Research Is Key to Creating Promotions That Sell

Nobody becomes a phenomenon in any field without putting in the time and discipline. This is especially true today when it comes to writing promotions in a field that is more competitive than ever. We've gone from three TV channels to hundreds, there are more magazines than ever, and of course, there’s the Internet, Facebook, and Google. These days, anyone with access to the Internet can be an advertiser. So, to be a successful at promoting anything, you must learn what makes your product unique or you’ll never be able to make it rise above the noise. The trick is to find the story in the product, and that takes skill. Maybe you’re selling something like a fish oil supplement. You can turn it into something special by explaining, for example, that your fish oil comes from a unique kind of fish living deep in Icelandic waters, providing better Omega-3s.

5 Strategies to Effectively Determine Your Market Size

Besides developing an exceptional product or hiring the right talent, doing some much-needed market research is the most critical step for any startup. A part of this research should involve market size. Without knowing your market size, you may be conducting business in a market so small, it’s next to impossible to make any money.

Understanding market size helps you distinguish between two categories: the addressable market, which is the total revenue opportunity for your product or service; and the available market, which is the portion of the addressable market for which you can realistically compete. By outlining the difference between these two, you can develop a product offering to tackle that consumer sweet spot.

Without a solid grasp on your market size, you endanger your business’ success in not only the early stages, but also throughout its entire life cycle.