Starting to identify your target customer

Lesson Details:

Video Transcription – In this video let's get started identifying your customers in your target market we're gonna cover this in a lot more detail because this has to do with marketing and marketing is a gigantic component of entrepreneurship and starting a business so we're gonna give it justice later in the course but for now we're as sort of a beginner phase and I want to give you a little bit of a taste so who are your target customers when most first-time entrepreneurs get asked who is your target customer the impulse is to say everybody or all men or all women or all of everything some big group but even though you're going to take anybody as a customer of course anybody who comes into your store or your website you'll welcome them no problem but certain groups of people are ideal do you know that phrase you I can sell ice to an Eskimo a lot of it is wrong because you do not want to be selling ice to an Eskimo you want to be selling ice to a person who's really hot the sale is so much easier and that people who are hot they're in your target they're your target customer the Eskimo people they're not your target customer if you can tell them you've got great skills respect but your target market is people who are really hot right now and really need something cold that's your target market so it's not everyone ok so think about people who want your product versus having to convince people of course you want to sell the people who already wanted it's so much easier and also once you identify the subgroup that wants your product or there's a really good fit for it you will get a sense of their behavior and because you'll know they're who they are how they'll behave you'll know how to promote to them you'll know where and how to promote and that's gonna make your marketing much easier and she / and faster AHA now when it comes to marketing I also want you to start thinking about your customers demographics and psychographics what are they demographics are things that can be measured about them their age their sex their education level their income are their parents are they single do they have a car do their own a house things like that do they have a job things that it can be definitely measured psychographics are things about them that cannot be measured but are equally important for example their desires their fears their hopes their dreams the more you can knob their interests the more you can know about them as humans as people the better you can target them and the more you can identify them of course everyone is different and no one's exactly the same but people in your target market will have a big overlap of these things and you'll know how to promote how to position your marketing materials you'll know how to position your product towards them so that it will seem to them that much better and people who will want it will want it that much even more so try to think about what you are for your exercise try to think about what your current customer might be for your current idea that you might have and list their demographics and psychographics and later in the course we're gonna come back to this and we're going to create you know help you understand how to promote things to different people and different businesses so that you get your marketing and promotion to a good level.