• HopefulBuilder

Understanding Marketplace - 3 Questions You Need To Answer

Updated: Mar 12, 2019

One of the top reasons new business ventures fail is that they have not taken the time and effort to understand the marketplace they want to enter. Research needs to be done into potential competitors to get an understanding of their operations and product/service offerings.

Questions you need to answer:

  1. How is my product different than the others that already exist?

  2. Who is my target customer?

  3. Why choose my product or service?

Answering these questions can be motivating as it brings into focus that your product is truly needed in the marketplace. It is can also be reality check that your business idea is fairly common and you will face significant entrenched competitors and it will be difficult to make money.

Digging deep into understanding your marketplace will uncover unfulfilled needs and will give you the opportunity to fine tune your product offering so it speaks to your target audience.

Detailed understanding of competition can be an extremely important asset to your overall business success. From influencing product design, helping to determine marketing strategies to what customers to pursue (or not pursue) knowing your competition can save a significant amount of time, money and energy.

Having detailed knowledge of the marketplace will shine a spotlight on opportunities and help avoid common pitfalls of new business start-ups. Having some fresh eyes on the challenge can make all the difference!

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