One of the first things new business owners have to think about is
a) who the heck would buy your product and
b) where in the world are they.
Businesses fail to research this all the time. The result? Someone trying to sell snowboards in Miami. But we want you to succeed! Thus, we have created a simple exercise to help you find your target market.
Let’s do this together, shall we?
1. Map out a simple demographic and psychographic profile for your target customers.
2. Visit Nielsen’s Market Segmentation and use filter on the left hand side to narrow down the population that best describes your target market.
3. VOILA!! You now know that the Executive Suites and Greenbelt Sports are your target markets!
4. Next, go to Zip Code Lookup tab to see your area’s basic household information.
5. Look through the most common segments in your area.
6. See how close those segments are to the ones you discovered.
7. If segments are close – Great Job! You really know your stuff! If segments are completely different – Move, your segment is just somewhere else in the states!
Excellent work! So now you know who you wants your product and who is in your area. I know – this site is great! Doing this in the beginning stages of your business will make branding, advertising and distribution A LOT easier. But if you already have an established business, no worries! Take this new information about your customers, and make the most of it.
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