pick a target market

As an entrepreneur, you haven’t got the time or money to pursue all customers in your market simultaneously. You need to pick a target market to go after. How should you do this?

Academic research and practitioner expertise suggests that you focus on five factors as you pick a target market.

How To Pick A Target Market

1. The intensity of the target market’s pain. As a general rule, it is easier to sell to people who describe having a pain rather than having a desire. That’s what I meant in by my column about selling pain killers not vitamins.

But not all pains are the same. There’s a slight headache and then there’s a migraine. The greater the pain a target market feels, the greater the odds that you can convince customers to buy a solution, and the faster that sales will occur.

2. The value of your solution as a pain killer for the target market. The better your solution fits the target market’s pain, the greater your chances of success. If your solution is a partial fix, your

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Source: Small Business Trends