Identifying target markets is one of the fun things in business. The easiest way to look at it is to start with who your existing customers are. Look at the products that you sell or services that you provide and then try and think of other markets that could use your product and service. And the easiest way to do this is actually use Google, and believe it or not, chat GPT can probably help as well.
So, for instance, if I had a coffee cup, one of the insulated ones, and I sell that as a coffee cup. It’s a great as a coffee cup, but what do other people use it for? Guess what, they’re really good to take camping, because they keep the drinks cold, as well as hot. They’re great, because they’ve got a lid on them, you can take them out in the boat and not spill your drink. That changes the way you can look at your product, instead of us going I’m going to sell coffee mugs to people to drink coffee in. Now I can rebrand them. They’re travel mugs, they keep your wine cold mugs, they take your champagne in the boat mugs.
Now you need to think about what you have, who uses it, who else could possibly use it and then let your fingers do the walking in the old sense. These days, we use Google not the yellow pages, but start searching to see if other people are using the same product or service in the same way. See how many of them are and then you do the usual kind of investigation about your market is to the size of the market, the demographics of the market.
It is quite easy to find different targets or niches, generally a bit of brainstorming, perhaps some time out of the business and, and just writing ideas on a whiteboard or a mind map or something like that. Most businesses have products or services that can be targeted at more than one target market. Just be careful though. You want to make sure that you keep your consistent advertising to your core market and then start something different to your target market.
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