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Identify Your Target Market

February 27, 2018 by OSYB Staff

Neil Patel, Quicksprout, shares why identifying your target market is vital for the life of your startup.  Without a clear target market and a strategically crafted marketing campaign you will fail to produce high conversion rates at low acquisition costs.  CB Insights shares the 2 top reasons why startups fail :

  1.   42% of startups failed because there wasn’t a market for their offering
  2.   29% of startups failed because they ran out of money

Neil Patel, clearly identifies why it is so important that knowing your target market is one of the essential first steps as an entrepreneur that you need to take.  Simply put, if you don’t know your target you will waste your precious marketing dollars.  Here are some of the steps that you should take to determine your target market:

  1.  Start with a wide range of assumptions, then slowly narrow your focus
  2.  Research and study your competition, figure out what they are doing well and make it better, learn what they aren’t doing well and do better
  3.  Get to know and talk to your consumers
  4.  Build a customer persona
  5.   Utilize customers surveys and make good use of the information
  6.  Use analytics and other resources to further your understanding of your market
  7.   Always be prepared to make changes and adjustments

For more details:  How to Identify the Target Market of Your Startup

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