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Define Your Target Market

Who is the ideal customer for your business? Watch Ken Burke introduce the steps to determine your ideal target market.
We come out with a frame work to help you guide you to the process, essentially is what we called the target market definition framework, all we gonna do is we are gonna go step by step trough and help you define your target market for you. The first step is just defining what I call your standard attributes, those are the attributes that are associated with that target customer profile that we are gonna come up with.
Second step is actually creating custom attributes, and this custom attributes are gonna be unique to your individual business, is gonna help us refine and define that target market a little bit more and we are gonna validate it against your entire strategy all your strategies that we talked about earlier and then if we need to adjust, the four step is we just gonna make adjustment as needed to the target market or your business strategy to make sure that everything is internally consistent. So I wanna start off with a couple of tips that will help you work trough this framework.
First step, make sure that you do not worry about excluding people in your target market, do not worry about that, we can always broaden your target market, we can always adjust and those people wont be out forever, they just may not be part of the target, that does not mean they wont buy from you. Another thing is I wanna make sure that you let you product or service guide you decision making, you start with your product or service as you are working trough the target market.
Next, if in doubt just decide, I always use it as a rule, because is better to be define and have something defined, than not have something defined at all and you always gonna get an opportunity to broaden or narrow your target down the road so do not worry about that. Again focus on one target market to start because if you start adding multiple target markets its get confusin. And finally if you are a B to B business the attributes that you come up with are actually gonna be apply to your business, not necessarily the individual.
What is interesting tho is you actually may wanna look at the individual that you are selling to, and define them as well but we are gonna have a hole set of attributes that are specifically just to the B to B business.

Who, exactly, are your customers? Here’s an in-depth investigation of how to define and calculate your ideal target market. This lesson walks through a four-step process for defining standard and custom attributes of your customer and validating those attributes to arrive at a well-crafted target market definition for your business. Attributes, demographics, and psychographics are explored in depth, including a look at the target markets of real businesses.

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