Any smart businessman would tell you that knowing your competitors and your prospects is a huge thing when running any type of business. Having an in-depth understanding of these people will give you an edge and will surely increase your chances of succeeding by at least 50%.
Know Your Prospects
When trying to build an information business, the first thing that you need to do is to decide on the subject that you’re going to focus on. The next step would be to know if it’s something that your target market would want to buy. In order for you to know that, you’ll need to have deeper understanding of your prospects. You’ll need to know their specific needs and demands, their motivating factors for even considering buying what you sell, their buying power (you need to ensure that they can afford your tag price), and their profile.
Knowing your prospects can bring so many benefits to you as business owner. First thing on the list is that this will empower you to make your products extremely focused to their needs and demands. Basically, if you know what they’re looking for, all there is left to do is to just give it to them – end of story.
Knowing these people can be pretty easy with the help of the World Wide Web and a variety of internet tools. For example, there’s Facebook and Twitter. You can use these social media tools to build an ongoing communication with your prospects. You can also launch list building campaign and just get the email addresses of your prospects so you can send them informative newsletters or articles on a regular basis. Doing these will give your prospects a chance to get to know you and later on, to trust you.
Knowing Your Competitors
Knowing the people that you’re going up against is as important as knowing your prospects. Remember, these are the people that stand between you and the buying customer. So, you would want to know their strengths and weaknesses. What are they doing to attract your prospects? What are the products they sell and their quality? What are the marketing strategies that they’re using? What are the things that they lack? What are the usual complaints they receive from their customers?
Search the keyword that best represent your information business in the online arena. The first 10 websites are your strongest competitors. Make time to visit all these sites and you’ll get an idea why they’re on top. You would want to be inspired with their strengths and you would want to take advantage of their weaknesses. It is through this that you can easily outplay them.
Knowing these people will help you determine how you can make your internet marketing more aggressive and will help you figure out how you can make your products stand out from the crowd. If you do this effectively, I can assure you that you’ll get more attention in the online arena and that would translate to more sales and more revenue.