Yesterday I took part in a target market focus group at Hubud Coworking space, to provide feedback on pricing for an awesome start-up idea. It was really interesting to be on the other side of the process, live and in a group situation. I'm an absolute advocate for interviewing target markets, and my experience was a perfect example and validation of how important it is to choose the right people to collect your information from.
The vision was BIG… and can I tell you – if they get this idea off the ground I do believe they will be onto a winner.
Picture this though, there were 7 hungry and determined entrepreneurs in the room all SUPER excited by the idea that was being presented… however by the end, there was also a level of confusion. I believe this is because within the 7 people in the room, there were at least 3 levels of Entrepreneur – and this makes a huge difference.
Is what you get when you sand off the edges to make everyone happy.
- Seth Godin
The reason I’m blogging about this experience is to give you an actual example of how if you say you are working with Entrepreneurs, Mum’s, Dad’s, Women, Men, Hairdressers, Artists, Mechanics or Coffee Brewers… who ever it is – you will need to dig deeper.
I presented a free training recently called Reality Bites: How To Manage Your Business Expectations & Know What To Focus On First. In this training I gave an example of the three initial levels of success there are for entrepreneurs because the needs and requirements are different:
Start Up - under $3k profit per month
Momentum - between $3-$10k profit per month
Established - over $10K profit per month
This type of framework can be translated into any group or demographic of ideal customers. For example from the groups I named above:
Start Up: Hobbyists
Momentum: Transitioning to earning an income
Established: Well know artist
Start Up: Experiencing motherhood for the first time
Momentum: Have a couple of kids
Established: Kids have now left the nest
Start Up: Studying or in Apprenticeship
Momentum: Supervisor at a workshop
Established: Specialising in an area or running a business
At every level there will be different needs and wants. Understanding this is where the GOLD is for you to be able to communicate about your business effectively. Defining your target market is essential to your business success… and remember – you can always have multiple target markets that you cater for. My hottest words of advice, especially for start ups is choose one market first and then build it from there.
An avid lover of fresh coconuts, you will often find Melanie in Bali, Indonesia.
Melanie mentors upcoming entrepreneurs to step into their power as Change Makers & Thought Leaders, and is the host of The Soul Lounge for Entrepreneurs. Her creativity will blow your mind, as she will help to propel your vision into reality and stand out from the crowd in the online space.