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Top Marketing Tips for Budding Entrepreneurs – Do Your Research

Do your Research

2) Do your research

I’m always surprised just how many people plough lots of money into creating a marketing strategy for their new project without having done some basic research first. It seems that many people just rely on their gut feeling about a business idea. This is ok if your intuition works well for you and if you don’t hit any hidden obstacles that could have been avoided if you had carried out some basic research. I’m sure that we’ve all heard of business people, especially the entrepreneurial types, who never do any research before undertaking new ventures yet seem to have one success after another based solely on their intuition. From my own experience I can tell you that these people are far and few between. So, don’t take a chance and get some research done before you set sail and invest precious time and money into creating a marketing strategy for your new venture.

A good starting point might be to search the internet to see if your ideal already exists. If you are lucky and it doesn’t then great! Though, chances are it will already exist in some shape or form no matter how unique you think your idea is. By using key word searches you will no doubt come across something similar or even the same as your idea. Now don’t let this put you off as it’s the ‘things’ out there that are similar or even exactly the same as your idea that you will be able to learn from. Now we have all heard of the expression ‘don’t reinvent the wheel’ well that is good advice – but what you can do is put a new spin on the wheel. In other words you can research the ‘things’ that are similar or the same as your own idea and then put a unique slant on your idea to make it original. For example, could you adapt your idea so that it, solve a different problem, be used for a different purpose, offer a slightly different service, or even be packaged up in a more exciting way?

In essence, carrying out some basic research will help you to shape your all important ‘unique selling point’ that will help you turn your idea into something that will be marketable and ultimately sellable. Whilst you’re doing your research you’ll also be able to check out the competition and see what they are up too, i.e. how they are pitching things, who their target audience is, how much they charge, and, how they are marketing themselves. Now, I’m not saying you should pinch other people’s ideas or rip off their marketing approach, far from it. What I am saying is that it’s always good to know how other people are pitching a product or service similar or the same as your own. And, hopefully if you’re anything like me, you’ll come away from a few hours of online research feeling stimulated, inspired and full of new and exciting ideas that will help you to create your own marketing strategy.

All the best and I look forward to hearing any comments that you may have about this post,

Goga Farruggia-Bochnak
Founder of End Goal Marketing

NB. The above tip is the second in a series of seven that I have written – here is a list of the others that I will be posting shortly:
3) Allocate yourself a marketing budget
4) Find the best marketing company you can afford
5) Create a marketing strategy
6) Measure your results
7) Adjust your marketing plan

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About Goga Farruggia-Bochnak

Goga is the founder of End Goal Marketing and a Marketing Consultant. You can contact Goga by email: goga@endgoalmarketing.com

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