target market help

[geekchris]

hi all,

i have just started up my own business and finding out all the things to contend with. the biggest thing is determining my target market.

now i have decided i want to work with small businesses as i am most passionate about them. and in particular i was thinking of the retail industry and the food/beverage industry.

my question is, should i be making my target market more specific than just picking an industry and a size? at what point is your target market defined?

thanks for your help,

newbie chris

 

[Linda Buquet]

Hi geekchris,

Welcome to 5 Star.

Well you don't say specifically what type of "business" you started. I'm assuming you are talking about an online business with a web site. I'm confused about how you could start it before you determined your market?

Are you planning to do affiliate marketing is that your business model? Do you know how to build a web site and do Internet marketing?

My answers could vary based on your answers to the questions above. But assuming that's what you are talking about doing and assuming you are a newbie - those markets are going to be pretty tough to start with because there aren't very many B2B affiliate programs and those too big and competitive for a newbie to start with IMHO.

I have a feeling maybe I don't have the whole story or missed something somehow. So fill in the blanks for us a little and we'll try to give more in-depth answers.

 

[vartov]

I don't understand how you started your business without knowing your target market.

First you have to know your target market and know very well what they want, then you create strategies and products/services to sell.

Thanks,
PV Reymond

 

[NicheGooRoo]

Know your market

I agree, so you started a business and currently dont know your target audience?

If this is true, you will now have to find your target audience based on your business... I know you said your interested in the food and beverage industry which is big, but, now you would need to figure who exactly you would like to target.. beacuse everyone eats and drinks!

After this you can begin marketing your site and creating a look and feel to pull your visitors in.

 

[Linda Buquet]

"I know you said your interested in the food and beverage industry which is big, but, now you would need to figure who exactly you would like to target.. beacuse everyone eats and drinks!"

"food and beverage industry" implies a B2B market, as in restaurant owners, I believe.

 

[MrCat]

Specific market targeting would invlove getting down to factors such as demographics, location, age range, gender, income bracket, etc.

The F&B industry is a vague niche and any business or individual person could be a potential target. Narrowing down your target market would depend on the service or products you have to offer IMO

 

[Niche48]

Target Your Market

Hi, if you are thinking of an internet marketing business, the food and beverages niche is just too broad.

There are people whose nches are south american beers or cookie recipees. This is how targeted a niche sometimes has to be.
The thing is if you find a market with a specific need and supply to that need then your chances of success are higher.

The broader niches are more difficult to advertise and without targeted traffic, your new business will be dead in the water

 

[geekchris]

hi all,

many thanks for your replies. there were a few questions raised about what my business does.

I am a website developer. I want to work with small business (less than 25 staff or revenue under $3M), in my home town (population approx 1million). I felt that this was still a very broad market and wanted to refine it further. So that is why i decided on the retail industry and food n beverage industry. I am estimating that there are approx 2000 business that meet the above criteria.

is this still considered a broad market?

thanks

chris

 

[Linda Buquet]

Yes now that you explain that, that's much better. Since you didnt mention the type of biz we were probably all assuming affiliate marketing and answering you from that perspective.

If you are doing web design, for a certain type of business in a certain city, then that should be good. Just focusing by city will make your effort much more targeted. You may however just want to pick one market to start. Really focus deep on that one market. Once you build up a good portfolio of restaurant web sites for instance, you may find it easier to close more restaurants because you'll look like a specialist. Not sure, just a theory.

 

[MrCat]

So you are really targeting local businesses in your area. Now how do you reach them? The best way that pops in my head right now is through offline marketing - local newpaper, magazine, fylers, phone inquiries, etc.

Linda made great suggestions as to building up a portfolio so as to enhance your credibility as a designer. If you don't have a portfolio yet, the next best thing to do is to develop some templates or sample sites. I can relate to your dilema as I have been in that same road when I was just starting out in the industry.

 

[fitnfree]

How large is your city/town? The city I'm in is just under 50,000 and it can be difficult to target any niche, but definitely not impossible. I like Linda's idea of making some templates to showcase your work and abilities. Once you've got a few jobs under your belt, it will get easier and easier. Good luck to you.