"I think being as granular or detailed about your target market can help is so many ways"
I think being as granular or detailed about your target market can help is so many ways. In its most simple form here are the basic steps:
- Define the ideal customer model
- How many customers match that model
- Who are the established competitors
- Determine the size of potential customer market you can and will address
In a more detailed view:
� First think about your ideal customer target. Who do you want to serve? Is there a common attribute? For example:
o Single Moms
o Young Parents
o Target Age? Target Gender?
o A geographical area based on Zip Codes
o Other common attributes for the ideal customer
� Next, look for demographic information for your target market. There are many public sites available that can help define how many people with the attributes you choose are in your geographic target area?\
� I recommend taking a look at the number of companies or competitors currently delivering products or services to that target market. Also think about online providers that may be servicing customers without a brick and mortar location. You can get just about everything on the internet. That helps you determine the number customers that are not currently being served.
� Finally, if your customer base is pretty well served, that means you are going to have to be very competitive. You will need a better price, better offering or better service to win customers. If the customer base appears to be underserved, customer acquisition cost will be lower, and your primary focus will be on reaching and getting visibility to your potential customers.