Free Marketing Strategy For Holidays
June 20, 2016
How to Identify your Target Market
June 20, 2016
Learning how to stand out from competitors
Entrepreneurship is not only an occupation but also an art. An entrepreneur must have, not only the instincts of a constant consumer but also that of a competitor’s sharp intuition of how to stand out from competitors.
Consumer activity pretty much determines the value of your competitor. In identifying the difference between a certain product vis-à-vis others, customer demand patterns must be taken into consideration. This may sound like an intimidating concept because it may involve technical studies and critical thinking, but substantially, it only requires application of the practical instincts of a person. Thus, the entrepreneur must answer questions not using his business mind but his consumer mind.
As a consumer, the entrepreneur must ask what sector of the society he belongs to. Does he belong to the office sector? If yes, what daily needs must be supplied to them? Answers to these questions determine an entrepreneur’s target market. Singling out your target market is vital because the entrepreneur can modify the use of the product. Example, if the target market is the employees and the product is food, the entrepreneur can innovate a rolling store or mobile restaurant and could park in front of or near the target market’s offices so that it would be convenient for them to buy food from the mobile restaurant.
Another factor which the entrepreneur must determine to be competitive in the market is affordability of the product. Using the employees and food example stated above, if the mobile store offers affordable product, the employees will buy the food because it is within their budget. If the competition is more affordable than the entrepreneur’s product, tendency is competition will win the customers over.
In this emerging market, same products are simultaneously presented to the public. Respectively, their advertisement promises delivery of the best service and quality. What initially wins the customer over is advertisement; that first connection the customer has with the product. In order to amplify the product’s distinction, the entrepreneur must have a catchy advertisement. This is important because this will leave a lasting impression on your target market. Devising a very effective advertisement schemes entails a critical study of your competitors’ advertisement method. Is competition’s advertisement catchy? Is’t being shown to the right target market. By looking into these situations, the entrepreneur can revise his marketing schemes and even improve it.
The entrepreneur should remember that catchy advertisement alone cannot ensure the marketability of the product. Almost all the time, the best advertisement is by word of mouth from satisfied customers. For this reason, the entrepreneur must make 100% sure that the product can deliver the quality promised. Case in point is starbucks versus coffee bean. Majority of the public would prefer the frappucino by starbucks rather than coffee bean’s because of the taste. Even if it’s more expensive than coffee bean’s, people still starbucks frappucino. Quality is one of the major factor that will make you stand out from competitors.
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