Page 5 - Spring Into Markets
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Guide 1 Starting Up
Step 1: Research your product, customer and market
Depending on what you’re going to be selling you need to pick the right type of market. What may sell well at one may not be anywhere near as successful at another.
So market research really is essential.
You must explore your local markets to see what people are selling — what’s your competition? Not just on the market or in the local area but also online — market traders need to think “multichannel” in today’s retail sector. What makes you and your products different?
You can find your local markets by going to the NMTF’s Market Near Me —
Find out your customers’ needs — if there is no demand for your product or service, then why sell it? Conduct surveys to see whether there’s as demand for your product in the area.
Check what people are saying online about a particular market, product or service (eg Facebook, Twitter, Instagram). Read through the complaints and the praise. Get to know how your customers want to shop, how do they want to buy from you? Discover how much they are willing to pay, how they want to make payment and how often they will buy from you.
Guide 1 Starting Up 5
