Know your market – How and Why

If you’re starting up in business or deciding to go it alone as a freelancer it’s important to know who your customers will be. This is one of the foundations of your enterprise and will have an impact on your company strategy, marketing plan and promotions.  Put simply without some insight into your potential market you are less likely to succeed in the commercial world.  Here are some pointers from altspace coworking office.

  1. Know the problem that you are solving – Once this had been highlighted at a company level ( i.e. offering accountancy  services to businesses ) then break it down.  Know what value you can offer and think of the specific services. Will they include book keeping, annual accounts etc?  Will you be office based or travel to clients?  How will you charge clients?
  2. Establish who your customers will be – By segmenting your market you can target specific sectors effectively.  What size of company would you like to service, what industry, location?  How many clients will you need for the business to pay you an acceptable salary?  Be as detailed as you can to help you in planning marketing and promotions.
  3. What will be your niche? – It’s a mistake to believe you can cater for all customers and businesses as you’ll be competing with established companies with larger resources.  It’s important to have a point of difference and focus on your strengths in the commercial field.  If you choose wisely you can specialise successfully in a unique but lucrative market.
  4. Note your strengths and interests – If you have an area of expertise such as working with small startups for an accountant then this can influence your choice of market.  Working in a sector that you know well or in a geographical area that has fewer competitors will also be of benefit to you.  Finally don’t overlook your interests, it’s not indulgent to work in a field that you enjoy such as sport or music if there is an active demand for your service.

altspace coworking office is located at 19-23 Stamford New Road. Altrincham. WA14 1BN

Deskspace from £14 a day.  Wifi, refreshments, bookable meeting room, access to a vibrant business community, roof terrace.  All located in central Altrincham.

Contact : steve@altspace.club

http://www.altspace.club

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