Everyone is NOT your customer
Introduction to Target Markets
Question: If everyone is not your customer, then who is?
Answer: Your target market (also referred to as your target audience).
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A target market is a group of people with similar wants, needs, and resources. Most of the time you will not be able to tell if someone is in your target market just by looking at them. You have to think deeper about them. ​
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In this unit, we will help you to dig deep to identify and understand your target market.
You can't make everyone happy.
You are not pizza.
Video: Different people want different things
Activity: Match customers to products/services
Video: Purchasing Behaviors
Care more about your customers than yourself,
and you'll do well
Find your Audience
Every business wants to create a product or service that is so well liked that it basically sells itself. That would be great, wouldn't it? Unfortunately, products and services like this don't just fall into the laps of every business owner. The trick is to find a hungry audience. To do that, we have to think about why people buy things.
According to Leevi Romanik (article here), people pay for products and services that:
1. Reduce Pain
2. Solve a Problem
3. Deliver Pleasure
4. Prevent Something Negative
Take a minute and ask yourself, which of these does my product or service do? Your business will struggle to get customers if your products or services don't accomplish one or more of these things. Also, if you don't understand how your products or services do these, you won't be able to make a good sales pitch.
Video: Consumer Profiles
Remember... People buy for their reasons, not yours.
How Should I Segment my Market?
Now that we've taken some time to try to get into the minds of our customers, we should take a moment to consider how we can separate customers into different, meaningful groups!
Open the PowerPoint to learn more.
Good Ways to Group Your Customers
A satisfied customer is the best business
strategy of all.
Business Plan Activity:
Your Primary Target Market
Now that you near the end of this unit, you will identify your first target market. These customers are the key to your success in the beginning.
Business Plan Section 4:
Your Primary Target Market
Business Plan Activity:
Your Primary Customer Profile
The better that you can see your customer in your head, the better you will be able at making that customer happy. That is why companies create customer profiles. Now that you are at the end of this unit, you will create your first customer profile.
Business Plan Section 5:
Your Primary Customer Profile
