Most entrepreneurs I meet seem to know that they have a target market (a very large one) or target markets (number of little ones). The conversation around this however becomes cold when we sit to discuss and define it. As we sit over a set of questions, we find many questions are difficult to answer (some of them have no specific answers at all). Here are some of them:
– Who is that ideal customer you would like to meet everyday?
– Where are they located?
– How many of them do you need to make good your annual plan?
– Do I have a list of 10x potential customers list (x denotes number of customers you need to sign business with)?
– Is there current capacity of servicing before you need more resources? How does this affect definition of target market?
This is only a sample!
What I find strange is that most entrepreneurs understand and appreciate the importance of these aspects – but something other than this keeps them busy.
When entrepreneurs don’t have enough time on their table to spend discussing customers and markets – the business is heading for trouble.
Think about it!!