Identifying and Choosing Your Target Market
Your target market is the foundation of your business. It is a specific group to that you must direct your market research efforts on and know their needs and wants.
Understand What They Need: Build Rapport
You need to understand your target market thoroughly. An intimate knowledge of their needs and a personal rapport is what brings your business closer to them. The level of your understanding of your products and services in relation to your customers governs the influence that you exercise over your target market, which in turn determines your success and of course, your business revenues.
Target Market Checklist
- The TM has a problem that they need a solution to. Your target market is underserved or the solutions on the market are insufficient.
- The problem is big enough that the target market will act by paying money to get it resolved.
- Your target market is easily identifiable. For example, they may be part of a certain ethnic or age group.
- Depending on the products and services you offer, your target market is able to afford what you are selling.
- There is proven history of your target market paying for the products or services you offer. This speaks directly to the viability of your business. If there is competition, this is a positive sign since it indicates the existence of a viable, paying market.
- The size of your TM is sufficiently large to sustain your business.
- You have the necessary expertise and offer excellent services or products. You also have the experience in dealing with your TM in order to satisfy their needs. Customers favor reliability and expertise – that is what ultimately motivates them to buy.
By applying the above tips when you are formulating your business, you will be able to accurately identify your target market, saving you precious time and allowing you to focus on growing your business.
