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Get a glimpse of what it takes to start and successfully run a business in this candid interview with seasoned business coach and author Dave Crenshaw. Discover the secrets of managing priorities, working for your customers, bankrolling an idea, and investing in future success. The course covers tips from getting started as an entrepreneur to pitching to investors and researching the competition.
Jeff: Let's say I have what I think is a great product or service but not many people know about it. How do I go about making people aware of my product? Dave: Well the first thing you need to start with is the target market. The target market are those group of people that would be most interested in your product. So let's say that I'm creating-- I'm just making something up here-- I'm creating a new kind of doll, right. I want to choose the target market that's most likely to buy that doll. So it might be moms, but I might want to get more specific. What kind of mom? How many children does she have? And the more targeted I can be in the market that I am addressing and the product that I am creating, the easier it's going to be for me to market to them.
One of the common errors that I see from new entrepreneurs is--I will ask them what's your market, and they will say, oh well everyone or something like that. And if everyone is your market then no one is your market. So first of all you identify the market. Then the next question is where does that market gather? Where do they come together? So again using the example of the doll with the moms I would say where does this group of moms come together, and where they come together is an opportunity for marketing, is an opportunity to get in front of them, to share the message, to market to them directly.
It's much more complex than that but it can be boiled down into two things: target market and exposure to the target market, and usually if you can identify the first one the second one becomes much easier.
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