Target Market Business Plan Example

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Based on this research, take another look at how you define your target customer and your overall business idea.

If necessary, given the new information, make changes to your target market or niche in order to make the most of an unmet demand in the market.

At the same time, it may make small operational tweaks to cater to this customer niche, such as offering a free shuttle service to local hotels or including maps of local tourist attractions in its lobby area.

Niches are by definition narrow, but not so narrow that they don't contain enough customers to sustain the business.

The key to defining a profitable niche is to find an area where there is an unmet demand, and to fill that need with your products or services.

In order for your business to succeed, use a circular process when defining your target customers and learning about your market.Having a clear vision of your expected customer base will increase your business' chances of success.By defining your target customers you can: Defining a target market will not limit your business.Figure out whom you expect to be your most likely customers -- in other words, your target customers.Then tailor your marketing efforts, as well as your products and services, to those customers.These characteristics are sometimes called a demographic profile.Common characteristics used to classify customers include: Create a customer profile.For your business to succeed, it must have enough customers to buy the product or service offered.Before you launch your new business, take time to evaluate your potential customer base.For example, a soap manufacturer might sell 50 bars of soap to individual customers via its website in a given month, but could sell 500 bars in just one sale to a hotel.If your business is targeting other businesses, you should still define your target customer, using characteristics such as: The term "niche" refers to a relatively narrow or specialized market; for example, a maternity clothing boutique specializing in corporate/professional wear or a law firm that specializes in immigration cases.

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