WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Who Is Your Perfect Target Customer?
SteveStrait
subscriber Posts: 13 Bronze Level Member
Heya Startup Nation Community!
I’ve seen several threads here that would benefit from a simple framework I’ve been using to help my decision making in my business. So if you are an owner and you offer any sort of service or product for money, hopefully this is of some value.
The framework - in all entirety is very simple:
Who Is Your Target Market
That’s really it.
It’s impossible to make a great product or provide a great service if you’re not sure who you’re doing this for. Each type of market is unique and they each have their own set of needs. If you are unfocused and you try to cater to everybody, you’ll end up filling your product with too many features - features that your audience never asked for.
You should be focusing on one core audience. They are the group that shares a common pain point. Your job is to make a product that addresses that pain point.
That’s it.
There is no need to solve a bunch of problems for several different groups.
This is NOT what a great product looks like:
A great product looks like this:
You should know your market like you know the back of your hand.
And your market should guide your decision making like a laser guided missile.
By focusing on one market to start, you only need to evaluate your decisions against one point of view.
Let’s say you have a product business -
Choose the answer that's most suited for that one core audience.
Subaru turned their flat sales in the 90s into steady growth by focusing their marketing to one untapped market.
They originally identified 4 core markets who were interested in buying a “no-frills,” dependable all wheel drives:
They went all-in to target this core group:
As a result, other than Tesla, they grew the fastest in the 2010s out of all the other car brands.
(Priceonomics did a write up on this a few months ago and it’s a fascinating read.)
Getting focused doesn’t just benefit your sales. It’ll improve your operations because it’s your business’ “True North.”
It’s the filter through which all your business decisions can be made. If you are thinking of a new product or service, ask yourself whether this is going to add value to your target market.
If not, leave it.
If yes, implement as soon as possible.
Now, what are some techniques do you all use to find your target market?
I’ve seen several threads here that would benefit from a simple framework I’ve been using to help my decision making in my business. So if you are an owner and you offer any sort of service or product for money, hopefully this is of some value.
The framework - in all entirety is very simple:
Who Is Your Target Market
That’s really it.
It’s impossible to make a great product or provide a great service if you’re not sure who you’re doing this for. Each type of market is unique and they each have their own set of needs. If you are unfocused and you try to cater to everybody, you’ll end up filling your product with too many features - features that your audience never asked for.
You should be focusing on one core audience. They are the group that shares a common pain point. Your job is to make a product that addresses that pain point.
That’s it.
There is no need to solve a bunch of problems for several different groups.
This is NOT what a great product looks like:
A great product looks like this:
You should know your market like you know the back of your hand.
And your market should guide your decision making like a laser guided missile.
By focusing on one market to start, you only need to evaluate your decisions against one point of view.
Let’s say you have a product business -
-
Should I advertise in Instagram or Pinterest?
What should I write in my ad?
How much should I charge for a unit?
Choose the answer that's most suited for that one core audience.
Subaru turned their flat sales in the 90s into steady growth by focusing their marketing to one untapped market.
They originally identified 4 core markets who were interested in buying a “no-frills,” dependable all wheel drives:
-
Teachers and Professors
Healthcare Professionals
IT Professionals
Outdoorist
They went all-in to target this core group:
As a result, other than Tesla, they grew the fastest in the 2010s out of all the other car brands.
(Priceonomics did a write up on this a few months ago and it’s a fascinating read.)
Getting focused doesn’t just benefit your sales. It’ll improve your operations because it’s your business’ “True North.”
It’s the filter through which all your business decisions can be made. If you are thinking of a new product or service, ask yourself whether this is going to add value to your target market.
If not, leave it.
If yes, implement as soon as possible.
Now, what are some techniques do you all use to find your target market?
Want to find a profitable niche market for your product biz? Download my free report to learn how.
Sign In or Register to comment.
Comments
Corporate Day Care | Best Corporate Day Care Pune | Best Creche for Corporates Pune | Child Care Center Hygiene |
Behavior Driven Development (BDD) TrainingCustomers are the lifeblood of every business. You need to find targeted customers, if you want to increase your marketing experience. To find out your ideal customers, you have to know:
Defining your target market is one of a marketer’s most important tasks. It’s the foundation of all elements of your marketing strategy, from how you develop and name your products or services right through to the marketing channels you use to promote them.
Check out the following tips to reach your target audience for every business
1. Compile data on your current customers
2. Look to website and social media analytics
3. Check out the competition
4. Be clear about the value of your product or service
5. Create a target market statement
6. Test social ads on your target market
7. Revisit your audience research as needed
I hope this will helpful to find out your target audience as per your business.
Regards
😀Alex Mathew