Want to jumpstart your own business? Here’s 5 ways to build your target market:
If you want to jumpstart your own business here in the Augusta area, it is CRUCIAL to know WHO your target market is. As consultants with an 8-year track record of target marketing, we have extensive knowledge of demographics that break down into high dollars for our clients.
1. Research. If you want to make the most out of your business, you need to know if you want to operate in a store presence, online only, or both. This will also be how you, as a business owner, will lay the foundation of your core operations. Most business are leaning towards online only business models; however, there are businesses that can be profitable with a store presence or brick and mortar models. You would have to determine which will optimize your return on investment or ROI. Gathering geographical data city and government websites will help build your target market. Have a core group of investors who have knowledge of the area you want to serve (i.e. banks, schools, churches, chambers of commerce). Doing your homework now will save your business in the years to come. Conduct a survey through surveymonkey.com and post it on your Facebook page to gather information. Don’t forget to include a gift for those who took the survey.
2. Product. Are you selling a product or service? Take into consideration who will be using your product or service. What will they be doing with your product or service? Will this enrich their lives and the lives of those around them (word of mouth)?
3. Place. Where do your potential customers live? What do they do for an occupation? What brands do they like to shop (this will give you insight on your product or service)? Is this an area you believe will be a good fit for the business? What about 10-20 years from now, will this market be able to sustain your business growth?
4. Price. How much will your target market be willing to spend on your product or service? Price is relative to the cost of living and must be factored into the success of your product or service. If you don’t know the selling price, then you must start at how much it costs to buy the product or service and the selling costs, including labor.
5. Macroeconomic stability. These are the factors that are out of your control, such as: geopolitical tensions between governments and policies. Competitors entering the market and taking a share of the market can also be a huge threat to your current business model. Doing your research will help you stay relevant to your target audience and ride the wave of change that all businesses go through.