Whatever it is called, feasibility study, dipstick, (toe in the water or fly on the wall like some of my clients calls it), It is always very important to analyze a new market you want to venture into. This study can be time-consuming but in the end, it is always worth it.
A key component would be identifying potential prospects which leads to the early growth and take-off of the new business.
Let us start with profiling your ideal client…. And this always involves 2 things. You must understand in detail, their psychographics and demographics.
Demographics include age, education attainment, gender, geographical locations, family, type of occupation, income, and job roles amongst others.
While Psychographics deals with lifestyle, preferences, interests, values, frustrations, aspirations, career or business goals, and problems they need solutions to.
Lastly, understand who on the client-side you are directly dealing with, the decisive role they play, are they gatekeepers, consumers, or the key decision-maker?
The second step is a very honest assessment of the product or service you are offering: Asking the following questions will help
1. Do you really believe that the value you put on the table will help them succeed in their aspirations?
2. Are you sure the value you bring on board will meet or exceed expectations?
If you are so sure, then you must now craft your brand messaging around the unique value, experience, product use, or service uniqueness.
Emotional, status, perception, and power words will always help in driving the message home while eliciting the desired purchase intention. For some examples of emotional words, Read here
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