Running a business is extremely satisfying; it is easy to start one but it is a lot harder to sustain. Having the ideal product or service is the first step but getting it to the market and to the right people is key to sustaining your business. This is why identifying your target market is an essential step and involves research and analysis, not a finger in the air.
During discussions with a website Customer, they identified they wanted to push their website towards a specific type of customer as they saw this providing the greatest return. Although this was true, the return would be good, their criteria was so tight that they restricted the number of potential customers to a tiny amount. After we did some research and analysis (and used some common sense), we decided to revise the strategy, widen the target and focus on Social Media and a new website geared to work with this new strategy. We will see whether this works during the year.
When considering your target customer, there is no point in guessing. Yes, assumptions can be made but you need to do the research and analysis to help inform the assumptions. There are some great free tools from Google and others that will help you gather information;
Researching these takes time and effort but the results can be impressive as you can concentrate on a large untargeted area rather than join the myriads doing the same thing.
Whatever your business or business idea, determining your target market will be key to your success so time spent on this will be well spent.