4 Smart Way to Open a Business by Seeing the Market Potential

Article / 24 September 2018

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Starting a business is not an easy matter. There are many things that you need to pay attention to and consider that the decision to open a business does not disappoint you in the end. While opening your own business can indeed be fun and profitable, if you are not careful enough the results can be far from what you want. One of the things you should consider is the market potential. It's important for you to clearly understand the potential of the existing market before realizing your idea. Immediately starting a business before looking at potential markets will only be one of the worst decisions you'll ever make.

Seeing the potential of the market becomes crucial because you can know the ins and outs of the business that you will be entirely entwined. Things ranging from potential customers to tight competition should be considered carefully. Here are some tips.

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Create Customer Database

The customer is the biggest asset in a business. Therefore, creating a customer database before starting a business is the first step you should take. If you can estimate the number of customers that can be obtained, it will be easier for you to come to the conclusion whether the business idea you have is worthy of realization. Since this is the first time you open a business, to create a customer database you need to start by conducting a market survey. Create and distribute a questionnaire to the community around your business location. This is to find out how big the actual interest of the community.

If the questionnaire does not work, you may consider setting aside time to interview directly. That way, you'll have an idea of your potential customers' interests and needs later on. Try to do a broad survey so that the results you get more convincing. In addition to surveys, you can actually take advantage of your networking list to create an optimal customer database. Maybe before you worked at a company that gave you the opportunity to meet many people. You can take advantage of the networking you have built to do additional surveys if needed.

The important thing is, through this customer database you can find out about what is actually needed by consumers. Of course, you do not want to sell something that is not needed. Minimize the possibility of the product or service you are offering so a futile idea by creating a customer database that you can rely on.

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Map Consumer Buying Power

What's no less important than creating a customer database is to map the purchasing power of consumers. This step can prevent you from the process of producing goods or services that cost too expensive and not in accordance with your target customers. If you can map the consumer's purchasing power appropriately, it's more likely that your product will be purchased by customers.

Able to create a quality product but in accordance with the purchasing power of consumers is not an easy matter. But as a businessman, you certainly must understand to combine these two things to bring the product or service that consumers need and can use.

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Market Potential Analysis

The best way you can do to produce the right product is to analyze the market potential. This step will give you the opportunity to increase the potential of your goods or services in the future. The first thing to do is approach the request. This method emphasizes the needs of consumers who until now has not been fully met.

By approaching demand, you can fill in the gaps and meet those needs and satisfy customers. For example, you live in an area with limited access to the market to buy fresh vegetables. Conditions like this you can use to open a business through the analysis of market potential. Understand the prevailing trends in society to make it easier for you to market your product or service. You must also understand perfectly various other things such as consumer purchasing power, competition map, to the quality of the product.

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Launch Creative Marketing

Sometimes, quality products and database size are not enough to start a successful business. You need something that can encourage the development of your business, one of which is to launch creative marketing. Considering marketing is one of the most important things you should look at, being able to launch creative marketing can be the answer you need.

Start by defining the marketing concepts and marketing strategies that you think are most effective in marketing the products or services you offer. If you lack experience, you can gather information from people who are more successful in the field you want to work with now. Listen and realize the information to create your own creative marketing version. You need creative marketing because you need to come up with something different. Your rivals are numerous, and if the steps you take are not right, the new business you want to start will not survive. Focus on planning these marketing strategies to encourage the development of the business that you will start.

If the business you want to start is small, then you need a low-cost creative strategy and marketing. No need to worry too much because now there are many marketing tools that you can use.  Introducing your products through social media can be a useful option. Although your business does not move in the field of online, doing creative marketing and marketing strategies online is an option. In addition to being free, it can at least make more people aware of the existence of the business you're doing.

Start your business with hard work and unyielding spirit. If you do what you want, there's always a way. All you need is a little courage and discipline. You can make it easier by getting Danamon Solusi UKM to get solutions to grow your business.