The first step of selecting a target market is to brainstorm a list of possible targets. You can start by downloading this free resource:
Now, out of the many audiences you’ve brainstormed, let sift through them to find some of the best launch opportunities.
Here are the tools that you’re going to use to do that filtration:
1.Consider the customer characteristics of each audience
Things like the most acute pain. How badly does this audience want or need a business concept like this? We’re going to call this their level of need.
- Is this audience able to pay for something like this and are they reachable?
These are factors like, “Are these potential customers or this audience all together, digitally or physically, somewhere specific? Can you communicate with them fairly easily?”
- Your ability to deliver to this audience
When you are thinking about your ability to deliver, are there unique requirements related to this particular audience? And can you meet those requirements?
- Is there anything that can block you from delivering to this particular audience?
Like really stiff competition or regulation? Or specific licensing needs?
- The momentum associated with each audience
Is this audience strategically valuable? Maybe you’ll learn a lot from serving them or it will increase your credibility a lot or maybe it’s a high-growth audience.
- How aligned is each of these audiences with the founding team’s mission and goals?
Mission alignment is important to a lot of entrepreneurs. Is the audience a group you want to serve and how well does it go with the brand you want to build?
In summary, most organizations have plenty of potential audiences to target. The challenge is selecting the best audience for your organization at this time –when you’re launching.
A great launch audience needs your offering, can pay, is reachable, and isn’t blocked by many major obstacles.
Some audiences will give you special momentum because of their strategic value or alignment with your team’s goals.
Need some feedback on your business concept, brainstorming list, or your best launch opportunities? Come join the Eazl Marketing Mastermind group to get feedback from Team Eazl and the talented members of the Eazl community.
Latest posts by Ludell Jones (see all)
- From HubSpot: Are Notifications Driving Us Crazy? - July 25, 2017
- Bandwidth Allocation (Productivity) in Theory and Practice - July 20, 2017
- From GOTO: Scott Hanselman on Scaling Yourself - July 17, 2017