Top Principles for Success #2 Know Your Market

Know your audience.  Who is your targeted consumer, the end user? Identify who they are.  Develop a profile of your consumer – make a list of traits, characteristics, etc.

Talk to them.

As you develop your product, conduct a focus group study and get feedback on your line of product.   Use this valid consumer feedback as a sell–in to the retailer.   Know and understand where your brand and targeted consumer fit into the retail market.   Identify the retail segment that your consumer shops such as independent retailers, specialty franchise retailers, department stores, online retail, etc.

Research and study that segment – know their competition; visit their store; learn what they carry; talk to the sales staff; find out how often they buy and where do they buy – trade shows, showrooms.
I leave you with “know” your market by studying, learning, listening and talking to.   Be engaged, entrenched and don’t assume you know who your audience is.

Do the homework.

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