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?
Related: Best in Marketing
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