A piece of advice from Toronto Sun’s Money section: Know Your Market Niche.
In the short piece, the writer uses Gonzalo Equioiz and his business, East Meets West Home Inc., as an example. And, from what I can gather, here are a few useful tips that you might want to keep in mind regarding knowing and understanding the market niche of your online business:
- Know your product/service well. What exactly are you offering to customers? What makes your product/service special?
- Learn as much as you can about your customers’ demographics. What are their income levels? What kind of things do they like? How can you describe them in 1-2 sentences?
- Develop a company mission. Where do you see your business to be in the market? How do you envision it 5 to 10 years down the road?
- Set realistic short and long term goals. What do you wish to achieve in your business in the next month? Next year? In 2-3 years? In 5 years’ time?
- Identify the strengths and challenges of your business. Where does your business stand in the market? What’s the competition like? What can you do better? Where and how can you improve?
Finding answers to some of these questions will certainly help you as you start and grow your online business.
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