General

How to Determine Your Target Market

smallbizA key component of the success of a company is knowing your target. The clearer you have everything in mind, the more you will help the business grow by targeting the exact people you need. However, it’s not as easy as it may sound, and for this you need to follow a couple of steps.

Who Needs Your Goods or Services?

This is one of the first questions you need to ask when setting up a business. Who are you talking to? Who would be willing to listen to you? Who is truly interested in what you are selling? For this, it is a great idea to have a look at the consumer trends and other demands on the market. Use tools such as the Google Keywords Tool in order to assess which are the most used phrases in order to look up that particular product or service.

Are You Too Subjective?

Sometimes, we may not even realize it, but we may be way too subjective in our assessments. Especially if you worked before in the field, you may think that you know perfectly well your target market. One such example is the National Air Warehouse. Brandi Andrews, who founded the company, declared that in the beginning she thought she knew their customers all too well. She focused on medium and large offices, but she overlooked the startups and the small businesses, which were really important.

How Did Others Start?

How else could you learn if you didn’t look at your competitors’ experience? Analyze their progress, see what mistakes they did, or what things they did excellently, and see if they apply to you too. Try to assess what marketing strategies they are using, if you don’t have direct access to this information, and use it to your advantage. You may even realize that they missed an important segment on the market, all to your success. It is a good idea to innovate too, and not to repeat what others did, if you want different results.

Can I Expand?

Okay, now you set your target market. But what will happen in two months? In six? In one, two, five years? Will your business expand? The key here is to make sure that you are flexible enough to be able to redefine and expand the business in time, if needed. By thinking in advance if there is any room to grow from here you can save yourself some time and even to avoid making some mistakes in the future. There are lots of possibilities: opening up a physical shop, going international, going online etc, it all depends on your plans and on the field you intend to have a business in.

 

Now that you’ve identified your target market, check these articles out:

Key things to remember when applying for a loan
Is a membership to National Consumer Panel worth it?
Blue Apron review
Saving on water utilities for pool owners
Which is Cheaper: Keg or Canned Beer?

Save More Money in 2018

Subscribe and join the worldwide 52-week money challenge! Get the tools you need right to your inbox.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

About the author

James

Leave a Comment