This is the 3rd part in a 9 part series on building your marketing plan.
Some products have a very broad customer base or market, such as blue jeans or milk. While others have a much narrower customer base or market such as skinny jeans or soy milk. In general you are looking to narrow your market down to your ideal niche. Finding out who is most likely to buy your product and how to tell them about it.
In determining your market the questions to ask first are...
Who will buy my product?
and
Why do they need it?
For instance, if you make custom road bikes, your idea customer most likely already owns a road bike or two. They also probably ride regularly and keep up with cycling news. They will also most likely understand technical specifications and understand the value in customization.
It therefore wouldn't make sense to try to sell your bikes in a big box retailer. Or to market to those new to biking.
Next is the why. What need do you fulfill?
Often, the need is obvious, but the solution or the why is not.
If I am selling a product, like a new window, the old one is probably drafty or broken. So the question the customer needs answered is why your product is the one they should choose.
Likewise when selling a service, like a golf lesson. The player knows their game isn't as good as it could be. To buy though, they are going to need to know what the expected results will be.
Once you narrow your niche down to who will buy and why they should, it's time to determine your target market.
Are there enough of these ideal customers?
Where can you find them?
Who's product are they buying currently?
Are there so many you should create segments, such as location or income level?
By defining your customers and the market you can make sure you are reaching the customer most likely to purchase your product. And you can determine the most effective way to reach them.
4t Creative is here to help you develop your strategic marketing plan. Contact us to find out more about our consulting services.