When starting your own business, you will most likely know that you need to prepare a business plan. This is important for many reasons, and one of the essential parts of creating a business plan, is doing your market research. So, what do you need to focus on when doing this?

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The first thing that you need to identify is who your customers are – Based on the product or service that you are providing; you will need to know who you are aiming your business at. Think about the age group, financial status, lifestyle etc.

Identify why they buy and what will make them buy from you in particular. Whatever you are offering, what makes you stand out? What is it that makes your product or your service better than others? This is what your unique selling point will be, and you will need to make potential customers aware of this when you are reaching out to them.

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This leads on to how you will reach out to them. The internet is fast becoming the most important tool you will have at your disposal. Your website needs to really stand out from the crowd whilst being professional, suitable for the industry that you are in and most importantly informative and user friendly.

But it doesn’t stop at the website. Social media is another tool that you can utilise to reach your chosen audience, and you may wish to seek the services of a marketing strategy consultant from a brand strategy agency to help you with reaching your audience as well as ensuring that your brand is strong and memorable.