Life is fast moving and often times we get a little ahead of ourselves. We have a great idea but would anyone else think it’s a great idea too? Think about it further. You’re drafting a business plan and must determine who your target demographic is. Since they will be the ones purchasing your idea, you better make sure you speak to their needs. Ask yourself these questions to help define your target audience. Who will pay for my product or service? Now that you have your great idea, can you sell it? Take a moment to consider who would be willing to pay for your product or service: what is the ideal customer? Age, company status, gender, income/revenue level, overall need for your product or service… If you can only think of a small handful of people, it may be time to tweak your idea so that you can reach a larger demographic. Am I over estimating my audience? Consider what resources your demographic has. How much do they make each year? Are you providing an item with a straight price or a service that will save them time? How much would you reasonably pay for a similar product or service? This is not the time in the process to high ball an estimate for your target demographic – this is your business foundation. How do I plan to sell my product or service? This is important as it can dictate how you reach your target audience. The more people in a certain demographic that you can reach with your product or services, the more sales you can expect. But how does your target demographic receive information best? You might love social media, but if you are selling to C-suite executives or baby boomers, that might not be your best choice. Understanding your target demographic can help you organize and execute a marketing campaign to make your product or services more desirable to RIGHT people. For more questions to consider, click here! Image credit: https://www.entrepreneur.com/article/226360 annavija@avmsonline.com
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