When evaluating your target market try to answer the following questions:
- What are the needs/benefits sought by the market overall?
- Who uses the product?
- Why do they use the product?
- When do the use the product?
- How is the product used?
You should also use this section to discuss how customers perceive your product in relation to competitor’s products or the other solutions they use to solve the same problem. What are their attitudes toward your company, and to the general product category you serve? (i.e “I wish more furniture sites offered X,Y, Z feature)
Describe their purchasing process as well:
- What does the decision-making process involve?
- What sources of information do they seek?
- What’s the timeline for their purchase?
- Who actually makes the purchase?
- Who or what influences the purchase?
And finally, provide market size estimates for those included in your target market.
- What is the largest possible market if everyone bought?
- What percentage actually bought from you in the past?
- Given the current timeframe for the plan, how much growth do you think is possible in the next year and longer?
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