Knowing who your target market and who you are planning to sell to is valuable information as it sets out how to best approach and reach your audience and who your business would best support from your activities. While it is tempting to say, “I am selling to anyone and everyone,” that is not always the case, and is an expensive way to market yourself. A good rule of thumb to understand is the 80/20 principle as 80 percent of your sales are going to come from around 20 percent of your clients, so it might be most effective to market to that segment that is likely to meet your needs. Which can be based on the Demographic, Psychographic, Geographic, and Behavioural factors, which we will be exploring more in the marketing section.

Market Research

This information is gathered easily form your industry information and looking into the local market data form your industry analysis you completed during your competition section of your 5C analysis.

Here you outline the total available market, who benefit from your product and service.  From here you have your serviceable available market, which given your capabilities and reach is the total market you can service with your product and services. Then you have the Serviceable and obtainable market, which is the total people you realistically can obtain sales from, given inefficiencies, and marketing capabilities.