Tag: New Business

Find Your Target Market

Posted on | by Emi Lesser | 1 Comment on Find Your Target Market
Graphic target market profile

We have seen it numerous times, businesses not realizing they are missing a huge opportunity because they are either targeting the wrong market entirely or so focused on one target market they don’t notice the large chunk of people coming from another.

It’s crucial that businesses find their prefect target market. Before diving in you must first understand that a target market does not encompass your entire selling market. A target market is those who really want or need your offering, the people most excited about your product, and most likely to buy over others. These are the people you want to direct your marketing campaign towards.

Here are some tips for finding your perfect target market:

  1. 1. Gather information about your company

    Figure out what problems your product/service solves. Be as specific as possible as this will help you narrow your audience down. Once you know the problem you’re solving, find the characteristics of those that have the problem.

    Next, identify what features and benefits your product/service offers. Features are something your product has or is, while benefits are the outcomes or results that users will (hopefully) experience by using your product or service.

    The overall question here is, what will the customer get out of using your specific product or service?

  2. 2. Analyze your current customers

    The best way to find your target market is by learning who is already buying your product/service. Learn their demographics, interests, behaviors, what benefits they get out of the product/service. You want to know how they think and act.

    Once you have a general idea of your current customer base, you’ll want to highlight the similarities between them to come up with your top customers.

    Website and social media analytics are great resources to gather this information. Analytic tools help to see who is visiting, buying, and exploring your website or social media. It also shows how long they spend exploring your website, where they’re located, what industry they work in, their interests, and more. Do not be afraid to also reach out to your existing customers to survey them too.

  3. 3. Analyze your competitors’ customers

    You can find out a lot about your potential customers by researching your competitors. This research will show if competitors have been successful at attracting specific types of customers and whether or not you should be trying to attract those customers too.

    You can learn basic information about your competitor’s customers by looking at their social media accounts and searching through their followers and likes on their posts. If your competitor has a physical store you can also check out who is shopping there.

  4. 4. Conduct market research

    Conduct secondary and primary research to gain more insight. Secondary research is any outside research done about your company or industry. Gather information from other resources that will help find your target market. Primary research is research done by you. Create a survey to gather information on your current customers and everyday people. Ask about their demographics, interests, perceptions of your product and your competition, what services or products they would like to see, etc. Ask any questions that would prove helpful in finding your key market.

  5. 5. Complete your customer profile

    Once you’ve gathered all the information you can, compile a complete profile of your perfect customer. If you offer more than one product or service, you might have multiple target markets. Your profile should include both demographic and psychographic information. From here, you can work on how best to market and advertise to your target market.

The most important and toughest thing to avoid in finding your target market is making assumptions. Let the information you gather tell you who your best and most popular customers are, do not draw your own conclusions.

You must also note that your target market is flexible and always evolving. Knowing who you are targeting and continually refining it will ensure you’re on the right track.

Things to consider when starting a new business

Posted on | by Emi Lesser | 1 Comment on Things to consider when starting a new business

Passion led us here

Starting a new business is fun and exciting but also challenging. There are a million things you need to consider and plan out. While this is certainly not everything, we compiled a list of topics we found most important and points people don’t always consider when starting a new business.

Start while you are still employed

New business owners are never really sure when the company will break even or make a profit. How long can you go without a reliable source of income? Finding time to work on your startup while still being employed can be difficult, but being employed means you always have a reliable source of income while you work through the startup phase.

Make sure the money is lined up

You have your source of income from still being employed, but that doesn’t mean it’s enough to get you started. Many people say to just go for it or you never will. While this is a good point, you do need to make sure you have your finances figured out first, including a backup plan. It takes a while to either save up, find somewhere that will lend you money, or get potential investors. Know where your source of money is coming from before you begin.

Know the legal requirements for starting a business

Getting the legal and tax issues correct the first time will be a huge time and money saver. It’s much more difficult and expensive to correct the flaws after you’ve already begun. Different types of businesses have different requirements. Learn what your legal and tax responsibilities are before you start. Check out the ten steps to start your business from the U.S. Small Business Administration.

Don’t procrastinate

While you might want to have every detail planned out and investigated before you start, there’s no need. You will never be able to predict exactly how your business will go so why fret about every little detail when your whole plan could blow up at the slightest change. No one ever really has all the pieces in place. You’d go crazy trying to figure out every possible route and solution. Do your research, scope out the market, have a basic plan, but don’t let perfection push you to procrastination.

Get professional help

One of the reasons people start a business is for passion and drive. Being driven and passionate, however, does not mean you’re an expert on starting a business. A lot goes into a business that people don’t generally think about such as, accounting and contracting. You’re not going to be an expert on all things business overnight. Consider hiring a professional to do such jobs. While some might forgo hiring professionals and attempt to do it themselves, they are, in the long run, wasting time and possibly money.

Absorb everything

There are others who have been in the exact same position as you, listen to them! They probably have some of the greatest advice since they know first-hand what it’s like to start a business. Smart entrepreneurs learn from the mistakes of others. Listen to your friends and family too, they know you and can help you work through things. Other people’s ideas and opinions of the business are important too as they can reflect what consumers think. As you listen and learn write things down, then take those ideas, opinions, advice, and work them out to make plans for your business.

Share your business – Put yourself out there

How are you supposed to sell your business if you don’t share your business? It can be intimidating to share your business with others, but you can’t be worried about every person’s opinion.

Talk about your business. You never know who could be listening and the connections you could make to grow your business. People like to do business and support businesses of people they know. Be bold and speak confidently. If you want your business to succeed, you need to be able to convince consumers to buy from and support your business.

Make sure you are marketing and networking constantly. Put your business out there and don’t be shy!

Don’t fixate on mistakes

Successful entrepreneurs learn from their mistakes and move on. Dwelling on your failures will get you nowhere. Anyone and everyone can tell you that in the business of creating a business, there is no room or time for self-pity. Realize your mistake, learn from it, and move on. Everyone hits roadblocks and mistakes; it’s how you react that matters.

Never stop learning and implementing new things

People are constantly changing their likes and habits. In response, the market changes. Unless you want to be left in the past, you need to be constantly adapting to the new market. Keep your eyes and ears open for new things. Are there new ways to market? A different variation you could be offering? A new target market you could capture? Listen to your customers and pay attention to your industry.

We hope this list helps you better plan out your new journey and follow your passion!