Select Page

Looking Ahead

Looking Ahead

Do You Know Your Customer?

 

Now that we’ve been through the different types and methods of research, let’s dive into the reason you’re conducting research in the first place—finding answers to key questions about your customer, competitors, and industry.

It’s important to understand who your customer really is. Does your Aunt Carol or university roommate really represent the customer who will make your product or service successful? 

By identifying and knowing a broad group of customers, you can assess their needs and consider whether your business concept wiII meet those needs. Research will help you to determine the customer group most likely to purchase your product or service. This group will become your target market.

Let’s start by taking a look at this specific group of customers you’ve identified as the best fit for your product or service.

 

p

Tip:

Keep in mind your target market may be either businesses or consumers.

u

Ask Yourself

  • What customer do you most want to reach with your product or service?

Key Concepts

If your answer starts with “everyone,” take a moment to really dig in to this content on identifying your target market.

Even if you think your answer was very specific, still dig in, because knowing your target market is an essential part to growing your business.

The reality is that there may be multiple potential markets for your product or service.

d

Keeping Your Target Customer at the Heart of Development

Although it’s possible to sell products or services to many market segments, you’ll want to be savvy. Design, pricing, positioning, and promotion are easier, more effective, and less costly when the target market is smaller and better defined.

Tip: At the beginning of each module you'll find a Looking Ahead topic like this one that sets up what's to come. And, at the end, you'll find a Looking Back, which gives you a quick summary and wrap-up of what you've learned.