BLOG
08
Apr
Know your target market and get the timing right!
So you excited about starting a new business and you know your idea is brilliant, in fact all your work colleagues, friends and your family think it’s a genius idea. What to do now? I have been to many ‘business success’ seminars in the last 18 months, scrutinizing and gathering information from the so-called ‘best’ business gurus of the moment. All throwing ‘ways to make millions’ at you, convincing you that ANY idea will work if you use their way!

I, too, got caught up in all ‘their’ ways of doing things…but I, got burnt by signing up to a course that in hindsight, really did not benefit me.
The bottom line is, 1% of business owners are millionaires…only 1%, now does this not tell us something? Because it cannot be that just 1% of business owners work hard with a good system in place. I know many business owners and budding entrepreneurs that work extremely hard and in a clever way without, as yet, becoming multi millionaires’ overnight. There is, believe it or not, a lot more to becoming a successful business owner and creating a successful brand.

This may sound obvious and simple but when an entrepreneur is so passionate about their idea, this information will be put aside! I have done it!
But, I was fortunate to have had a mentor to challenge the so-called knowledge I claimed to have about the market that I was about to enter and conquer. I saved myself a lot of time, money and heartache.
I cannot stress this point more: IT IS PARAMOUNT TO KNOW THE MARKET YOU ARE TARGETING.

One-way of doing this is, try to narrow down your target market to one person: call it ‘your ideal client’. So your entire target market becomes one person.
Try to put yourself in their ‘shoes’ so that you can try to truly understand who they are, their income, their values, their fears, marital status etc. to the point that you even give them a name. It is wise to write this information down and stick it up on your wall, board, and desktop.
This information might change or more information may be added to it. It is after all a work in progress.
The importance of this is to ascertain whether this amazing idea you have, will sell. Is there a market for your idea? This is very important!

Another important point is: TIMING
So you have your target ‘ideal client’ and a great idea, NOW, lets look at timing. Is it the right time to be launching this ‘idea’?
My advice is to look at the market and research your competitors to see what level they are at and research your niche and their target market. Sometimes there is a reason that a certain product or service has not been launched YET. This could be the timing may not be right, in other words, the customer is not ready.
Of course this can be overcome if 1) You launch the product or service and are prepared to wait for the trend to turn your way

2) You create the trend

To conclude, focus on your ideal client, your target market and the timing of launching your product or service!

Recent Blogs
I spent Thursday and Friday at the Business and Start Up show at Olympia, London taking in all that the business world has to offer.
I...
I discovered an incredible amount at my best friend’s wedding this weekend. I had the privilege of being asked to be ‘best man’ (I am...
We are all aware that the Internet has had an enormous impact on advertising and changed the way consumers buy products. Think about how you...