A well defined target market will focus your impact business and focus your use of capital, which investors like to see in prospective investment
There are 2 common problems when defining your target market:
1- It can be too broad of a market, which can suggest large sales and marketing budget requirements, equating to putting more capital at risk for investors.
or…
2- You may define a target market that is obscure or perceived to be difficult to reach, signaling to investors that you haven’t done effective enough market research to declare a clear path to market.
Therefore, it’s critical to invest the time and energy to run your market research through the following target market defining exercise:
1. Understand the customer problems that you solve
2. Paint a picture of your target customer
3. Which specific customers will benefit from your offer?
4. Think about niche markets
5. What company expertise can you offer?
6. Who are your competitors?
Having completed a comprehensive exercise of this nature, the substantiation behind your target market choices becomes self evident.
Want to get prepared to raise capital successfully?
Download our Free Fundraising Checklist Here: https://thechangeagenthub.net/fundraising-checklist
Once you receive the checklist you’ll be redirected to a video walkthrough so you can use this checklist most effectively. And you’ll also be invited to check out our 9-step fundraising preparation roadmap with detailed information called Impact Incubator Immersion. This program is the exact process all our impact clients have used to raise capital successfully.
