9/10 startups fail, which is a harsh reality in the world of entrepreneurship. However, I believe that such a high number of startups fail because they do not take the right steps necessary when building their business. The biggest challenge people have is building something that their target audience or niche really wants.
Every expert marketer mentions the first step before starting a marketing campaign is to define your audience. Who do you think will benefit from your product or service?
Defining the user persona will help the marketer to easily cater to the audience and even make the work be seamless.
Here’s how to define your target audience, mentioned in 5 simple steps.
The art and science of a GO-TO-Market strategy are most of the time foreign to entrepreneurs. To some, it is a waste of time to consider the role of marketing and sales and how the importance of a GTM strategies can affect the chances for success
As an Entrepreneur or a start-up, you have to unpack the importance of a Go-To-Market strategy.
It is one thing to have an idea, begin your business, invest some money, but after that, what?
How do you do marketing in an age of social media and apps? Advertising and traditional marketing methods are no longer the only way to make customers aware of your company. Today, GO-TO-Market is all about the mix. You need to tailor your own GTM Plan – bringing together the key success factors of your business – Customer Insights, Sales, Marketing, Pricing and Branding
Where do you start? Define your Target Market.
1. Who are your customers?
- During the process of defining your customer, it is most important to do market segmentation. Doing market segmentation you will classify your customer in various ways – income (students, middle income, high income), geography, gender, hobbies, experience, age, education
- If you break down your target market –To understand your target market you need to also know on which social media platforms your target market are most active. Consider your product/service and remember that each platform has a different purpose – Education, entertainment, networking etc
2. Have you done some market research on your Target Market?
- Do you understand your marketing audience?
- Where do they buy?
- How do they buy?
- What would they prefer?
3. Identify the influencers in the Market that will be pivotal in endorsing and supporting your product
4. Think and list the reasons why customers will make your product or service their product of choice.
- Do you understand the competitors that play in the same market?
- What will make your product unique to your target market?
5. Define clearly the Gap in the market.
- What will make your product/service unique to this audience and what will make it stand out for people to buy it?
- Is there a gap in the market or will you just add something additional that will differentiate your product/service
- Are there markets that you can immediately easily target and reach with limited budget and marketing efforts?
Don’t be general – Be as Specific as you can about your target market.
Don’t be scared to exclude people – rather think about how you will focus your marketing efforts and in which target market will your product or service resonate the most with.