Target market

What is your target market?

A better question: What is your smallest viable market?

Before even researching your prospects think about three things.

How many new customers do you need in the next 12 months?

How many serious conversations do you need to win that many customers?

How many enquiries do you need to have that many conversations?

How many people need to be aware of you to get that many enquiries?

Which market OF THAT SIZE can you be really really expert at servicing?

Avoid this mistake

Many businesses attempt to address a market that is far too big and by doing so dilute their spend far too thinly to succeed.

Don't target a bigger market than you need to. You will be wasting marketing spend.

1% of 1000 customers is far more likely to be achieved than 0.001% of 1000000.

Quick anecdote

Long ago when I was very operational and before I'd understood the importance of strategy I sat on an investment panel with a very experienced investor.

I remember vividly how one pitch was based on needing a tiny share of  a massive market.  And how vehement the prospective investor (but now non investor) was that the pitch was nonsense because of that one major error in thinking.