Welcome to Part two of our ten part series on creating a successful online business. For this part, we are going to discuss the process of identifying your target market. This may sound like an easy step to take but there is far more to it than just simply identifying your potential customers.
In reality, only a specific number of people WILL patronize a certain product or service. Different people have different wants and needs. Your task as an online marketer is to identify the people who are going to use your product or business and to focus your marketing efforts to this market segment. Before you can start your online business and implement your marketing campaigns, you first need to identify your market.
Your target market simply means the type of customers that you would like to buy your product or service. Identifying and analyzing your target market or customers will help you concentrate all your time and investment on a specific consumer set. A well-researched target market will also help you identify correct product pricing. This will also help you tailor-fit all of your marketing efforts around your target market to ensure that you get a significant return of investment from your online business.
A particular market segment buys products or utilizes services based on three factors: their needs, their wants and their capacity to buy. It is crucial to consider these three factors in creating your online business so you will be capable of meeting all of these factors to ensure your online business success.
A target market is categorized by their demographics like gender, educational attainment, age, income level, marital status, professional attainment and interests. In an online business, it is also important to know if there is a demand for the type of business that you have in mind as well as the factors that will affect the buying behavior of your target market or buying influences.
The next important step in creating an online business is to identify where you will source your initial capital to fund your business and to understand your companys financial management, which we are going to discuss in part three of this 10-part series.
[http://JenniProctor.com] Jenni Proctor is a career consultant based in Brisbane Queensland Australia. Through her Career Counselling business Career Clarity http://CareerClarity.com.au she specializes in mature aged career change. Many clients recognised online business as being a portable business model that could develop into an income stream to enhance their retirement savings. In response, Jenni now offers internet business coaching as part of her services to her clients.
The estimated reading time for this post is 135 seconds