10 Questions That Can Help You Determine Your Target Market
Congratulations, you are about to start your own small business! Having a great product or service is only the first step to having a successful business. Equally important or even more important than the product is your customer. “The better you understand your customer, the faster your business will grow,” says Alina Dizik in her article 10 Questions to Ask Before Determining Your Target Market.
Listed below are her 10 questions that can help you determine your target market.
1.Who would pay for my product or service?
First try to understand the problem that your product or service can solve.
2. Who has already bought from me?
To refine both your target marketing and your pricing strategy, examine who has already bought your product or service.
3. Am I overestimating my reach?
It's easy to assume that most people will need your service or product. Rather than make assumptions, reach out to groups of potential customers to get a more realistic picture of your audience and narrow your marketing efforts.
4. What does my network think? Tap into your social networks to get free feedback! Many people in your extended network will likely be willing to take the time to give you opinions and advice.
5. Am I making assumptions based on my personal knowledge and experience? Your own personal experience and knowledge can make you believe that you understand your target market even before you conduct any research.
6. What’s my revenue model? Figuring out how you'll reap revenue can help you find your target market.
7. How will I sell my product or service? Ask yourself, will you have a store, a website or both? Will you be marketing only in your home country or globally?
8. How did my Competitors get started? Evaluating the competition's marketing strategy can help you define your own target customer
9. How will I find my customers? Understanding how to locate your customers early on can help you establish a game plan once you start building a marketing strategy
10. Is there room to expand my target market? Be prepared to redefine your target market or to expand it over time
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