Define the Market

Need for Your New

Business
Why is it important to clearly define
market needs?
The market now demands that your business
align to their needs. In order to properly align your
marketing efforts - and your content, in particular _ to
what buyers need, you have to have a clear
understanding of the many intricacies, pains and
pressures within your market. To achieve such
alignment, the ability to define market patterns, needs,
interests, preferences, etc. for a comprehensive view of
the buying process is critical.
Below are ways to define your market
(Lancaster SCORE (2010):
◦ Consider whether the business offers a new solution to an
old problem or complements an emerging trend.
◦ Have a clear picture of your target market.
◦ Determine the benefits that your product or service offers.
◦ Examine industry data that can confirm whether there is a
sustained, growing demand for your product or service.
Below are ways to define your market
(Lancaster SCORE (2010):
◦ Identify the percentage of market share that it is realistic
for you to capture. The more competition you have, the
lower the margins will be.
◦ Consider how realistic your pricing is. How can you
present your product or service to potential customers so
that it appears to be a good value, while still affording you
a healthy profit?