Target Market Business Plan Example

Target Market Business Plan Example-89
Some businesses focus on selling to other businesses rather than to individuals.

Having a clear vision of your expected customer base will increase your business' chances of success.

By defining your target customers you can: Defining a target market will not limit your business.

Both approaches are effective, and businesses commonly use a little of each.

For example, a day spa may define a customer niche of tour group companies and travel agents and actively market to them.

New entrepreneurs sometimes resist defining a target customer base, thinking it might limit the business or reduce the number of potential customers. Identifying target customers does not prevent your business from accepting customers that don't fit the target profile.

If such a customer seeks your product or service, you will still be available.

The key to defining a profitable niche is to find an area where there is an unmet demand, and to fill that need with your products or services.

In order for your business to succeed, use a circular process when defining your target customers and learning about your market.

Based on this research, take another look at how you define your target customer and your overall business idea.

If necessary, given the new information, make changes to your target market or niche in order to make the most of an unmet demand in the market.


Comments Target Market Business Plan Example

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