Who is your target audience? Which individuals are most likely to appreciate and purchase your products or services? What are their age range, geographical location, and favorite hobbies?
While being optimistic as an entrepreneur may make you believe that the entire world is your market, success relies on a focused and detailed understanding of your core audience. Your target market consists of customers who fit a specific profile and are the ideal buyers for your offerings.
Demographic profiling is a starting point, but identifying your target market should also involve exploring psychographic characteristics like beliefs, personality traits, customer behaviors, consumption patterns, living factors, lifestyle choices and lifestyle values.
This course not only provides lists of demographic and psychographic attributes to help you create a customer persona, but also offers guidance on developing market characteristics that are specific to your business, including advice tailored for B2B companies and those operating internationally.
You will also learn methods to ensure that your target market segmentation aligns with other aspects of your go-to-market strategy, such as marketing channels, pricing, and promotions.
Through workshop exercises, you will have the opportunity to apply these tactics step by step and create a target market definition that is unique to your business and aligned with your startup goals.
The course also examines target markets of well-known brands like Supercuts, Rolex, and Lexus.
Framework for Identifying Your Target Market
Who are your customers? This comprehensive guide provides a detailed exploration of how to accurately define and assess your ideal target market. This course presents a four-step process that enables you to establish both standard and customized attributes of your customers. By validating these attributes, you can develop a well-defined target market strategy for your business.
The target market analysis delves into attributes, demographics, and psychographic variables, offering insights into real businesses and their target markets.
I will guide you through each demographic attribute used to define your target market, providing detailed explanations that make it easy for you to apply these attributes to your business.
To facilitate the definition of your target market, I will present an extensive list of demographic attributes, accompanied by in-depth explanations to simplify the application of these attributes to your business.
Next, I will introduce a comprehensive list of psychographic attributes that can be utilized to define your target market. Once you have learned these attributes, you can effectively apply them to your business.
Continue refining your target market definition by incorporating a set of custom attributes that allow for further precision in defining your target market.
Validating your target market definition is a crucial step in developing an effective target market strategy. Does your target market align with your pricing and product strategies? If adjustments are necessary, now is the time to make them. Ensuring the synchronization of all your strategies is essential for the success of your business.
Time to put pen to paper — or fingers to keyboard. Take a look inside the worksheet that prepares you to create a clear target market description for your business plan. The key to success is taking the time necessary to deeply understand your business and be prepared to run it — use this workshop and worksheet to do just that.
I recommend that you download this handy course guide to aid your journey through the course as well as great reference materials for the future.
Who this course is for
- Start-Up Founders
- C-Suite Executives
- I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
- Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
- Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
- Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
- I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
- So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
- This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore
What you'll learn
- What is the “everyone trap” and why is it dangerous
- How does defining my target market impact the rest of my business plan
- What do investors look for in a target market