7 Questions You Should Answer About Your Target Market
In order to be successful, you need to know who your ideal client is. It’s helpful to narrow it down as much as possible. Your product/service may attract people well beyond your “target” market, but by having a specific target area you can better reach people and stay consistent in your message.
- How big is this target market? Is it growing or shrinking?
- What is the average income of this ideal clientt? How much do they spend on your type of product or service?
- Where are these target customers located? If your business will rely on a local market, it’s important that more of your ideal client is moving into the area than moving out.
- Will this target market generate adequate sales volume to meet your business goals?
- What is the profit potential of this market?
- Who else is competing for this market?
- How much of this market can I realistically expect to capture?
Answering these questions will help you address and communicate with your target client as well as realize if there is enough of a market there to support.