5 Steps to Finding Your Target Market

targetSo your business model is flawless. Your products and services are revolutionary. They’re going to change the industry and everyone needs to get on board before they’re left behind. First things first: who’s buying.

Tailoring your message to catch the eye of your target market is arguably the most important steps toward building a successful business. Here are a few quick and dirty tips to help you attract the right customers:

1. Know your product/service inside and out

Create a detailed report on the benefits of what you’re selling. Now make a list of who has a need that can be fulfilled by each benefit. The longer the list, the better. This creates a solid foundation for identifying your key market.

2. Look at your current customers

It sounds really obvious, but take a second to think of whom your customers are and what similarities they share. Same industry? Size? Location? Knowledge is power. Knowing your current customers will undoubtedly lead to finding more.

3. Check out the competition

Who are your competitors chasing after? Your first thought might be to swoop in and rob them of their customers. Wrong. It’s not about cutting down the competitions’ business so much as building up your own. What niche market are they overlooking?

4. Take a Step Back

Now that you’ve narrowed it down, step back and examine the result. Is there a definite need in this market? Is the market big enough? Has it been tapped by any competitors?

5. Analyze your market demographics

After taking some time to zero in on your market, do some research on the key buyers. Look at age, gender, location, and anything else that might apply to the industry. This is crucial to perfecting the messaging and polishing your brand image.

Don’t expect to find your target market overnight. It takes research, creativity and careful planning.  Remember, your business’ success is fully dependent on your customers.