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Small Businesses CANNOT be all things to all people.

Each business MUST reach specific customers and satisfy their particular needs.

One of the best methods of finding out about your potential buyers is through the use of a questionnaire – a printed sheet of questions that you’ll ask them to fill out, either in person, over the phone, or online. Your first goal here is to confirm your assumption – that your product or service is indeed in demand. The second goal is to gather more detailed information to help refine your concept.

Ask specific questions that are directly related to your products or services. For instance, if you plan to sell computer-related services, you need to know how many computers your prospective customer owns. If you plan on selling garden furniture and accessories, you need to know what kinds of garden furniture or accessories your potential customers are likely to buy in your first year.

Target Marketing is the process of finding and studying potential customers,

Target Market Surveys. One of the best methods of finding out about your potential buyers is through the use of a questionnaire – a printed sheet of questions that you’ll ask them to fill out, either in person, over the phone, or online.

Your first goal here is to confirm your assumption – that your product or service is indeed in demand. The second goal is to gather more detailed information to help refine your concept.

Ask specific questions that are directly related to your products or services. For instance, if you plan to sell computer-related services, you need to know how many computers your prospective customer owns. If you plan on selling garden furniture and accessories, you need to know what kinds of garden furniture or accessories your potential customers are likely to buy in your first year.

Key Concepts

Asking potential buyers questions before you commit to your idea is invaluable. Their responses may help shape your business.

Develop a sketch of your potential target market and the characteristics and needs of your top customers.

Determine what information needs to be collected to understand your target market whether B2B or B2C (i.e. demographics, psychographics, consumer behavior and needs)

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Reality Check

  • Understand the basics of market research for a new business.
  • Leave with a very basic questionnaire that could be used to survey potential buyers.
  • Learn about key print, in-person and Internet resources.

Read

What is B2B? Business News Daily, Adam C. Uzialko, Staff Writer

Read

What is B2C?   Elaine J. Hom, Business News Daily Contributor

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Determining Target Market

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