Did you know that businesses that accurately identify their target market are 60% more likely to succeed?
Makes sense, right? Your business can only succeed if you know who you’re serving. So, who are your ideal customers?
This episode will help you identify your target market and understand their needs in 6 clearly defined steps. I’ll walk you through the steps to identify your target market.
We’ll cover market research, defining customer personas, and understanding their needs, and more.
Let’s make sure your business hits the mark!
Timestamps:
00:00 Welcome to the $100 MBA podcast
00:06 Why Target Market Matters
00:52 Our Mistake and Lessons Learned
02:08 The Benefits of Niching Down
03:00 Step 1: Identify Your Product or Service
05:04 Step 2: Conduct Market Research
06:12 Step 3: Create Customer Personas
07:34 Step 4: Analyze Your Competition
09:22 Step 5: Test and Refine
10:02 Step 6: Continuously Gather Feedback
10:53 Recap
13:32 Conclusion and Next Steps