Small businesses often make the mistake of wanting to target everyone, or limiting their market too narrowly. Let’s take a look at a simple way to define your target market, to achieve the greatest success.
- Determine the problems that your product/service solves – and who are the people that suffer from these problems?
- List all the types of people that suffer from the problems you solve – categorise them by location, or industry, or lifestyle (just to name a few examples). Define these people in as many ways as possible.
- Define who will benefit from your product/service – show that the cost of NOT sorting out the problems is GREATER than the cost of dealing with them.
- Decide the specifics – who do you want to work with? Men? Women? Accountants? High income earners? Athletes? People within a certain location?
- What is your Unique Selling Proposition (USP) – find what makes you uniquely different to solve these problems.
If you can’t define your USP, you might have the wrong target market or the wrong offering. Never fear, all you need to do is a bit more ground work, before you can start targeting your market.