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Successful Business Development in Alberta

Starting a business requires more than just enough capital and employees. In order for a product or service to survive, the business must be able to attract customers and establish its name in a specific or diverse market.

For business owners in Alberta, the large population of the area offers both potential competitors and customers. How then does one weed out the right market, while effectively studying and beating out the competition?

Business development allows one to study and apply strategies that will draw in new customers. Apart from widening or starting your market, business development leads to more sales, provides research on competitors and customers, customer service techniques, and evaluation through marketing, customer service and information management. A product is only sold if you know who will be buying it.

Marketing strategies begin with knowing your customer, which is usually defined in factors such as age, marital status, sex, family size and status, income (particularly disposable income), occupation and education level, and household location. You should also specify the type of interests your customer has, as this will relate to the nature of your product or service. Once you have narrowed down these general details, you will define your customers more with specific preferences. These details include what they buy, what they place on their wish list, what else they spend their money on, where they go shopping, and their spending decisions.

Now that you’ve defined your market, it’s time for your product to get noticed. The most effective form of advertising will depend on your customer profile. Traditional media such as newspapers, billboards, and signs give you greater visibility. Online marketing, on the other hand, offers more interaction and quicker dissemination. Internet advertising, whether through online ads, Facebook, or Twitter, also costs much less than print ads or television and radio ads. Be sure to allot a reasonable budget to your advertising—spending too much may lead to more debt instead of profit.