The second step to starting your 2018 business plan is determining your target market. Many clients will say in their first meeting with us “my product/service is for anyone, I don’t really have a specific market”. That’s wrong. When your planning out your goals you need to plan to target a specific niche of people, for your strategies to actually align your goals.

Primary & Secondary Target Markets

It's a good idea to have a primary target market, these are people who would benefit from your product the most and would most likely buy it, then a secondary market. Determining your target audience will help a great deal when you move on to researching behaviours, values, income etc. Once you know whom you want to target, you will be able to relate to them, this will assist you when you are communicating how your product/service can benefit them!

Secondary target markets are also worth exploring in your planning process. For example, let’s take a farmer. Their primary target market would be grocery stores and food suppliers for most of their revenues. However, they could have a secondary market of local consumers buying for personal use. This would allow them to target a secondary niche to generate some extra revenue at a low cost.

Choosing your target market wisely will help you to save time in trial and error, and will also propel you to your goals faster in 2018!

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Updated: Jan 9, 2018

Well 2018 is finally here! Now is the time to make sure your business plans are updated and you are focused moving forward into the new year. To kick off our Let’s Talk PR Blog 2018, we thought it would be a good idea to focus on the importance of business planning. Every year we help an increasing number of businesses reach their goals! So throughout the next week we will be outlining some best planning practices to implement in your business.

We will go through 6 major steps that leads to an effective business plan!

The first step in creating a business plan is to sit down and write down your goals for the year, we refer to these as objectives in the marketing world. These could be things like, how much you would like to increase revenues or by how much you would like to grow your audience. It’s important to come up with a dollar amount, or a specific number, so you can evaluate your efforts later and can make changes if needed. No goal is unrealistic, but make sure you are able to commit to what it takes to get this goal accomplished. For example, if your goal is to get 1 new client or customer per week, and you know your closing rate is 1-10, you will have to sit down in front of at LEAST 10 people per week to reach your goal. This is the first most important step to start your planning. Creating 4-5 objectives for the year will help you stay on track and continuously moving forward!

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