Know Your Market

[vc_row][vc_column][vc_custom_heading source=”post_title” use_theme_fonts=”yes”][vc_column_text]You have a great idea, but now what? Who is your target demographic? How well do you know your product to sell it to people? These may seem like easy to answer questions, but there is a lot to think about before you give your answer. For example, what is your target age? What is your target market? How will this improve what they are already using/ doing? How will your idea fix the problem? Remember The Snuggie? It was a great idea; they made over 200 million dollars, every inventor’s dream, right? Did you know that the Snuggie was an imitator of The Slanket? That’s right; The Slanket came out two years before The Snuggie. They remind us that it’s not ‘ first to market wins, but the one with the most aggressive marketing approach.’ The take away here is knowing your market and how you are going to appeal to it. What is going to make them look at your product and want it? It is vital to do your research and have a clear vision of where you want your idea to go in the market.[/vc_column_text][/vc_column][/vc_row]

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