5 Factors to Consider when Choosing the Right Target Market
I often see small businesses making the costly mistake of not having a clearly defined target market. They continually try to please everybody rather than focus on a narrower field to those who really will benefit from the product or service their business has to offer. Trying to please everybody usually ends up in pleasing nobody.
While the product or service that you are marketing is important, more importantly is the ‘who’ you are marketing it to. Here’s 5 factors to consider when choosing the right target market for you.
1. They need you
Your target market should want and need your product or service. You should not have to convince a person into purchasing what you are selling, this will only take up valuable resources on your behalf.
They obviously need to be able to afford what you are offering. If they can’t afford to buy it, they simply are not a good target market. Unless they have a means of paying for what you are offering, neither of you can benefit from doing business with each other.
3. Easy Access
You need to be able to reach the person easily. These days with skype, calling cards and email # 3 doesn’t disclude many people, except maybe language differences. You need to be able to communicate as often as necessary.
A good target market must be large enough for your business to thrive. When you define your target market be sure to make certain of this important factor.
5. You like them!
May sound silly, but be sure to define your target market around people who have the same interests as you to be certain that you have common ground and a basis to get along. You plan to do business with these people so it is an important factor that you are able to communicate as you would with friends.
In closing, be certain to choose and define your target market right from the start. Make time to find out everything you can about them - what they do, interests, family, likes and dislikes. These factors are a simple rule which can make or break your business.
Wishing you Success