Defining Your Target Market
This may come as a shocker to some, but it actually does make great business sense to define a specific market and cater to the underserved needs of that market. In a world full of instant gratification with the dawn of all of the new technology (thanks Google, Apple, Microsoft), it is becoming increasingly easy for an entrepreneur to establish a website and sell just about anything online in less than a day. What does this mean for the average consumer? It means that they have thousands of choices for common needs such as clothing, books, household items, etc. You must ask the question, "What makes my business different than their first result on Google Search?"
Far too often small businesses make the mistake of assuming that carving out a specific market will make them less likely to profit because they are "missing out" on the other group(s) of people or areas not in their target market. While it is true that you are eliminating certain available aspects in your reach, you are also putting your business in a better position to become profitable by perfecting your services to your specific market and have the ability to provide much more detailed product delivery and/or service.
Entrepreneurs need to tap into the soul of their brand and convey that with their imaging, messaging, and most importantly who they target! Filling a void is always great, however, if you find yourself in a general market, the truth remains the same. Consumers buy from brands and people they connect with. Spend time doing your market research to understand your ideal customer.
