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How choosing the right Target Market will shape your business to success? Part 1

For each business, it is very important to know who is going to be their customers. When you start a new business you should have a general idea about the kind of people who are going to purchase your product or service.

It is a common mistake for small business owners to target everyone and they think by targeting everybody they increase their chance of sales; however, it is completely different. There is a famous marketing term which says: “if you try to appeal to everyone, you’ll end up appealing to no one.

Select your target market carefully

Each business should decide about the image it wants to present to the public. This is called market positioning. Your image shows where in the marketplace you are located. Are you a high-end or luxury brand and targeting high earners or you want to be an affordable and targeting lower income people. Your image which includes your logo, slogan, brand colour, location and all other relevant items must represent this image.

GET OUT OF THE MIDDLE OF THE MARKET (As fast as possible!)

It is a trap for many business owners to stay in the middle and in other words serving average customers. This is a mistake so many businesses make and don’t forget if you don’t decide which side of spectrum you want to be, you’ll be an average guy, and you may know average guy is only average!

Read the second part of the article to find out more about choosing the target market.

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