Tuesday, August 25, 2009

Know Your Target Market

Did you know that it doesn't matter if you have a home business or if you are a large corporation, you must know your market?

Many businesses fail, small and large due to not understanding this critical element.

I too have struggled with understanding my target market and how to market to them. I figured that since I sell natural skin care products, my target market was women who prefer natural products. That's a broad market view and had me earning zilch. I needed to go deeper.

After some research and examining my past customers, I realized that my target market, while it may be women, it's actually women of color. Now, that's not because I'm a woman of color. It's because of the types of products I sell along with their benefits.......dry, sensitive skin and who suffers with those skin conditions the most? Women of Color! Specifically women of color in a certain income range (of which I won't share :-)

It was as if a light bulb went off. Now, that's not to say that my products are not for women of the Caucasian persuasion because they can also have dry and sensitive skin. The key to understand here is that when marketing, you can't please everybody....unless of course you are a multi-billion dollar corporation.

Finding your niche and knowing your target market BEFORE starting your business will certainly save you a lot of time and disappointment. Regardless of the fact, even if you've started your business, you can always back track (like I did) and go after your target market.

In my next post, I will share some resources that I've come across that can help you with finding your target market. Stay tuned!

Michelle Howard Smith is referred to as an Infopreneur Extraordinaire. She runs a multi-faceted home based business
researching information related to alternative health, skin care, pain management and more. Michelle has helped a number of people to achieve natural pain relief, stress relief and healthier skin.

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