Target Market Business Plan Example

Target Market Business Plan Example-58
For example, a soap manufacturer might sell 50 bars of soap to individual customers via its website in a given month, but could sell 500 bars in just one sale to a hotel.If your business is targeting other businesses, you should still define your target customer, using characteristics such as: The term "niche" refers to a relatively narrow or specialized market; for example, a maternity clothing boutique specializing in corporate/professional wear or a law firm that specializes in immigration cases.At the same time, it may make small operational tweaks to cater to this customer niche, such as offering a free shuttle service to local hotels or including maps of local tourist attractions in its lobby area.

Figure out whom you expect to be your most likely customers -- in other words, your target customers.

Then tailor your marketing efforts, as well as your products and services, to those customers.

Unless you have unlimited marketing resources, it's much more effective to focus your marketing efforts on potential customers who you have determined are become customers.

In a nutshell, defining your target customers means identifying the specific characteristics of the people or businesses who you believe are most likely to buy your product or service.

The key to defining a profitable niche is to find an area where there is an unmet demand, and to fill that need with your products or services.

In order for your business to succeed, use a circular process when defining your target customers and learning about your market.Niches are usually defined as either operational or customer focused. With this approach, the business focuses on specialized products or services that will inherently appeal to a narrow customer segment. This approach focuses on one or more specific -- and profitable -- customer bases.Instead of emphasizing customized products or services, the business focuses on tailoring its marketing efforts to specific audiences.Based on this research, take another look at how you define your target customer and your overall business idea.If necessary, given the new information, make changes to your target market or niche in order to make the most of an unmet demand in the market.In a crowded marketplace, a niche serves the critical function of distinguishing you from your competitors.Focusing on a niche can be an effective and profitable strategy for small businesses because it is often too difficult and costly to try to cater to very broad audiences.These characteristics are sometimes called a demographic profile.Common characteristics used to classify customers include: Create a customer profile.New entrepreneurs sometimes resist defining a target customer base, thinking it might limit the business or reduce the number of potential customers. Identifying target customers does not prevent your business from accepting customers that don't fit the target profile.If such a customer seeks your product or service, you will still be available.

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