Understanding and Developing the Target Market for Your Business

Developing Your Target Market

 

Building your business is all about leveraging your strengths within the context of your prospects’ needs, then networking with as many of those people as you can.

The most successful networkers have developed a thorough strategy planning process. Key aspects of this process include: identifying the major components of the broad, deep network you hope to establish; studying the different types of networking organizations and how they fit into your overall strategy; and identifying the types of businesspeople that make up your target market.

There are also some subsequent aspects of the process that are extremely important to note. The first of these is directly related to you: how do you fit into your own strategy? Second, where will you find the people you want to interact with and make part of your network?

To start, let’s identify some of the strengths and skill sets that you bring to the table as a business professional. I’ve discussed these before but they are no doubt worth repeating as answering these questions truthfully and thoroughly will really help you discover important things about yourself.

  • Are you a “people person”?
  • Do you enjoy public speaking?
  • What kind of professional background did you have before starting your business?
  • How long have you lived in the area where you do business?
  • What other natural skills do you have (such as time management, staying organized, keeping clients focused) that don’t fall directly into your business expertise but are valued by people?

Once you’ve got these answers written down, ask yourself, “What group of people or target market is best suited for my services?”

Follow these steps and you will build a great foundation to ‘start’ understanding and developing your target market.

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6 thoughts on “Developing Your Target Market

  1. Every size of business in every type of industry uses at least one product or service that we offer (signs). This has forced us to drill down and select those most profitable types of companies we want to work with.

    Even for a company that offers wildly diverse products to various industries, it is still vital to develop a target audience and to be laser specific in how you ask for referrals and referral sources.

    Thanks for the tip!

  2. When marketing business an entrepreneur has to understand who his targeted audience is. Analize, who your clients are, what their age is, what their interests are and so on.

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