Selling A Product….

 

Selling A Product….

Selling a product that no one wants to pay for it, is the granddaddy of business killers. The key is getting your first customer. According to a consistent pattern adopted by society, new ideas or technology are first embraced by a relatively small group of people whom we call Innovators — they are those who are relatively open to trying new things.

These innovators are then instrumental in spreading the word to the next group called Early Adopters, who need more convincing but are quite receptive, they then help spread the word to a group of early majority buyers, who like to wait to hear about innovation from the earlier adopters. Once these groups have come on board, the last two groups — the late Majority and the Laggards — finally embrace the innovation.

Though the Innovators and Early Adopters are described as relatively receptive in practice, they can be hard to identify — and getting them to purchase can require a good deal of persuasion about the merits of the product or service. Also, sometimes the customers you’ve identified simply turn out not to be interested in actually buying your product at the quantity predicted — even if you have tested the market. So, the fundamental questions still remain: Who exactly are you selling to? Who makes up your target market?

A target market is the specific group of customers that your business aims to attract. Understanding yours will serve you throughout the business-building process. Many new business owners are hungry for customers and will seek out just about anyone willing to buy their products or services. However, while this strategy may sound intuitive, trying to appeal to an unfocused group of people can be ineffective.

Instead targeting your product or services to a niche audience will help build a more relevant, compelling, and sustainable business. It’s just like opening a restaurant for people who eat food: maybe it sounds appealing, but it’s difficult to compete if you’re competing with everyone. Instead of aiming for anyone who eats food, it would be far more effective to focus on health-conscious foodies aged between 25–45 who make more than $60,000 a year and who live in major city areas. Yes, you’ve eliminated a larger portion of the market — but now, you can position your product in a way that deeply resonates with your ideal customers instead of only being slightly relevant to everyone.

How do you define your target market? 

Here are 5 things you need to examine:

  1. Demographic Information 

Identifying the age, gender, ethnicity, income level, and family status of your customer is the first step to defining your market. A product that appeals to a 21-year-old Asian male that is making $10,000 a year and living with his parents will likely be quite different than one that appeals to a 40-year-old married Caucasian guy with two children making $25,000 a year. What demographic is the best fit for your business? This question is the starting point to better understanding your target market.

2. Geographic Location

If you target a customer living in a rural area, he will probably have different needs compared to an urban-dwelling guy. Likewise, a person who resides in the suburbs rather than, say, a bustling city environment may buy products through different channels. The only way to sell to your customers is to know where to look for them. 

3. Wants and Needs

What are your customer’s wants and needs? Is he looking to upgrade his lifestyle” Is he trying to save for his marriage? Understanding what exactly your customers are looking for will help you better identify their buying habits and position your business accordingly.

4. Hobbies and Activities

Where do your customers hang out? What do they do for fun? Would they rather go for sports on weekends, or spend the day in hotels for high tea and networking? Are they involved in their communities or associations, or do they prefer to keep to themselves?

5. Market Size

Roughly how big is the target market you’re going after? How big is the total addressable market? What is the serviceable market size based on your current resources and capacity? What is your current obtainable market size that you will be able to obtain over the next 12 months? Do a little digging and try to acquire some basic information on the size of your market.

Finding your audience can be challenging and sometimes there’s no better way than hitting the street and begin talking to everyone. Defining a market can make many first-time entrepreneurs uncomfortable. But remember, just because you’re targeting one type of customer, doesn’t mean you can’t or won’t appeal to others. You’re simply focusing your efforts to have the maximum impact in the marketplace. 

If you’re not capturing the market you’ve aimed for, you might find an entirely different one out there if you keep trying out possibilities. Some products that fail in their intended market can sometimes be adopted with wild enthusiasm by another. 

That’s all for now my friends. See you all in my next article. 

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