Target Market Selection Process-The 3 Steps You Should Know
Target Market Selection Process
Venturing into business for the first time can be a challenging task but the good news is that the target market selection process we’ll be looking at shortly will come in handy to help you get it right from the start and avoid getting into the pitfall that consumes many first time and even veteran entrepreneurs which is Targeting The Wrong Market.
Target Market Selection Process # 1: Ease Of Access To Your Business
This stage is relatively easy as it only involves doing some research to identify those people who have access to your business and those who don’t.
Target Market Selection Process # 2: Identify Your Potential Customers
The next step involves “ignoring” the people who don’t have access to your business so as to be left with only those who have access to your business e.g. if you have an online business, then anyone with a computer, an internet connection and a bank account/PayPal account is a potential customer.
Target Market Selection Process # 3: Segment Your Target Market
After you’ve identified who your potential customers are, the next step involves segmenting it to find out crucial information that may help you use as little effort as possible while making the most amount of money that is possible e.g. who among your target market buys the most.
My Take On The Above Target Market Selection Process
Though they seem simple, the above three steps involved in a target market selection process can have profound influence on the direction that your business takes (success or failure) and in so doing dictate whether you’ll be celebrating 5 years in business or 5 years still trying to figure out if there’s a business out there that is profitable for you.
As always, feel free to share what your thoughts are on the above target market selection process; I’d certainly love to hear from you!
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