why are they open, pulling business away from you?

What do you offer that is better, in some way than the other guy? What do they offer that is better in some way than you?

Where is your market going? Is the economy growing, stalling out, or is it holding steady? What amount of money do your customers have to spend on your product?

You can go on and on with things that you should be considering about your own specific business. Understanding your market is crucial to understanding what your future is.

If you do not know who your consumer is, then how do you know how they are changing?

In addition, you need to know what to expect to get from the market around you. If you find that the economy is slipping, it may be quite necessary to pull back and instead look to the future differently.

If you look at your market and see that your competition has taken your product differently and is having success with that, you need to make a move. How do you compete? What will you offer that is better? In addition, how will you take the next step into success? How will you better them?

Paying Attention Counts

By paying attention to your market, you will make better decisions. When you look towards the long-term goals that you have in place to keep your business up and running, you need to make sure that your market is one of the top priorities that you have.

If you do not invest time in keeping yourself in that marketplace or even expanding out of it, you can not and will not make things work. The business can not grow or stay green without a constant watchful eye on the market around you.

In later chapters, we will talk more about growth and how to envision your future in this regard. Yet, it is important to note that you need to watch your market for the signs that it needs more of your product or that it is not picking up on it.

There is no doubt that some of these things are essential to do but some may be hard to do as well. Yet, if you do not invest the time that it takes to analyze and understand the customer that you have, how in the world will you make it work?

Again, you can hire someone to do this work for you. But, you can and should consider not only doing this but also helping yourself with your research and know-how.

Being a physical presence in your marketplace (even on the web) helps you to make sure that people can come to you. It allows you to see your market first hand and therefore make good decisions.

advice
Nishant Baxi
Nishant Baxi
Read next: Why Denny's Is the Perfect Starter Job for a Cook
Nishant Baxi

Experienced content provider/marketing professional with a demonstrated history of working in the publishing industry. Skilled in E-Learning, Market Research, Online Advertising, Management, and Business Development, content development.

See all posts by Nishant Baxi

Find us on socal media

Miscellaneous links