How To Cost-Effectively Find A Target Market
Question: How do I figure out whether my target market is the best one for the product I am trying to sell without losing all my money through trial and error?
Answer: It’s a contradiction in itself. You have to spend the money to run the test. Results won’t come if you don’t try. You’re going to have to take a leap and be willing to spend what it takes to find your target market.
You generally need to spend in $100 increments if you expect to find big answers. If you have $1000 to spend on ads, and you have no idea how to use it, find someone who does. They’ll be essential to discovering who your ideal target market would be. If they’ve done the work before, your risk of missing the mark will go down significantly.
Consider your ego. Are you solving for the business growth or are you solving for your own skill set and knowledge? You’re going to have to be open to taking a hit when it comes to building up a clientele. Those who bruise easily will have a harder time overcoming the wait and failures before finding exactly what they need.
An agency will typically take 15% of your budget. So essentially, you’re going to “waste” $150. Think about how much you’re going to “waste” when you ask for help. Can you afford the help of the professionals? They will help you achieve your goals but you must be prepared to spend the dough.
Do you have an expert? Or do you need to become that expert? It’s also a great idea to take online courses in the necessary skill sets, rather than only look for those who already have them. Either approach can work for you. But when you’re starting out, find someone who knows what they’re doing. Or just keep your spending really light. With $5 a day increments, it’s going to be a slow process and you must be patient.
The bigger you grow, the more you can spend.