Your target market should always be the first thing on your mind, no matter what you are doing. Read this article to understand the difference between a business that does, and does not understand their target market.
Starting from the business plan, if you aren’t thinking about your target market, you’re doomed from the start.
Imagine you want to start a business selling industrial cleaning supplies, and you’re not thinking about your target market.
Perhaps you’d open a store right in the city center, thinking that’s where more people are.
Now, you have a sky-high rent payment, and you probably aren’t getting any sales from the pedestrians walking past your store. You’d be closed in a few months.
On the other hand, if your target market was on the front of your mind, you’d know right away that you’re not going to get much value out of a prime location.
Considering your clients are companies, you may not even need to open up a store, you’d probably be better off in a small office just outside the city, using that money you saved on rent to hire B2B salespeople who would visit the businesses and land contracts for you. Now that sounds like a lasting business.
Of course, your plan needs to be centered around your target market, but is that it? What about all the micro-decisions your business makes?
The answer is, EVERYTHING, from the colors in your logo to the shape of the images on your website, will perform exponentially better if you’re focusing on your target market.
But, how will you know that everything is well suited to your target market? Relentless testing.
Maybe you know some friends who match your target market, or maybe you’ll just have to get out there and try, but successful businesses only become successful by saving their target market time/money, so make sure everything you do resonates with them!