Getting to Know Your Market

The Importance of Knowing Your Market

You have the most amazing website business idea ever. You want to accept website payments because credit cards will make you a millionaire – no, wait, you’ll be a billionaire… by next month! Visions of people begging you to take their money dance through your head. However, none of your dreams will come true if you miss one crucial step in the business planning process. You need to know your market – read on to learn more about why this concept is so vital and how to do it.

Why Do You Need to Know Your Market?

You cannot please everyone. It’s impossible. Human beings have individual tastes and preferences. That being said, you can please many people, as long as you know who they are and what it is that they like.
Knowing your market means that you can attract customers effectively, sell a product or service they’ll actually want to buy, and make sure that whatever you’ve got on offer is the correct price.

How Can You Get to Know Your Market?

Identifying your target market takes some research, but it is well worth the effort. So, how do you go about it?
Your first step is to analyze your product or service and determine to whom it appeals. You might want to go feature by feature for this exercise to work really well. Once you’ve figured out what makes your product or service so great, make a list of the people who would purchase it. You’re not going to get a particularly specific idea of the demographics which comprise your market, but it’s a very good start.

Secondly, look carefully at your competitors. Who is their target audience, and what are they doing to attract customers? Your goal isn’t to steal your competition’s market base. Instead, you want to find a market segment they haven’t tapped yet. That’s going to be your audience.

Remember that just because someone has a need for it doesn’t always mean he or she is likely to purchase a good or service. Performing research into your audience’s demographics can be very helpful. Demographics refer to a person’s social statistics, such as his or her age, location, gender, and marital status. Digging even deeper into a customer’s attitudes, values, and interests and hobbies gives you an even better idea of who’s going to buy your product or service.

Knowing how much a customer is willing to pay for your product is critical. However, don’t forget to find out how a client prefers to pay. Many people favor credit cards. They’re convenient and for many consumers, easy to obtain. Keep this in mind when starting your business.

Power Pay: Making Credit Card Acceptance Easy and Fast

Do you want your business to accept credit cards? Contact Power Pay today. With Power Pay’s technology, your website can quickly and easily accept credit card payments. We create a virtual point-of-sales system on your site to process transactions. When you call Power Pay, you can start accepting credit cards the very same day! Call us now at 1-800-483-8815.