Your Market: Where And How You Should Target It
The market where your business is targeting forms the foundation of your potential customer base. So, before going into a business, it is very important that you choose a good market that satisfies the criteria below:
- Eager for a solutions
- Easy to reach
- Strong financial means to spend on solutions
- A massive number of people with a common need
In other words, if you fail to target a strong market from the beginning, your business is bound to fail regardless of how perfectly everything else was done.
Another way to look at markets is by asking the question, "What niche do I want to get into?" Would you want to target on dog owners, gardeners, home buyers, or cyclists?
Nowadays, the term "niche" and "market" are almost interchangeable to most people. However, there is an important distinction between the two that you should bear in mind: every market represents a niche, but not every niche reflects a viable and profitable market. To put it simply, it is far too broad to say that you want to target "bikers" or "car owners" or "the dog training market". There is just no universal dog training market or bicycle market.
It is also not practical to create markets that do not exist. "Cold" markets are always the result of incorrect targeting. They are either too broad or too narrow. You may also end up in a nonexistent market if you come with your solution before conducting a proper research. For instance, let's say you are a writer and you have recently discovered some effective ways to improve your writings. You may think you have what it takes by turning that idea into a killer product idea, judging by the fact that many writers are also facing the same problem. Unfortunately, the truth of the matter is that you might not even know for sure if the market actually exists. So, you should never put the cart before the horse and force the market to fit your product.
On the flip side, you must always target the market first and then come with the solution or offer to feed the needs. Product targeting is really secondary to market targeting. Once you have identified your market, the rest will follow accordingly. It is always helpful to brainstorm ideas when it comes to market selection, but it must always be backed by hard data and research.