One of the dangerous move of a start up enterpreneurs is having a business without a market.
Creating a market is very expensive, it takes a lot of time and money to establish it.
If you have huge amount of capital but you don't have a market yet, it is like jumping into a large pool with shallow water on it. Or let's say, you have a lot of bait with few fishes around you.
Well, there are few steps to create your own market before starting a business.
First, you need to have a market research. The genders, the decision makers, the age bracket, the population, the buyers, the types of consumers, the financial capacity of the market, etc. In short, you need to identify and qualify your market inorder to distingquish your target market or niche market.
Second, you need to identify and quantify your target market and niche market. You should have at least 85% accurate of how much your target market and niche market can give you sufficient sales. Let's say your target market is intended for your expansion while your niche market is basically for you to sustain the break-even point.
Third, you need to have a strategic market positions. You should know where are you customers are going, what they buy, and what they need.
Example, you are selling fishing tools but your store is located somewhere in dessert area. Of course, you are in a wrong position. You must have to be accessible to fishing clubs, ports, etc. Your market position is very important as well as your niche market.
Fourth, Pricing strategy. You should know the buying power or the bying preferences of your customers. Don't price your items or your services too cheap and too expensive. As a start-up, you should give price that your market can entice them to come back or encourages repeat orders.
Fifth, Advetising. This one is very important. Advertising is more on creating demands than making the demands are accessible. Constant advertising will help establish your market. In the subconscious mind of you customers, when they need something, they will come to a conclusion that your business is the solution.
Finally, dynamic system. Your market is like a huge mango tree with a lot of fruits - some are still in the process of ripening and some are already ripe awaiting for a harvest. But the most important here is the flowers to bloom and inviting the tree to bear more fruits. Your market must adapt your culture of repeat orders which is the availability & the quality of your products and services accessible to your customers.
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