Whatever business arena you decide to enter, defining your target market is critical because it helps you to focus your attention on your customers.
Market research should play a big part of what part of the business arena (market seent) you focus on.
Ask these questions:
- Who are your clients/customers?
- Who are your competitors?
- What geographic area are you going to focus on?
- What price bracket are you going to target?
Once you answer these questions, you can consider ways of attracting your target market. Can you match your strengths to your your markets needs? What benefit can you offer? Can you exploit your competition’s weaknesses?
Focussing on your target market helps you improve quality and service levels – and thisigjt just help you gains a competitive advantage.