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!