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Marketing Analysis: Assessing Whether Or Not There Is a Need for Your Services

Market Analysis Photo

Before starting any type of business be it for profit or nonprofit, one should do a market analysis to determine whether or not there is a need for the services you’re providing.

How Do I Do A Marketing Analysis

The very first thing you want to do is look at the demographics of the area you desire to set up shop. This can very easily be obtained by going to the U. S. Census Bureau and pulling up the data. Although it may be a little outdated, it still provides valuable information as it relates to the number of people in the service area, those within certain income brackets, the number of families and children and so on.

The next step is to look to see if the services you’re providing are presently being done by someone else. If so, assess to see if that person or those persons are fulfilling the entire need for those you aspire to serve, or is there room for your business.

In assessing the situation, ask yourself, is this business confined to one geographical area or do you plan to take it globally or expand the services to other regions, cities and states.

Keep in mind that often although there may be one group or organization or perhaps several doing the same thing, there still might be a need for your business. Don’t be deterred because you see one person already doing the work you aspire to do or similar works.

Ask yourself, is this that I am attempting to start something that should be done as a new business or perhaps something you can assist another who’s already doing it.

There are times when we are given dreams and visions for a particular task or business and it’s not to start something new, but rather to collaborate and partner with someone else that’s already doing it.  In doing so, you are still fulfilling your dream and vision for operating a business. You are just using your gift of “helps” to bring it to manifestation.

Speak with various trusted business owners, nonprofits, Chambers and others within the area you desire to serve and get their take on your new business venture. Ask them questions as to whether or not they believe there is a need for what you aspire to do. Listen and take notes.

If after doing the above steps you find that there is a need for your business then by all means go for it.

As I’ve stated so many times before; starting and building a business from the ground up is no light task. Do the research. Do a S.W.O.T (Strengths Weaknesses Opportunities and Threats) analysis.

These are just a few pointers for those considering starting a business or perhaps even expanding a business. The bottom line is BEFORE YOU DO, you need to DO YOUR HOMEWORK!

The harvest is plentiful! Just put in your due diligence, decide and then move on to developing your actual Marketing Plan. In it, you will look at the 4 p’s of the Marketing Mix: Product, Price, Platform/Placement and Promotions as well as the 4 c’s: Customer/Consumer; Cost; Convenience and Communication (Lauterborn, 1990), as with the 4 c’s for marketing communications: Clarity; Credibility; Consistency and Competitiveness. (Jobber and Fahy, 2009).

Best of luck to you as you endeavor into the journey of becoming a successful business owner. Don’t despise the days of small beginnings! Everything that ever grew to become an empire began as a seed!

One final word, as you are building your business, begin to think of generational blessings. Build it on a solid foundation. Always, always, always PRAY about it…ALL through the process.

Next week, we go back to inspirational messages…

Slice, Slice, Baby! (1)

The Back of the Book Cover Me Courtney and Roz

 

http://www.reginamixonenterprises.org

http://www.godsstorehouseministries.org

http://www.regsbooks.org

Believe in Yourself2

Really? Did you even have to ask this question? YES! YES! YES! You definitely need to promote yourself and the works you are doing. In fact, you should be the biggest promoter of you and your works!

Many authors are disappointed when working with a publisher to get their books in print. I’ve heard it time and time again…The publisher did nothing for me. Let me let you in on a little secret: Unless you have a contract with the publisher to promote, market and distribute your book to include their fees for service as well as the percentage each party will receive, the publisher has no obligation or responsibility to promote your book.

Business owners find themselves extremely upset as their family members, friends, and associates do not distribute information regarding their business. Do yourself a favor, get over it! Promote you and your works.

How do you promote your business and your works?

  1. Join groups that allow you to share what you do on their social media pages. Reciprocate by allowing others to share on your social media sites.
  2. First things first, get established on social media sites–Facebook, LinkedIn, Google+, Twitter, YouTube, and on and on and on. There are many out there. Use them!
  3. Attend events and have your products with you. If you have no products so to speak, at least have professionally done business cards, postcards, and/or flyers that you can hand out to those you meet and greet.
  4. Have a 30 – 60 second elevator pitch prepared well in advance. Practice it until you perfect it. Imagine yourself enclosed in an elevator for 30 seconds with someone. What would you say to the person as a way of introducing you and your business or products?
  5. Be a vendor at various events. Enlarge your territory by supporting others in business by being a vendor.
  6. Take out inexpensive ads in various newspapers, radio, and even TV. Believe me, there are some out there that can be affordable.
  7. Always be ready to go when the opportunity presents itself. Of course, it’s humanly impossible to attend all functions, but get out there, let your presence be made known: Work it, work it, work it!
  8. Remain humble, teachable, listen a lot, learn from those that have gone before you doing what you aspire to do and follow your coach’s advice. In order to get somewhere you have never been, you must be willing to do some things you’ve never done. As you learn, network, grow and venture out…PROMOTE YOURSELF and soon you will find that others are promoting you as well.
  9. Never forget to express gratitude to those that do promote you or open doors for you. Remember, no one has to do anything for another. It’s only the goodness of that person and the grace of God. Acknowledge them for what they do.

These are just a few ways to promote your works. Hopefully they will get you fired up and either on track or back on track in promoting the works you’ve done.

One last tidbit, always be ready to help promote others in whatever way you possibly can. This has a two-fold recompense: it helps you as with the other party.

Wishing all a great week filled with loads of love, tons of blessings, great health and peace that surpasses all understanding!

http://www.godsstorehouseministries.org

http://www.regsbooks.org

http://www.reginamixonenterprises.org