Determine who your target market is. It’s your first step to creating a wildly successful internet business.
Why? Because you can predict your financial future by how closely you are connected with your target market.
Not sure what a target market is? Basically it a group of people who are most likely to buy from you. It’s that simple. This group is comprised of those who want and need your product or service. They wait for your next product, and they rave about you and your services. They are your biggest fans and they like your stuff.
You need to determine who your target market is otherwise you will be trying to be all things to all people. What you have to do instead is to specialize and in turn you’ll narrow all the shoppers in the world to just a few loyal customers and/or clients.
How do we find them?
It starts with doing some research. This is not as daunting as it sounds, so don’t be discouraged. The greatest benefit you’ll get from doing this research is that you’ll be very clear as to what you have to offer and to whom.
Where do we start?
With your product or service in mind, describe the person who would most likely want or need your products. Use as much detail as you can. Would it be a single mom? A retired woman? A teen? A single man? A woman with a family? An online business owner? An offline business owner? A writer?
Give the following some thought:
- Is your target customer male or female?
- What does she do for a living
- What is her income? Depending on your price point, this could eliminate people
- What age group is she in? (Age groups may or may not be pertinent)
- Where does she live? Geography could be a limiting factor
- What matters most to her?
- Who would hire you to perform the services you offer?
If you offer online business courses, then retired people probably won’t be your target market.
If you are a handy person who cleans windows, then retired people might be the exact people you are looking for. But something to consider is whether your market can support another window cleaner. Is your target market already saturated with competitors? Do they even get their windows cleaned, or is their income low and they have to clean them themselves.
Your market has to be just the right size–small enough for you to be a major player and large enough to make good money.
It also has to be a market with a problem that needs to be solved. Those are the people who are most likely to spend money.
Family and friends are probably a great resource in the brainstorming process. Ask who they think would purchase your product.
Where to Look for Business Ideas
Google Trends is the best source for up-to-the-minute information on what is trending. They can help you identify new target markets. You may be able to jump into an opportunity where you become a major player before others hop on the bandwagon.
Another great place to look is Amazon Magazines. Chances are that if there’s enough of a market for a magazine, then there’s enough of a market to make money online. http://www.amazon.com/Best-Sellers-Magazines/zgbs/magazines
eBay Pulse is another great place to look. Again, you’re looking for markets where you can become a major player.
How to Research a Market
You’ve come up with some ideas for a business. What’s the next step? You’ve probably guessed that you’ll be doing some more research, but this step is to see if your idea is viable.
The first step is to check the volume of traffic to make sure there’s enough to make you a living. Google Keyword Tool is the best place to check this out.
Once you’ve made sure that there is lots of traffic to your basic business keywords and that you can make enough money for it viable, you will then get to know the market and the market’s spending habits. You can start by clicking here
Now you’ll want to know how your competitors are doing? Are they selling high ticket items, or are they scraping by with advertising? Are AdWords bids high or low? This will all help you determine how much money is being spent.
Google has the best survey program out there. Like I say, if you want to know something, just ask. Google Insights
So you’ve brainstormed and researched a few niche markets, identified those that show some promise, and narrowed down the winners, all that’s left to do is take action and make it happen.