Even with the most innovative product or service you need to know and understand your market.

Research your market and product thoroughly – ensure your business idea is both viable and marketable.

Explore the competition – who is offering a similar proposition to you and how can you differentiate yourself. Copy good ideas and improve on them whenever possible. Analyse competitors’ pricing strategies and use them as a basis for your own.

Where will your customers come from? Don’t expect customers to flock to you, just because you’ve got a great product. Plan how you are going to reach them and keep them informed of your business.

Think about tomorrow – It’s very easy to get tied up in satisfying current demand, but try to keep an eye focused on tomorrow. What will happen if your current customer base switches, who else can you target?

Good communication – check the style and tone of both written and spoken communications. Ask for feedback and understand how your customers perceive you and your business.

Effective distribution - plan how you are going to get your product or service to your customers efficiently, from both a cost and a time point of view.

Capture your ideas in a comprehensive marketing plan.