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Entrepreneurs - Check Your Changed Market In These Recessionary Times

By: Lee Lister - The Biz Guru

Times are not good and sales are slipping so now is the time to check the state of your market – that is who you are selling to or not selling to any longer as the case may be! So time to check if your market has changed and if so how?

First of all you need to review who your market was. Go through your last sales and decide who you were selling to, where they came from, what age they were, what income level they were, what types of companies they came from, where they are geographically and what income level they are.

Once you have decided on the description of your past market, have some thoughts as to what might have happened to them in the last few months.

They will definitely not have so much spending money or probably not so much inclination to spend money. Unless you are selling to the super rich of course, in which case your target market has probably just become more cautious with their money.

Now look at where your past market may have gone to. Have your competitors changed what they are selling? Have they changed their prices or their brand? If not have the customers just disappeared?

Make business, pricing or product changes to compete with your competitor’s changes, work out what you do better than them and emphasise it.

Once you understand who your current customers are, where they have gone and what your competitors are up to you are in a great position to battle through the recession.

Now you need to rearrange your market strategy and your products to meet these changes in the market. You need to look at your future in a different way? Good luck!

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© Copyright 2009 Biz Guru Ltd

Lee Lister writes as The Biz Guru, for a number of web sites where she provides advice and assistance for the business entrepreneur. She is a published author – her books Entrepreneur’s Apprentice and How Much Does It Cost To Start A Business? as well as detailed information on how to start many low cost businesses, can be found on www.startmynewbusiness.com

With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. If you would like more help and assistance in setting up your new marketing strategy as well as some great marketing services then visit: www.MarketingGuerrillas.com

This article may be freely distributed if this resource box stays attached.

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