background preloader

10 Questions to Ask Before Determining Your Target Market

10 Questions to Ask Before Determining Your Target Market
The better you understand your customer, the faster your business will grow. But new ventures often struggle to define their target market and set their sights too broadly. "We often overestimate the market size, and in many cases there may not be one at all," says Robert Hisrich, director of the Walker Center for Global Entrepreneurship at the Thunderbird School of Global Management in Glendale, Ariz. Here are 10 questions that can help you determine whether you have a target market and what it is: Who would pay for my product or service? First, try to understand the problem that your product or service can solve, says Greg Habstritt, founder of SimpleWealth.com, an Alberta, Canada-based advice website for small-business owners. Who has already bought from me? Am I overestimating my reach? What does my network think? Am I making assumptions based on my personal knowledge and experience? What's my revenue model? How will I sell my product or service? How did my competitors get started?

http://www.entrepreneur.com/article/226360

Related:  Best in MarketingTarget CustomerOther

Buyer Personas: The Keys to Content Marketing Buyer Personas: The Keys to Content Marketing Customized content can help drive your prospects through the sales funnel and ultimately convert them to buyers. But first, you need to understand your customers. Do they live in suburbs or in the city? Six steps to defining your target market Whether you sell washing lines or wiper blades, you need to understand your customer if you want to maximise your sales. Who are you selling to? Why should they buy your product? What do they stand to gain? Grant Leboff, principal of The Sticky Marketing Club explains how you can identify your target customer 1. 2 Cost-Effective Ways to Reach a Large Target Audience and Save Money Fall is here, and businesses are already gearing up for the holiday season. As we enter the fourth quarter of 2015, businesses are looking at their end-of-year dollars and their first-quarter 2016 budget. Always part of that agenda: the goal of saving money. Related: Google Ready to Drop Billions on Satellites for Worldwide Connectivity I can offer some assistance here: As a seasoned television producer who regularly deals with budgets, I can name two of the best ways to successfully market a brand's message without breaking the bank: on-site video conferences and satellite-media tours.

What is Outbound Marketing? Explore the Strategy of Outbound Marketing How can a business spread the word about its new product or service? This very question led to the development of the marketing field as a whole, and is still the top problem pondered by professionals today. While various approaches have come and gone, one tried-and-true strategy has stuck with the field from the onset. Outbound marketing attempts to initiate a conversation about a product or service by rapidly spreading word of its existance through a variety of traditional marketing methods. When most non-marketers think of the word "marketing," its this classic definition that they refer to.

Define a Target Market for Your Small Business For your business to succeed, it must have enough customers to buy the product or service offered. Before you launch your new business, take time to evaluate your potential customer base. Figure out whom you expect to be your most likely customers -- in other words, your target customers. Then tailor your marketing efforts, as well as your products and services, to those customers. It astonishes me how many businesses don’t have a clue who their target market is. Sure, if you ask the head of sales who the target audience is, he or she may have an answer, but does this sales exec know why this is the target market? What problems this market faces?

First Time Crowdfunding? Here's What You Need to Know. In the book, Write Your Business Plan, the staff of Entrepreneur Media offer an in-depth understanding of what’s essential to any business plan, what’s appropriate for your venture and what it takes to ensure success. In this edited excerpt, the authors discuss what your business plan should look like if you're crowdfunding for your business. A rather recent entry into the world of procuring funds for business projects is crowdfunding. This is a means of gathering funds from a diverse group of investors using Internet technology. The idea is broad based with some investors on crowdfunding sites getting rewards for investing money while others become investors with a stake in the business. As a result, some of these sites are, like PBS, seeking support from generous people with a passion for a type of business or short-term project or for a cause behind that business or project.

Do You Know Your Target Market? How to Find Out... Do you know who your target market is? We mean, really know? And, we’re not talking about, “I sell dresses, so my target market is women.” We mean, “I own a dress shop on Sacramento Street, my customers are female, ages 35-45, live in a 10 block radius and make more than $45,000 per year.” You Should Spend Your Money on Experiences, Not Things When you work hard every single day and there’s only so much money left after your regular expenses, you have to make certain it’s well spent. Spend your limited funds on what science says will make you happy. The paradox of possessions A 20-year study conducted by Dr. 7 Things Your Social Media Consultant Should Tell You If social media consultants are doing their jobs, they should put themselves out of business. I speak as one of their kind. Before joining Fast Company last spring, I was the social media editor at the New York Daily News. So I'll say it even bolder: At some point, Fast Company should fire me.

Create Your Ultimate B2B Customer Profile Here we are at last—the final installment of our series, Target Your Ideal Customer With Personas. We’re so glad you’ve joined us, and we firmly believe your team’s marketing strategies will be the brainier for it! In previous installments, we’ve discussed the whys and hows of building a more evolved customer profile, The Whole Brain way. The “why”?

5 Ways Personal Growth Makes Your Business Stronger Join us live at Entrepreneur's Accelerate Your Business event series in Chicago or Denver. Secure your spot » Being an entrepreneur is more than the business you start. People buy from the person or the idea behind the business. 5 Questions to Ask About Color in Your Marketing Messages This week, Pantone named Marsala—“a naturally robust and earthy wine red”—as its official color of the year for 2015. Last month, the Color Marketing Group revealed the four colors researchers forecast will be popular in 2016 and beyond. In North America, “uni-blue,” which is described as an androgynous blue, is expected to be hot. In Europe, it will be “brave,” a warm red. In Asia and the Pacific, “naturban,” a natural green, will be popular, while in Latin America, “maiz,” a soft yellow, will be trending. What does all this mean for public relations professionals?

Create An Ideal Customer Profile Once you’re in a conversation with a sales lead, your primary job is to eliminate the lead from your list {tweet this}. You have to qualify your leads because determining who will actually buy your product determines the efficiency and ultimately the success of your sales endeavor. If you do not qualify leads, you are impulsively chasing prospects down the rabbit hole.

Related: