1. Describe Your Business
-Small business owners often describe themselves by their product or service.
Business must be viewed as a customer-satisfying process, not goods-producing
-Describe your business in detail and clearly identify goals objective.
What is your product or service?
How will your product benefit the customer?
What is different about the product your business is offering?
Is it a new business, a takeover or an expansion?
Why will your business be profitable?
What are the growth opportunities?
What is your geographic marketing area?
3. Define Your Customer
Defining your market does not need to be a difficult process. You do not need a huge market base, but you need to be realistic and market need to be well-defined.
-Who are your competitors, and who do they target
-Who is your perfect customer and client base?
-What is your current customer base (in terms of age, sex, income, and geographic location?)
-What habits do your customer and potential customer share? Where do they shop, what do they read, watch, and listen to?
-what qualities do your customers value most about your product or service? Do they value selection, convenience, service, reliability, availability, or affordability?
-What qualities about your product or service do you need to improve? How can they be adjusted to serve your customers better?
4. Strategize Your Market Entry
You have identified what is unique about your business and who your target buyers are, focus on your competition:
-identify your direct competitors and learn what they do.
-sharpen your decisions about the best business category and market segment in which to compete.