TARGET

Sandra Haro
MARKET
 6 STEPS IN DEFINING YOUR
TARGET MARKET
6 STEPS IN • Understand the problems that
DEFINING you solve

YOUR TARGETideas
- once you have obtained sufficient
on what they are, you can start
to work out on who is most likely to
MARKET suffer from these problems.

Sandra Haro August 2024

 6 STEPS IN DEFINING YOUR TARGET
MARKET

6 STEPS IN2. Paint a picture of the customer

- start to list all the different types of
DEFINING customers that suffer from the problems
you want to solve. Once done, you can

YOUR TARGET
start to build up a picture of these
customers. Group them by location- for
example farmers. Group them by market
MARKET sector- are they retailers, wholesalers or
manufacturers.
 6 STEPS IN DEFINING YOUR TARGET
MARKET

6 STEPS IN3. Who will gain from the value in your

offer?

DEFINING - ask yourself:

◦To whom will these problems be most

YOUR TARGET
troublesome?
◦Who will have the most to lose by not
dealing with these issues?
MARKET
 6 STEPS IN DEFINING YOUR TARGET
MARKET

6 STEPS IN 4. Think about your market

5. Look internally at your company
6. What else is available?
DEFINING
YOUR TARGET
MARKET
CUSTOMER REQUIREMENTS AND MARKET
SIZE
1. WHO THEY ARE- If you sell directly to individuals
2. WHAT THEY DO
3. WHY THEY BUY
4. WHEN THEY BUY
5. HOW THEY BUY
6. HOW MUCH MONEY THEY HAVE
7. WHAT MAKES THEM FEEL GOOD ABOUT BUYING
8. WHAT THEY EXPECT OF YOU
9. WHAT THEY THINK ABOUT YOU
10. WHAT THEY THINK ABOUT YOUR COMPETITIORS
rum.
 HOW TO DETERMINE MARKET SIZE FOR
BUSINESS PLAN
Step 1. Step 2. Step 3.
Get estimates for the potential market. The Trim down your potential market. Eliminate Estimate your market share. Make a
potential market is the total number of people those people whom you think are not your survey of your existing customers if
or businesses that maybe interested in your customers, especially if they are negative they are satisfied of your product.
product or service. Make a survey first in your
feedbacks on your products and services Calculate how many percent of your
area so that you will know if your targets are
rendered, and also those people you think
suitable for your product or services offered. customers love your product and will
will be your competitors.
List down and make a graph so that it is clear
take your product back.
and understandable.
List at least 10 businesses which interest you
and find out who are your possible customers
Business Idea Possible Customers
 Validate Customer- Related
How
to
inter
Concerns
view
a
custo
1. Prepare for a meeting.
mer
2. Start a conversation, not an inquisition
3. Introduce non-leading, open – ended questions.
Thank you

Sandra Haro
very much