KNOWING YOUR TARGET MARKET

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It is not a good idea to go blindly into business assuming that the maTARGET MARKETrket would always be there. Because in effect, the market is not always there. Before you go into business it is important however to ask certain questions to help you determine your target market.

Who would pay for my product or service?
First, try to understand the problem that your product or service can solve . Then, use that information to help determine who would be willing to pay for a solution. Not only do [your potential customers] need to have the problem, but they need to be aware they have the problem,

Who has already bought from me?

To refine both your target marketing and your pricing strategy, see who has already bought your product or service. You can gain valuable insights by releasing the product in a test phase and letting potential consumers speak with their wallets.

Am I overestimating my reach?

It’s easy to assume that most people will need your service or product. But 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. You can conduct surveys, do man-on-the-street type interviews in stores, or organize small focus groups.

What does my network think?

As you try to understand your target market, it may be challenging -and expensive-to seek feedback from potential consumers through surveys, focus groups and other means. But you can 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.

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. Don’t assume that you can think like your target market. You have to ask them and talk to them to really understand them.

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