Day 22: Finding Your Target Market

Photography by Sidney Diongzon

Photography by Sidney Diongzon

Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.
— Zig Ziglar

I bet every guy reading this had (or still has) a desire to be like Robin Hood. I'm not talking about the philanthropist Robin Hood - stealing from the rich and giving to the poor. I'm talking about the bow and arrow Robin Hood. What made him so cool was that he always hit his target. As I launch my business, I want to take a page or two and learn from the master archer to target my customers, and so should you.

The first thing you need to do is figure out who your target market is - the customers and clients that you'll be serving. To figure this out, you need to ask yourself what industry your business will be competing in. If you're designing a new steering wheel, you're in the automotive industry. If you're creating a new smartphone repair service, you're in the technology industry. Once you've figured out your industry, you need to decide what market you want to dive into. For example, if you're in the photography industry, a market in that industry would be weddings. Markets can be broad, so you can go a step deeper into market segments, which are specific areas within a market. For example, a market segment within the wedding market could be young couples in their 20's. You can take a step further and go into market niches. With the example of weddings, the market niche for couples in their 20's  would be couples in their 20's who are creative hipsters. By narrowing the market like this, you'll find the exact customer/client you want to serve, hence your target market. For all you visual learners out there, here's a visual aid to help you understand the concept to find your target market:

Source: Entrepreneurs For Dummies (page 74)

Source: Entrepreneurs For Dummies (page 74)

Once you've narrowed down your target market, you can then strategize an effective way to serve those specific customers and clients, which will be my next step. Robin Hood, thank you for teaching me your ways.