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The Five Factors for Entrepreneurial Success (Part Three – Identifying Your Target Market)

30 Oct

 

Success Factor #3
Identifying Your Target Market

To build a solid foundation for your business, you must first identify your typical or desired customer, and tailor your marketing message accordingly.

It never ceases to amaze me, when internationally known network marketing companies secure my consulting services, to find their answer to the question, “Who are your targeted customers,” to be something like, “Anyone with a pulse…” or something general like “baby-boomers”.

I think that a lot of time people go for these general answers, because they think that identifying a target market means that you exclude someone else, who might not fit your criteria for “targeted customers”. And that’s simply not how it works.

Identifying your target market is about working smarter. It’s about making sure that you know who will be most likely to be interested in your product or services, and then deciding if you’re interested in working with that kind of customer.

For example, if you find obesity repulsive, and find that you just don’t like overweight people, you probably don’t want to get involved in a weight loss company; but if, on the other hand, your desire to help people extends to wanting to help those who suffer from weight problems, and especially if someone you love has struggled with obesity, then a weight control company might be a perfect fit for you.

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