Sunday, October 31, 2010

What/Who is your target market?


What or who is the exact market for your business/product/service?

Do you know?

Some entrepreneurs erroneously believe that everyone is a prospect for them. Everyday I receive about a dozen emails from people, many whom I don’t know, telling me that they have the perfect business for me; or when I am ready to give up my J-O-B and quit making someone else rich, they have the opportunity for me. Dozens of emails circulate the internet for vitamins, prescriptions and enhancement products. Not one of these people has identified if or why I am the “perfect person” for this perfect solution to a problem they don’t really know if I actually have. Instead they are using what is termed as a shotgun approach – quantity over quality marketing – and hoping some of it will come through. This approach may work for some, especially if you have the thousands of dollars needed to stay one step ahead of the spam controls. However, is this how you would like to be introduced to a product or service? Most people would prefer to be told about something they are personally interested in or need.

Start two lists with two columns each.

The first list, write what is the EXACT market for your business/product/service in the left column.
And in the right column, write WHY.



On your second list, identify who is your target customer in the left column. And in the right column, write WHY you know that this is your customer.



What research did you do to determine these answers?

What sets YOU apart; what makes what you have to offer – different than someone else allegedly offering the same thing? This is an essential piece of the puzzle. What is unique about you and your business?

This is an important piece in your entrepreneur puzzle. There are numerous “me too” businesses and products on the market battling for business. Yu can set your self apart from the crowd when you effectively identify your uniqueness, the unfilled need and your target market.


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