In the world of business, some people are successful and some are not. Running a business, whether it is selling a product or a service, whether you are selling to a customer or another business, requires some thought process and strategy before diving in and investing the time and money to manufacture your product, determine your service and/or market your business.
Why is knowing who you’re primary target market first important to your business? If you don’t know who you are selling to, then you a) don’t know if your product or service is important to anyone and b) you won’t know how to reach the person or business who is going to buy your product or service.
When you are putting your business plan together, every aspect and step that you take should take into consideration who your market is. This will help make the decisions easier and they will be streamlined. If you always keep your customer in mind when you make decisions, then you will always have a reason for why you are doing something. There is no second guessing.
So, let’s start with defining your target markets.
You can define your primary target market (and your secondary target markets) using the following attributes:
- Demographic: Age, Sex, Education Level, Status, Number of Children, etc.
- Geographic: Country, State, City, Zip Code, Rural vs. Urban, etc.
- Psychographic: What are the interests, hobbies or activities of your market?