In the previous blog post, we discussed six tips on how to start a new business. Today we will continue along the same lines by sharing insight on how to find the right target market because now that you have a business idea in mind, it’s time for you to hit the ground running and determine who your future customers will be, or whether there is a market for what you will be offering.
To help you navigate this stage and avoid unnecessary setbacks, Frequency Event Promotions offers five suggestions to ensure you find the right market fit.
- Develop clarity about your target audience: As mentioned in the last blog post, who do you intend to serve? Is it kids, youth, or adults? You might even need to get more specific and focus on a particular subgroup. Maybe your audience could be single mothers from low-income backgrounds or racialized youth. Whatever you decide, it’s essential to be as clear as possible since all your future marketing and promotion will focus on this audience. Wouldn’t it be unproductive to boost a company for kids, but then have all your products marketed to adults? Of course, it would!
- Research, research, research: Who knows, you probably have the next biggest idea in the world. However, until you take the time to find out what your target audience wants, your new product or service will probably fail. Can you imagine potential customers asking for meat dishes, yet you go out and sell them veggie plates? Disaster. Researching allows you to figure out all these details before heading into the market. So, please do yourself a favour and don’t bypass this step.
- Study your competition: Knowing who your competitors are is crucial to the success of your business. You need to know the different players, what they do, when they started, how they sell products, who they affiliate with, among other factors. Thank God for Google because you can go directly online and seek out the information you need. As a result, check out their websites, review the feedback from their past customers, and search out their social media platforms. This will give you a good sense of their impact, and even areas that can be replicated or improved in your own business. Nevertheless, don’t just look at your competitors as competition. Instead, take the time to visit and see them in action. You could learn a lot from their experience in the market you intend to break into one day.
- Determine the profitability of your market: At this point, get an idea of how much money you have the potential to make in your business. Begin by doing a Google keyword search. Next, enter the keywords in Google AdWords Keyword Planner. If you find keywords with substantial search results, that is an indicator (just one of many) of a potentially profitable niche. You can also search for those keywords in Amazon. Further, Clickbank.com is an online retailer with a significant library of unique products created by entrepreneurs. This tool will help you assess your products by comparison in more detail.
- Test things out: There is no need, to begin with, a full launch. Instead, start small and remain on point. Please note that this doesn’t have to deplete your pocket. You can first reach out to your networks by sharing your product or service with your Facebook or Instagram friends. Ask them to give you honest feedback about your business. Would they buy your product or not? Either way, ask them why. Based on this preliminary test, you can expand things further, one step at a time.
So, there you have it—five steps to get you on track to finding the right market for your business. Remember to take things in strides and be patient as success is rarely instant. Keep at it, and in no time, you will see the fruit of your labour.