Is it important?
We always hear the phrase “target market” thrown around with other business lingo, but does it really matter? Let me answer this one quickly for you, yes it really does. Why? Think about shooting arrows at a target ahead of you but you’re blindfolded. That’s basically what you’re doing if you are in business without identifying your target market. You’re blindly throwing your products at the world without clear aim. You’ll be wasting a ton of effort if you don’t know who you’re aiming to do business with.
Keep in mind that no one can afford to target everyone. As a start-up, targeting a niche market will allow you to compete with larger companies. And don’t worry, it’s not as hard as it sounds. Let’s walk through it.
Visualize Your Ideal Customers
Who would be willing and able to product? In the last email, we talked about the problem you’re solving with your products. Now think about who is having that problem? Who has that need that you can fulfill? Start to add more details about these people. Where do they live? How old are they? What do they do for a living?
Dig Deeper Than the Surface
What do they like to do? What are their interests? Do they have a family? What’s their education level? What type of lifestyle do they live? What are their favorite brands? What are they advocates for? What do they care about? Where do they shop?
Develop a vivid idea of your ideal customers. Know their likes and dislikes. Imagine that you know them personally and dig deep to discover more detail about them and their lives. This is going to be a foundation for your business. It will help you make decisions about pretty much every part of it—the product design, messaging, marketing and more.
Take a moment to think about your target market. Do your research and write down the details. I know this will help you and you’ll be better off know who your business is intended for. Feel free to leave a comment below with any questions.