Business Startup Target Market

Uncover your business startup target market.  Then narrow down your target audience to those who are seeking YOU out!  Marketing is easy when you know who is looking for your products.  What are the factors to look for?  What is the best approach to find YOUR business startup target market?

Discover your business startup target market

The most important question to ask yourself is:  What problem will your business startup solve for people?  The answer to this must be clear!  You need to solve a problem that really exists.  Solve a problem that people know they have.  If they don’t feel pain from the problem, are you confident that you can reveal it to them and cause a desire for your solution?

What if they feel the pain, but are unsure about investing real money to solve their problem?

Offer a solution for customers to start small

When I ran a successful piano teaching business, I saw a problem that I could solve and profit from.  Some people were unsure whether they or their kids really wanted to learn how to play the piano.  They had a desire, but didn’t want to pay the premium of private lessons.  I offered them group lessons for beginners.

Group lessons works for beginners because everyone learns the same thing at first – keys, notes, and fingers.  Lessons for small groups provides a positive learning environment, and for half the price of private lessons.  By using compact 61-key electronic keyboards, I fit eight students in one room.  That adds up to four times the hourly rate of a single student paying full price!

So instead of selling pianos, which go for well over a thousand dollars, I sold electronic keyboards for under a hundred dollars.  Win, win!

Capture those customers who then wish to go-big

After one or two eight-week beginner group lesson courses, some decide to become private students.  I’d provide them with a teacher and an opportunity to buy a three thousand dollar piano for only fifteen hundred bucks!  They could choose between in-studio lessons in one of my small private lesson rooms containing normal pianos, or in-home lessons.  It’s important to offer a variety of solutions to the many small problems that can exist.  Capitalize on them!

So having hundreds of private students, most with pianos that I sold them, how could they get them tuned twice a year?  My tuning contract!  I kept my piano technician busy for years!

I solved problems and captured opportunities within my business startup target market to generate a regular in-flux of new students.  This kept the schedules of my many piano teachers fully loaded.  Students that go private typically stay on for years.  Some become performers.  I had performance opportunities for them in fancy restaurants and other venues!  Another problem, solved!

Narrow your business startup target market

Find the people who actually want what you have to offer.  Marketing to a broad audience will actually bring you less customers, overall.  Your message must be tuned to resonate with specific people.  Obviously, you’ll capture less of those who are not in your narrow business startup target market.  But many, many more of those within your bulls-eye will come running to you.

So tune your message!  Don’t worry about those who may be turned off by it.  It’s better to have a narrow, excited customer-base than to have a sprinkling of customers from a broader market.  They may buy from you, but they won’t be enthusiastic about what you have to offer.

Market segmentation

Group your customers into specific categories.  You may offer a variety of products which appeal to different segments of your business startup target market.  Carefully define who they are and what they’re looking for.  Also, make product adjustments based on each segment.  Optimize!

Demographics

It’s important to fully understand the demographics of your business startup target market.  Then you can tailor your message and product features to better match their needs.  What are demographics, exactly?

Census info

Age – This reveals what era they’re from

Gender – Feminine or masculine

Income – What can they afford?  Provide inexpensive options!

Ethnicity – Colors, flavors, and style should all be influenced by the ethnic background of your business startup target market

Stage of life – Do they have young children or older kids?  Are they recent college grads or well into their career?

All of these factors should shape your message.  The communication style of your business startup target market will be based on demographics.

Psychographics

Knowing the personality, values and interests of your business startup target market is very important.  What makes them tick?  Understanding this will allow you to tailor your solution and your message.  Appeal to them in a personal way.

Conclusion

Once you’re able to hone in on those in your target market who really want what you have to offer, get to know them intimately.  This will help you tune your message.  It’ll also influence the look and feel of your products.  Put all of this together correctly and watch the profits role in!

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Business Startup Target Market

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