Turn Your Business Idea Into Action - Part II

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Research your market
Defining your market is so important to get it right before launching your product or service. By defining your market, you can then determine what type of promotion is appropriate and where to promote your goods to ensure maximum exposure and impact of your launch. 

Find the contact details of trade magazines (in my case, lifestyle magazines and financial newspapers) and ask for their media pack. Find out the cost of advertising (sometimes it’s pennies per word or depending on the dimension of your advert) and also distribution details such as: Where are the readers based? What type of jobs do they have? What is their average household income, etc. Determine whether they are the right magazine for your market your business.

Go to Trade Shows and Exhibitions
Going to trade shows can help find out details of your target market. Generally first days are the quietest, and exhibitors are enthusiastic. Find someone who sells something similar but not identical to you and explain that you’re here to see if becoming an exhibitor is right for your business. Don’t expect to take an enormous amount of their time from a busy stand. Listen to their opinion. Keep asking more stands. You may even find someone who would like to distribute your products, or become a supplier offering services as an extension to yours, but let them raise the possibility as most shows don’t allow you to sell to the exhibitors. 

Plan before you arrive

Do some research on which Exhibitors will be there before arriving. The venue is often very large and you will want to be more efficient with your time, visiting stands that relate to your industry first. Find trade bodies that are at the exhibition. They will be more than happy to discuss their industry with a newcomer. You will also find information about industry trends, which may help you determine the route you take to market your business. 

Be approachable

Speak to other business entrepreneurs who may be sitting next to you during a workshop. They may also furnish you with facts about the show and it’s always good to grow your business network. 

Organise your research

Now you are another step closer to creating your marketing plan and put your business idea into action. Organise your findings into a marketing plan with the following categories:

Where are we now?

Where do we want to be?

How are we going to get there?

How will we know we got there?

Free stuff

Often times, you can find tickets to trade shows absolutely FREE by entering online draws or simply requesting for tickets.  I've recently won tickets to the Ideal Home Show at Earls Court from http://www.free-stuff.co.uk/ 

My fiance also won a brand new iphone from the Metro newspaper online.