Tuesday, March 31, 2015

Identify and Research Your Ideal Market

Before you can identify your perfect market, you must be able to answer these two questions:

·      “What am I selling?”

·      “Why is it special?”

Try answering this out loud, and as you do, explain what it is, how it works and what it can do for your potential customer.

Why does your product deserve to become the “best of the best?” In order to finally answer that question, you need to answer the following questions:

  • What is your signature product?
  • What does it do?
  • What is its biggest benefit for your customer?
  • What is its one unique feature?
  • Why is it special?
  • Who are your top three competitors?

Now don’t worry if you aren’t 100% clear on all of your answers. These questions will just give you an indication of where your potential problem areas are so that you will know where to start to clear them up. 

Once you are able to do that, then it’s time to target your market.

Start by analyzing both the primary and secondary sources of your demographics:

  • A “primary source” would be people you contact directly through polls, surveys, conversations, test samples – your customer; suppliers you might need; shipping agencies (if shipping is a consideration); government agencies you might need to pay fees to or deal with.  With primary sources, you do the legwork yourself.  You could also include dedicated forums in your primary research, if your niche is an online one and/or you are selling digital products, services, Apps or software.
  • A “secondary source” would be statistics sites like Alexa or Quantcast.  These two sites are free and provide detailed demographic information. If you study your results carefully and click on every link, they can be goldmines of data.  (Look for links like “Get Details” or “Show More” – and check out the sidebar widgets and menu tabs and sub-tabs for more options.)

You can also check additional secondary sources for more information about your competitors and ideal customer through:

  • Government publications and website
  • Trade magazines
  • Industry newsletters
  • Niche-focused magazines
  • Other sites such as Google Trends
  • Google autosuggest keywords that people have used to search for niche-related products with
  • Seeing what is trending on hot social media-sharing sites such as Pinterest and YouTubeChecking out authority sources such as eHow.com or Ask.com



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