You read the last blog right? The one that talks about your peeps…how to get them…and all that good stuff! Well, this is segment 2…you have to know how to find those people…that target market…that one person that needs what you have. Without knowing this information, how can you sell what you want to sell? Well, silly…this is what it is all about, so let’s just talk a bit.
What does your product, service, or thingamajig do for someone? What need does it fill? Is there a problem it solves? Now as we move forward, remember do NOT make assumptions; that will seriously alter the effects of this time you are spending…only the facts please. Also remember, anything worth having doesn’t come easy. This will be an ongoing research project. I mean heck, what if you are entering the market with a product that basically no one knows about…what if you want to go international someday…trust me, never stop educating yourself with good resources.
Are you a professional in your arena? Do you know a ton about your product to be clear on who would use it…if you just said yes, then woohoo…you rock! If you said no, you may want to research and gather understanding of your product quick. You need a list of what your product does for others, what is your assets in the product? Who will use that? Can you alter it to get more market base? Here are some questions you will need to know going forward…..
- Who are your competitors and who are their target market?
- What demographics will your product help (age, location, health)?
- What characteristics are seen in your target market (values, hobbies, personality)?
- Does your ideal client frequent written media, social media?
If you are like me, your paper is now filled with little notes, words and squiggly lines…. But, you are getting there trust me. So time to evaluate and put this into a form that looks like a written language. This is a tough part of business, but it is essential. Don’t break this process down too much and remember that you can have more then one or two targets in most cases. But, honestly, once you know more about the ‘who’, the rest will fall into place.
So, here is my target market…for my online clothing boutique (don’t judge please, lol). My target market is actually females, between 30-60 years of age. I have broadened my niche market to include professional gals, as well as busy moms. I definitely am able to target middle to high income with most of my product line, but there is a smaller target in lower income mediums too. I don’t want to break it down too much where I disregard a factor that is a possibility. Everyone needs clothing you know…. In terms of demographics, I am targeting locally and though the USA via social media streams. My competition is watched very closely, as they are very much negatively in the public eye for various situations. So technically everyday, there is a change in my research, just a simple 1% change could mean a larger target market (equals more $$$$$), so I stay on top of this at least several times a month…at the least.
I know, I know…you are thinking…will she ever just hush…lol….ok!! It is late, so rambling is easy for me…don’t judge again!!! I will be back in to talk to you soon about some more steps about your target market, your niche, your business….your rise to freedom!!