Determining your target market and why they would purchase from you is one of the basics in the business planning process. While it may sound simple, do you really know who your customers are and what you have to offer?
Is the market you’re serving the right one for your service or product?
How do you determine the best target market niche for your business?
What are you selling? More than just a service or product, what are you offering? Let’s say you have a restaurant. The area your restaurant is in may have competing restaurants. One probably sells pizza and another offers drive-thru fast food. While these restaurants offer meals, they sell them to target customers that are seeking the benefits each has to provide. The combination of brand experience, value, product, and ambiance are what these restaurants really offer. If McDonald’s was only interested in selling food then you would find frozen Big Macs in the frozen food aisle of your local supermarket. They sell an experience as well as the food.
One of the downsides of not defining what you can offer is that you can become a jack of all trades, which can have a negative effect on the growth of your business. By becoming a jack of all trades, you master none at all. Specializing in one or two things would earn you more, polish up your marketing efforts and help you build a reputation in your industry.
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