Any startup will
have a limited people and money to execute programs and therefore it is
necessary to focus efforts on the customers that have the highest prospects
of purchasing. Early momentum can be built easily by focusing on a
segment. Awareness and word of mouth builds faster across like-minded groups
and success stories rings across a segment of similar prospects.
For any startups,
poor market segmentation is the root of a lot of marketing problems. Here are few
good ways of good market targeting.
1.Get a grip on your key
differentiators
Identify your aspects such as what
is more unique in your product and what you can do that no other competitor
does.
2.Differentiators can bring prospects
Now that you got your differentiators, you need to assess what benefits
users get from these features? Why do people care about the things that
make your offering unique?
How do you measure the value that you deliver?
3.Identify prospects that care
about your key differentiators the most
There are two kinds of markets
prospects, the one which says “it’s a good product” and the other which says
it’s an amazing product. Now you need to target the second prospect. In a
better way to mention this market segment is easy to sell your product.
4.Ways to recognize people
with high affinity
Possibly they are consumers that already own certain products and
also have certain hobbies or maybe they tend to be a certain size of
company, in a certain market, in certain geography. Your segmentation will depend on you being able to identify the
characteristics of an ideal, easy to close prospect.
5.Is the segment big enough to
meet sales goals
It is always better off to get smaller and tighter on your
segmentation, the easier it is to get early grip. You can always go broader
later. Always set realistic sales goals keeping in mind that you will not be
closing everyone in the target market.
6.Prospects of targets
Selling is the purpose of this exercise. Ask yourself the following
questions. Do they have budget authority and if not, who do they have to go to
for approval? Can your target prospects afford what you are charging? Can they
champion your solution inside their business and make a deal happen? Do they generally
buy through a channel like retail, reseller and if so, can you sell through
that channel?
If
you can understand what makes your product amazing and can find
people that will pay for that amazing stuff, then you landed in a
nice target market.
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