Do identify your Target Segment
As an entrepreneur, once you have identified & finalized your idea, you need to identify your target segment.
Do you know well your target market segment ?
If you understand your target segment well , it will increase your chances of success multi-fold . It will also help you in staying focused.
You need to remember , not everyone will buy what you are wishing to sale . If you don’t have a clear target segment in mind, your marketing campaigns will end up wasting a lot of your money .
And also your customer acquisition costs will be go through the roof.
Marketing to everyone and anyone is simply a waste of effort, time, and money.
Instead, focus your marketing strategies on a specific segment of people (your target segment ) who genuinely have a requirement of your company’s product or services .
So, it is now clearly evident that identifying target segment is crucial & one of the first steps of your start-up rooting .
What consists of your target market segment ?
Market Segmentation
Market segmentation is a marketing strategy which involves dividing a broad target market.
Market segmentation can be based on : Geographic factors (region, city, rural) ,Demographic factors (age, family size, gender, income, occupation, education) ,Behavioural factors (benefits, attitude)
Do some research and find out , Is there a target segment where you can offer the customer clear and fascinating benefits at a price they are willing to pay?
Are these benefits, in the customer’s minds, different from and superior in some way to what is currently being offered by other solutions?
How large is this segment ? how fast is it growing? Will your entry into this segment help you enter other segments you may wish to target in the future?