Market Overview
If someone asks you, “who is your customer?” how do you answer them? How much do you know about the people you want to sell to? Where can you find this information?
First, think about what need your product or service fills for your customers. Then think about how (or where) your customers find you, how they buy from you? As you answer these questions, you will start to see a similar need, location, price point, quality level, prestige, or other common reason they choose to do business with you. Do your products appeal to a certain age group? Do you sell more to men, or more to women? Why? Based on shared reasons or traits, you can divide them into groups and choose the best groups to market your products to.
You also want to show what’s going on with this market (growth, trends), and how your business fits into the larger industry that meets this market’s needs.
First, think about what need your product or service fills for your customers. Then think about how (or where) your customers find you, how they buy from you? As you answer these questions, you will start to see a similar need, location, price point, quality level, prestige, or other common reason they choose to do business with you. Do your products appeal to a certain age group? Do you sell more to men, or more to women? Why? Based on shared reasons or traits, you can divide them into groups and choose the best groups to market your products to.
You also want to show what’s going on with this market (growth, trends), and how your business fits into the larger industry that meets this market’s needs.
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