Large, established companies can dominate a market, so start-ups need to carve out their own niche. In order to do that, they need to know their market inside out and know what makes their customers tick.
As a start-up, you're not going to be competing with the big players right away. Large chains dominate the High Street and well-known department stores have often taken a century or so to become established. As a newcomer, you need to identify your niche and know exactly which customers to target.
Knowing your market sounds simple enough, but it's a step too many start-ups miss. You can start the process by looking at your competitors and doing your research. If there are companies offering similar things, what are they doing well and what could they improve? What is it their customers like about them? Exploring these questions gives you a chance to cherry pick the best ideas.
To succeed, you need to be a disruptor. That means breaking into the scene by offering something novel, something your potential customers never knew they needed in their lives. Be sure not to stray too far away from what you're already selling, but it does need to be unique.
Look at demographics too. How old are the people your product would appeal to? What are their other interests? Knowing what makes them tick will allow you to better tailor your marketing. It is always worth organising focus groups and surveys, or sending out free samples for feedback. The more you talk to people - the better you get to know them - the more you understand what it is they want from you.
Getting to know your customer can take a while, but until you know your market inside out, you'll never truly succeed as a new business.
Research your competitors
Be a disruptive force
Offer something new
Explore demographics
Talk to people
