Determining a Target Market for Your Start-Up

June 27, 2013 / By: Adrian

Business StartupsHow well do you know your customers? Knowing this is the key to making your start-up a success. Once you establish who they really are or who you want them to be, you can accurately target the correct market for your start-up. But, how do you determine who your future customers will be? Our experience with start-ups has allowed us to put together this list of basic things that you should take into consideration when determining a target market.

Who Needs Your Product or Service?

Know what you’re selling and figure out who this can help. Don’t be too broad. If you’re selling women’s shoes, for example, do not target all women. Know what kind of women will want your brand of shoes. What age group are they? What is their income? You can then focus your marketing efforts on getting these customers to want your product or service over those of your competitors.

Your Current Customers

Note who has been buying your product or service up to now. Is this who you want as your audience? If not, you may need to rebrand. If these customers are your idea of who your target market should be, and your services are the solution to their problem, focus on them and look for similar markets you can branch into.

Don’t Assume

Your own experiences and beliefs may lead you to believe that a certain group of people fall under your target market. When determining who you should target for your start-up, it’s important to realize that your potential customers know themselves better than anyone else. That is why you should seek feedback from different groups of people in order to decide who will be most interested in your product or service.

Your Competitors

Who are your competitors targeting? Is this the same audience you’re interested in reaching? If it is, learn from their marketing strategy, improve it and customize it to best sell your product or service. Note what platforms they are using to get in touch with their market. Think about what resources you will have to reach your audience once you discover who they are.

Want more expert help regarding your start-up? Get in touch with us today and look out for our next article that will get into greater detail of how to discover and target your audience.



 
 

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