Identify your Startup's Target Market
"Entrepreneurs don't have the luxury of resources. Take your resources and apply them to a narrow, carefully defined target market that you can dominate." - Disciplined Entrepreneurship by Bill Aulet
Some of the world’s largest companies started with a niche focus on their target customer. Jeff Bezos began with an initial focus on online book sales, Mark Zuckerberg initially launched Facebook for Harvard students only and Elon Musk’s initial focus for Tesla was premium electric sports cars in California.
Identifying your target customer starts with market segmentation to identify potential market opportunities and your end user.
Then, we conduct primary market research for our most promising market segments. Primary market research is essentially the process of directly interacting with users to understand their challenges and key priorities.
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Trish Cotter guides social entrepreneurs in conducting primary market research and answers questions such as:Why is it important to start with open-ended questions to understand the customer’s pain points?
Recommended Books & Blogs
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