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How Well Do You Know Your Market?

Participating Solution Provider

How Well Do You Know Your Market?

Who are your typical customers?  

Can you draw a profile(s)?  To help you here are some characteristics to keep in mind.
Age; Self-employed; Size of company; do they have a product or service; Location;  male or female; computer savvy;   
typical value of a sale;   repeat business;
Why do customers buy from you? 

What problem or problems does your product or service solve for them? Is it
convenience, customer support, or some other  reason.
What makes you different  than your competition?

Is bigger, better, faster,  less expensive, easier to use?
What specific companies are your competitors? 

Do you know the url for their website?  Have you visited their website recently? 

You should subscribe to their newsletter or be a contact on their LinkedIn account. Do they rank higher than
your company in SEO  rankings?
What other Marketing are you doing? 

Do not place all the marketing efforts into one or two types of marketing.   There
should be a mix of email marketing,  social media, social networking, SEO,  and direct marketing.
What image of your company do you want your customers to have?

What effort is being spent to towards achieving that image?
What do people like and dislike about product or service? 

All products have their advantages and limitations. Accentuate your strengths and work to overcome your limitations.

This can explain why your sales are increasing or sliding.
What major events are happening in your industry?

Are there important developments on the horizon that could spell
trouble for your company.   Do you plan to have a new product or improvement released soon?

Joseph Grillo