Best Ways to Identify a Target Market
The simplest way to describe the most fundamental business model is like so: you identify a niche, create a product or service to cater to that niche, then you communicate that idea to the target market. This is also called the “go-to-market strategy,” and by identifying a specific gap in the market for a particular kind of person, you are essentially able to create something that you know people are already interested in buying.
Now the only question is how you identify a target market, to begin with. In this post, we’re going to explore the answer to that question so that you can build a foolproof business.
What Are the Best Ways to Identify a Target Market?
Consider the competition
The first step is to research the competition. What are they selling and who to? Where have they had the most success? And what parts of the market have they yet to explore? By seeing where your competition has succeeded and where they have left opportunities for you to exploit, you can ensure that you are able to arrive at the right point with the right product.
Another great way to find out what a good target market might be for your business is to conduct a survey. This means that you are going to question the general population and specifically the target markets that you are considering. By doing this, you can find out whether there really is any demand for the kind of product or service that you are planning on offering.
Don’t just ask whether a market might be interested in buying your product – ask if they’re the market that you want to target with your business. That might mean asking whether they are likely to have the disposable income necessary to help make your business profitable for instance, or whether the market is large enough.
Create a Buyer Persona
A buyer persona is a fictional biography that you can write about the “prototypical customer” for your business. This persona can then be used to drive many important decisions surrounding your business. For example, you can now ask yourself how much the buyer persona would be willing to pay for X product, and you can ask where the buyer persona would be likely to spend most of their time.
Your Own Sales Data
If you already have a business up and running, then you may already have some useful data to draw from. For example, if you have a website then you can look at the search terms already bringing the most people to your site. Then just aim to double down on those and on that market!
An MVP is a “minimum viable product.” Essentially, this is the quickest and simplest version of your product that you can bring to the market. The idea is to try selling this to your audience, to validate your idea and the market. If they buy the product, then you know it’s safe to invest more money this way in the future.
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