Analyzing Your Business Market Regularly
Whether you are starting out or an existing business, it's important to continue to do market research. Otherwise, how else do you know what is going on in the market, what your competition is doing, and who your customers are (and what they want)? Important Strategic Components to Review Annually:
Your products and services What are the features and benefits of each and are they meeting the needs of the market you operate in?
Your target customers Let's face it, you can't reach everyone. So, who exactly are your ideal customers? Where are they? What makes them tick? What do they want or need?
Your competition What is your competition up to? Is there more or less competition in the marketplace? How do you compare and what sets you apart?
Determine your value proposition or differentiators Why will your customers buy from you?
The more clearly you are able to identify these various components, the better you are able to create messaging that resonates with each of your target customers. And, ultimately, identify the right marketing tactics with which to reach them.