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Define a Target Market for Your Small Business

By: Peri Pakroo | Via NOLO Press

In order for your business to succeed, you must have customers willing to buy your product or service. It is important to have a clear idea of who your target customers are in order for your business to succeed. You will also need to understand how big this market is to determine whether you can generate enough revenue to sustain your business.

Sometimes it is best for a small company to focus on a niche since it may be too costly to try to cater to very broad audi­ences. Determining a niche will help you focus your efforts and marketing strategies to increase the likelihood of success.

Read the Define a Target Market for Your Small Business article to learn more about why it is important to define your target market, how to go about it and when a niche market might make sense.

Also refer to these other related tools:
Competitor Landscape Chart
Market Sizing Primer
Market Forces Diagram