Developing a Target Market Strategy

Topic: Analysis, Characteristics, Market Intelligence, Startups|

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Good morning startup students! Today we are going to discuss how to define your target market. You’ll find some overlap from my post on Friday about Marketing Intelligence, but it just goes to show how important these things are for young entrepreneurs.

You really want to identify the market niche you intend to serve. It’s always better to be too specific at this point, you can broaden your target in the future. Take a look at what benefits you bring to the table.

  • What problems are you solving for your customers and the market in general?
  • What specific needs to you fulfill?

When looking at the benefits you bring to the table, keep in mind there are two generally accepted types of benefits.

  • Emotional
    • You convey hope, you massage fear, you instill love, or merely provide convenience.
  • Financial
    • You assure increased profits, offer lowend pricing, save customers money, or offer extended payback periods.

Remember, the above are just examples and aren’t meant to be the only benefits.

Once you’ve defined your niche, you need to get out there and talk to your customers, similar to what I talked about Friday.

  • Take part in casual conversation
  • Conduct interviews and surveys
  • Enlist the services of focus groups

They key point here is to just LISTEN and identify their needs. That’s all for now, enjoy the rest of your day and I’ll see everyone tomorrow. Class dismissed.

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