Know Your Market
By Eileen Hebert

After making the decision to start a home business one must decide what products or services will be provided to clients.  For some new business owners this is easy, the decision was made before the business was established.  But for others finding the perfect product or service is a challenge.

Some people start with research and others simply decide on something that interests them.  A combination of these methods may be a wise choice.  It’s important that this business is based on something that excites you.  You should feel inspired when you think about it.  But you also need to do research related to your target marketing audience. 

Consider who will be interested in your product or service.  Will you be marketing to businesses, to consumers, or to both?  Determine what traits your “typical” customer or client may have.  Research the need for your product/service.  Determine if the need is currently being met, or if the market is already saturated.  What will you offer in order to beat your competitors?  Is there some way to make you, your company or your product stand out from your competition?

If you’ve done your research the answers to those questions will come easily, but if you have not it is likely that you will struggle to answer them.  Let’s get into a few business tips.  First, you cannot be all things to all people.  Instead, you will need to have a niche that is your target marketing audience.  It can be a broad niche but nonetheless you should focus on a single group of people.  The more narrowly defined this group is the easier it will be to target them.  Your goal is to appeal to their needs.

Although it is nice not to have immense competition you should not feel threatened by it.  Instead, study your successful competitors.   Learn from them.  Do what they are doing only find a way to do it better.  Perhaps you can create or find a free report related to your product to give away, or offer a discount.  Look for something that will allow your product and/or your company to stand out from the competitors.  

Branding is very important.  Choose a name and domain name that is easy to remember.  When you choose a domain get a .com address if at all possible.  Develop a catchy logo.  If you are not skilled at creating websites and salescopy you might consider hiring the services of a professional.  In the internet world presentation does count.

Advertise in various ways.  Use both online and offline tactics.  Everything from newspaper ads to business cards to press releases should be used.  Experiment until you find a formula for success.  By tracking and analyzing information related to website visitors, conversions, opt-ins you will be able to assess which marketing methods are more productive and which ones to discontinue.  Overtime your formula for success will be both apparent and well-defined

Eileen Hebert©
TrueCallingCareers.com
Make Money Doing What You Love

About The Author
Find out how to break free from the corporate world. Eileen Hebert is a happy corporate escapee who helps individuals create happiness without 9 to 5 jobs. Visit TrueCallingCareers.com for free tips on career change, home based businesses, and making money doing what you love!