Market Viability is a way of business survival in the market, which related to setting the right targeted segment of the market. Then the following are Some Steps to Do for Your Market Viability.

First of all, to determine the level of competition, types of marketing efforts, and demographic of customers. For example, you should take some of your time to visit your competitors’ store or surfing their website, by evaluating its promotion and sales effort. The most probable cause will be including observation of their customer foot traffic is better.

Second, make a list of customer demographics. Which will be including some data such as age, family status, income, etc. if you are in the consumer market. Then it would be better to be based on your competitor evaluation and expertly analysis.

Third, when you obtain a list of the customers, then you can find a way to narrow the target market by requesting feedback. For instance, to research the demographics, interests, and shopping habits, reason for shopping at certain stores and specific types of product/service.

After researching, then it will be the step of your offering free test of the product/service to some customers from the narrow target, and ask them to complete a survey or participate in a face-to-face group discussion about what they like/dislike.

Next, that will be a good chance for you to revise the plan and get feedback from the survey/discussion by repeat the process until your product/service can success with the target customers. To make a list of other factors that affect your success plan. For example, it maybe includes such as environment, social, technology change, etc. And then you can prepare another list of an alternative method to attract customers such as boost sales, others expand your offering to other markets if there is some necessary for you.

Finally, you can estimate the initial and long-term costs for developing, releasing, and promote your product/service based on the researches. Now, you can analyze the data on whether to forward with the new product/service or not.

In conclusion, the market segment is important for a business to target customers. When we enter the right targeted market, our business opportunity is growing. It allows us more criteria to analyze and set up our marketing plan and strategy for the business. Let’s get started to do your market viability for your business planning, and be careful about each step.