Once you've decided on your business's niche don't rush out to create products and services until you are sure this target market will be profitable.http://www.trcb.com/en-Us60Sat, 26 May 2012 03:05:40 ESTCopyright 2012 Carma Spence, TRCB.com All Right Reservedhttp://www.trcb.com/business/marketing/ask-the-right-questions-to-qualify-your-business-niche-21511.htm<p>So you've decided on your business's niche. Andyou're ready to go out and create products and services just for yourtarget market.</p><p>Wait! Don't move so fast. Are you sure this targetmarket will be profitable? To be sure, do your due diligence and findout the answers to these four questions:</p><p><strong>1. Is the target market big enough to sustain profitability?</strong> <br />If your target market is too small, there won't be enough buyers ofyour product or service. You can usually find this out by finding anorganization, association or other group that your target market mightbelong to and find out (at least in ball park) how big the membershipis.</p><p><strong>2. Is your target market hungry?</strong> <br />If you've chosen an apathetic market that doesn't care enough aboutthe problem or desire you've uncovered to do something about it, theyaren't going to buy your product or service. This one is moresubjective, however a good rule of thumb is to find out if there arecurrently products and services available to this market. If so, thenyou can be reasonably assured that the market is hungry.</p><p><strong>3. Is your target market willing to pay enough for your product or service?</strong> <br />If it costs you $5 to produce your product, but your target marketis only willing to pay $4 for it, you don't have a viable product.Since you found some products and services when answer question 2, howmuch are they charging? Do you see any pricing trends?</p><p><strong>4. Do you have access to your target market?</strong> <br />Is there a place where members of your target market congregate? Ifnot, it might be difficult to get your message to them. If you wereable to find an organization, association or other group that yourtarget market belongs to, will they let you contact their membership?Is there a publication that your target market reads that you couldadvertise in? Is there a list of members of your target market that youcan rent or purchase?</p><p>If the answers to these questions turned upa big dud, be thankful that you didn't put a lot of work into a productor service for that market. It cost you a lot less to do this researchbefore development, than it would if you had a product you couldn'tmove.</p>Wed, 27 Jan 2010 19:24:49 ESThttp://www.trcb.com/business/marketing/ask-the-right-questions-to-qualify-your-business-niche-21511.htmTRCB.comBusiness / Marketing