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How to choose the correct target market? | The ThinkerNick Podcast - Episode 5 |
Manage episode 313937889 series 3283895
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In this Episode we how to choose the correct target market for your business or business idea. This episode is great for ambitious people who are looking to start their research into a target market for their specific business. We look at how to evaluate your market to ensure that it corresponds with your business idea. We discuss how important it is to research your competition before choosing your target market. Finally we dive into we focusing on a niche is so important when starting a business.
--TIMESTAMPS--
0:00 - Introduction
1:25 - How do you evaluate your market so it corresponds to your business idea?
5:10 - What can you do if you have made a mistake choosing your target market?
7: 00 - Targeting tools 8:25 - What is a niche?
9:24 - Why is it so important to focus on a niche when starting a business?
12:50 - Launching a product
13:37 - What are the benefits of having a loyal brand audience?
15:20 - Virgin cola
17:30 - Do you think it's wise to become an expert in your niche before you start branching out?
18:10 - Talking about a niche
20: 57 - Talking about an expert
24:00 - The value of equity
25:55 - Should you change your niche?
30:22 - Outro
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