Knowing how to define your target market is essential for every successful enterprise. Every business owner dreams of huge growth and profit. This is especially true of new startups with grand ambitions. But without proper planning, any venture is bound to fail.
Successful business begins with a clearly defined value proposition. You must be able to answer the questions: what am I offering and what makes it unique? Who needs it and how do I get it across to them?
The question “who needs it” requires you to clearly define your target market, that is, the individuals with the need that your product or service meets. You may have the best product or service and are all set to change the world with it. But if a need for it doesn’t exist or is insignificant, you don’t have any business.
The following questions will help you develop a profile of your ideal client. Answering these questions will require a bit of research on your part. But it will pay off in the end because with a clearly defined target market you can tailor your marketing efforts accordingly and get a better ROI.
- What age group is your product or service targeted at?
- What is their level of education?
- What do they do for a living and how much income do they earn?
- What is their relationship status and family situation?
- What are their hobbies, tastes, fashions and personal interests?
- What form of entertainment do they enjoy? (sports, movie, music etc.)
- How do they behave online? Are they heavy internet users? Where are you most likely to find them online?
- How do they spend money and what do they spend it on?
- How does your product or service meet a need or solve a problem in their lives?
- What other product or service is currently fulfilling this need and why should they care about your product or service?