So, you have created a product or service and want to make a business out of it. Do you know who will be buying this product (AKA your target market)?
As a direct response copywriter, here’s what I’m hoping you don’t do…
You show your new product or service to your friends and family, and they think it’s cool. So now, you’re thinking “Yes! I can make this work! I just need to promote it right and I shall become rich and famous!”
That thought leads to you then spending a bunch of money on promotional materials for your “business”. You buy ads on newspapers, prime time spots on local TV and radio, and banners to sell online. And you have a cool website made, which you fill up with content.
Then, you just sit back and wait.
One month goes by… nothing happens.
Six months go by… nothing happens.
A year goes by… and nothing has happened.
Now, as you’ve watched all your money go up in smoke, you start wondering “what did I do wrong?”
What You Did Wrong
It’s quite simple: you can’t just bum-rush your business concept into the open-world thinking that everyone will buy based on the people around you. It’s just not the way it goes.
Yet even though it’s ridiculously hard to believe, there are entrepreneurs who still launch products and services simply because their friends think it’s awesome.
If you watch Shark Tank on ABC, you have seen a couple – if not a lot – of these individuals come pitching ideas to these venture capitalists thinking that they will buy in just because the “entrepreneurs” got feedback from their relatives, friends, acquaintances, and so on.
The problem with that feedback is that, unless those are active users of the product or service, their feedback is useless. And the sharks know this because of the responses they get when they ask for total sales.
And THAT feedback from these “entrepreneurs” is what leads the sharks to say, “I’m out”.
You’ve Got to Know Your True Target Market
The success of every business depends on the ability of those running it to meet the needs and wants of their customers.
To do so, you first need to identify the types of customers you’ll be selling to. They’re also known in the sales and marketing worlds as the target markets.
Before start creating websites and launching exclusive offers on TV, you need to make sure who your target is. You must know:
- if an audience for your business does exist
- exactly who they are
- what they want form you
- if there’s enough people out there to support your business
- if they’re ready to understand what you have to offer
- and if they’re ready to invest in you.
Once you have all this knowledge at your disposal, you can move on to starting the development of your digital media kingdom.
“But… how can you gather all of that information?” – You may ask inquisitively.
Well, stay tuned because there’s more information on getting to know your target market coming your way. You’ll have the tools you need to your customer better than they know themselves. And that is the ultimate edge in the battle for business supremacy.