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Business strategy
How to enter a new market/industry and establish yourself.
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[QUOTE="King bell, post: 278049, member: 75687"] You've heard the saying, 'if you build it, they will come,' but when it comes to finding new opportunities in your industry, that's easy for some and impossible for others. The best way on how to go about establishing yourself in a new business is to identify a niche or target market that is going to populate the need you are addressing. To make it easier, let's say you are trying to establish yourself as the local supplier of food items in the home. To do this, you would want to focus on the needs of your target market before considering how you can then develop products for them. This is because, if you develop a product to cater to your target market's needs, it is going to cost you more and also may not sell well because you are trying to cater for what their needs are. What you should do instead is identify a niche or target market that serves as your main point of focus. This way, you will be able to cater for them. Once this has been done, it will be time for the next step which is finding out the needs of your niche market or target group. This will allow you to build products and services that are going to be unique enough that your customers may not have seen before and thus going to need. In addition to this, you will be able to build products that are addressing unmet needs. It is only when you have successfully catered for them and the market will be responding to the products and services that you create. This is because they will be something that they are not getting in their day to day lives. To put it in simpler terms, if you try to sell chicken steak when your target market is not buying any and have never considered buying it before, then your focus would be on developing a new product or service that no one has seen before. Whatever it is going to be, however, make sure that it is something that meets with the needs of your customers and answers their desires or wishes. [/QUOTE]
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