May 18, 2016
Look at your current customer base.
Check out your competition.
Who are your competitors targeting? Who are their current customers?
Analyze your product/service.
Write out a list of each feature of your product or service.
Make a list of people who have a need that your benefit fulfills.
Dig deeper: How to conduct market research.
Choose specific demographics to target.
Figure out not only who has a need for your product or service, but also who is most likely to buy it.
Think about the following factors:
Marital or family status
Consider the psychographics of your target.
Psychographics are the more personal characteristics of a person, including:
Determine how your product or service will fit into your target’s lifestyle. How and when will your target use the product? What features are most appealing to your target? What media does your target turn to for information? Does your target read the newspaper, search online, or attend particular events?
Dig deeper: Understanding how your customers think.
Evaluate your decision.
Once you’ve decided on a target market, be sure to consider these questions:
Are there enough people who fit my criteria?
Will my target really benefit from my product/service? Will they see a need for it?
Do I understand what drives my target to make decisions?
Can they afford my product/service?
Can I reach them with my message? Are they easily accessible?
Don’t break down your target too far! Remember, you can have more than one niche market.