March 10, 2016

Know Your Target Audience. Know Success!

One of the most important aspects of running a successful business is having a well-defined understanding of your target audience. Unfortunately, many first-time entrepreneurs walk into their new startup blind, thinking “I know who my audience is” — when in reality, they’re simply making an assumption based on their own personal beliefs of who their product/service should target.

Ask yourself, have you done any research to substantiate your claims? If so, tell me more… Why are they your target market? What problems are the market currently facing? What are their likes and dislikes? What problem does your company solve in this market?

If you can’t answer all of these questions, chances are you may not know as much about your target market as you originally thought. But no worries, because recognizing this is the first step. Uncovering the details of your true target market is easy, you just have to do the work.

In a recent article, Entrepreneur magazine offers readers 10 Ways to Learn About Your Target Audience. Here’s a brief glance at a few of them:

Challenge Your Assumptions
“Don’t assume anything. Unless you have more than anecdotal evidence backing up your claim, ditch it.”

Create A Customer Persona
“Once you’ve collected enough objective data to start forming solid conclusions, you can start crafting a customer persona. Include hard factors like age, sex, education level and income, as well as disposition factors like temperament, sensitivity or curiosity.”

Conduct large-scale quantitative surveys.
After you’ve created a customer persona, you should then conduct some primary research to support your claim. “Start with large-scale quantitative surveys, covering the widest cross-section of your audience possible. Your questions should be multiple-choice, giving you hard statistics that can teach you about your audience’s habits.”

To read the full article, visit Entrepreneur.com.


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