4 Steps To Identify The Perfect Target Market Segment For Your Business | “What I Wish I Knew” Ep. 5

In this video I go over the 4 steps to find the perfect target market for your startup, so you can save money and work smarter when building your business.

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When starting your business, one of the biggest mistakes entrepreneurs make is that they fail to identify their ideal target market. This can cost you a lot of money and is one of the main reasons startups fail.

The 4 steps you can take to help you identify your target market is:

#1 Start with some broad assumptions and slowly narrow down your focus ie a bear company only towards men a software company only towards businesses age gender location

#2 Analyze your competition and figure out how you're going to position yourself in the market. Look at what they’re doing well and what they can improve on, look at the branding, their website. Are you looking to sell a premium high quality product at a premium price or are you looking to market to a cost sensitive audience.

#3 Talk to people and see if your assumptions are right. Talk to people in your target market. Conduct focus groups if you have the resources. Use this to help segment your market into smaller groups of people. Look at geographic variable, demographic variable, psychographic variables like what is your lifestyle and values

#4 Label your segments and then you can start marketing and you’re ready to go

#entrepreneur #startup