If you are a start-up, seasoned or part time business owner (employedpreneur) you must know your current customers, the things that they want and need, and how you will satisfy their wants and needs.
Below are thirteen questions you should ask yourself before you re-define your target market.
1. Why are they buying your products and not your competitors and what are they using the products for?
2. Which customer needs are your products actually fulfilling?
3. Are there potential customers you are not serving now who have similar needs as your current customers?
4. Which customer needs and functions can be satisfied best with your company’s unique competencies?
5. Which customers value most what your company does best?
6. Are there any existing market segments being neglected by your industry now?
7. Why are they not being served?
8. Which of your consumers or customer groups share the most commonalities?
9. Are competitors serving segments that your company is not and why?
10. Is your company serving target markets that your competitors are not serving and if so why?
11. Who are the real final customers for your products or services?
12. How can existing products and services be leveraged more effectively?
Once you have answered the above questions, decide if you are you talking about your existing, most profitable, most satisfied customers, or are you focusing on a particular segmentation or population that can be expanded or improved, or are you just targeting the wrong marketplace.
© Copyright 2014 Laureen Wishom