Target Market

Within the marketplace should be a certain type of customer you’re targeting with products or services designed to meet their needs. Describe the size and potential value of this target market (as you’ve done in the previous section for the overall market), including all the relevant statistics for your business. After you’ve described the target market, fill out the next two boxes by describing the factors that influence your target market’s purchasing habits (such as seasonal occasions or economic influencers) and how your products or services respond to these conditions. Having a target market is incredibly important, but many businesses ignore this fact. Without knowing what type of people will be most attracted to your offering, you won’t be able to build a true picture of your business’s viability. And without targeting the people most attracted to your offering, you’ll never be able to maximise the real potential of your business.