MARKET YOUR OFFERING
One of the most difficult parts of launching a new business lies in the creation of your market. The product or service you are offering should be of the highest quality possible, easy to obtain and solid enough to thrive through word of mouth. In the case of startups, this may be the hardest roadblock to work through when trying to market a new product or service that will only exist once the first customer has been secured.
Know your market
Marketing is a crucial part of building your business no matter what product or service you are offering. This is especially important for businesses whose offerings are not physical, because there is a need to market the business itself and establish a footing. To do so successfully, profile your target demographic – work out exactly who your customer will be. Knowing your customer makes a great difference in promoting your offering. You can successfully aim once you have identified your target.
If it is easy to find similar products or services to what you are offering, make sure you recognise what market trends are influencing your industry. Whether you have a niche offering (such as a sports timer) or a popular public offering (such as a cleaning device), understanding how your competition has evolved will enable you to decide where to take your services. For example, will your service be required throughout the year, or will you benefit from providing a part-time service that aligns with market trends?
Reach out to the media, your business partners and those who mention your name, as these players can help increase your reach. This can also be said for negative press, so ensure that you are offering products or services are of the highest quality.
When you are first launching a product or service, it is likely that your team members, partners and investors will be closely watching for your results. Prove to them that your product or service has great leeway for growth.
One of the most crucial things to remember is that any of your contacts can grow or even establish your niche simply by getting involved as a customer or a marketer.