This week I'm going to be sharing more marketing tips for the face painting and arts and crafts industry. Actually, you can use these tips for any service or retail industry. But for our purposes, we will be concentrating on our own particular niche in the business world. Last week we talked about finding out if there is a need for what you are offering. We also concluded that you don't want to waste time or money if you concluded through your research that in fact there is not much interest in your product or service.
This week I would like to discuss a technique called SWOT Analysis. SWOT is an acronym for: Strength, Weakness, Opportunity, and Threat. So let's get started. The first thing you need to do is figure out what your strengths are in your prospective product or service. Do you offer a superior product or higher standard of service than your competition? Can you offer a unique or particularly excellent form of customer service that would differentiate you from your closest competitor? Do you sell a unique item that no one else sells? Or...at the very least is there not much competition for it? Is there anything that sets you apart from others?
Now take a look at your competition and ask these same questions about their business or products. How do your ideas measure up once you have done the research in these areas? After carefully considering these questions, you can then make an informed decision on whether or not there is a market for your service or product, and whether it is a viable business option. Then you can start to tweak your idea, making changes to anything you feel may need to be changed or altered to make your idea more attentive to your target customer.
Think on these things, do a little research and analysis, and when you are done, we'll be right here with you for part two...weakness.
Until next time...
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