What’s your target market? Why does it matter? GoForth’s President Dr Leslie McGeough has this to say on the topic:
My own business advisor … once told me the field is full of white rabbits. Pick the white rabbit you can catch and go after that one. In other words, there are opportunities and potential targets everywhere. Don’t fall into the trap of thinking “Everyone will buy my product!” Focus, focus, focus.
Read Dr McGeough’s advice on target marketing here, and enjoy!
Starting a new small business is one of the most exciting things you can do in your life. But at GoForth, we also know that understanding your target market inside and out will increase your odds of small business success.
Imagine you’ve decided to open a flower shop. You find suppliers, lease a building and open your doors for business.
But by the end of your first week you’ve made a total of two sales.
What happened? Here are some possibilities:
These are just four barriers to your business’ success that market research could have revealed. Researching your target market can make the difference between a successful business and one that isn’t. There’s time and cost of associated, but it’s an important investment in your small business’ success.
Quite often, new entrepreneurs think their target market is “anyone who’ll buy my product.” However, this simply isn’t true. Using the flower shop example, maybe your target market is people who are interested in classes on floral arrangement. Maybe it’s influencers who want fresh decorations for the backgrounds of their photos or videos. Take the time to identify your target market.
Great! Check out our blog posts on Primary and Secondary market research
What’s your target market? Why does it matter? GoForth’s President Dr Leslie McGeough has this to say on the topic:
My own business advisor (and everyone should have an advisor, no matter how seasoned an entrepreneur they are) once told me the field is full of white rabbits. Pick the white rabbit you can catch and go after that one. In other words, there are opportunities and potential targets everywhere. Don’t fall into the trap of thinking “Everyone will buy my product!” Focus, focus, focus.
Read Dr McGeough’s advice on target marketing here, and enjoy!
If you’re looking for ways to keep some of your small business’ well-earned dollars in your piggy bank, try these free (or very inexpensive) resources to help you build a website, understand your target market, please your customers, and even get a business name.