Analyzing your market includes calculating how many current and potential clients live inside your market territory. Today’s global and virtual marketplace confuses the concept of market territory. Your business can now sell to clients from all over the United States and internationally. You can also list products on Amazon and other online sales sites which increases your market.
Defining Your Ideal Client
- Bonnie Jo Davis at SalesGravy outlines 23 questions to help clarify your ideal client.
- Madhavi Gare shares ideas and questions to help you define your ideal client.
- Inc. Magazine highlights some thoughts and questions to help you with the definition
Define Your Possible Markets
Net MBA defines a market into six categories (follow the link to a graphic to clarify):
- “Total population: every person living in the market area
- Potential market: those in the total population who have interest in acquiring the product
- Available market: those in the potential market who legally are permitted to buy the product
- Qualified available market: those in the available market who legally are permitted to buy the product
- Target market: the segment of the qualified available market who legally are permitted to serve (the served market)
- Penetrated market: those in the target market who have purchased the product”
Defining Your Geographic Market
Your geographic market may include:
- Concentric circles radiating specific miles from your store or business location
- Global locations with shipping costs and feasibility low enough to facilitate purchases
- Access to existing outlets such as Amazon, CDBaby, BookBaby, and other sites where you can list your product and sell to their clients
Sources of Population Information
- US Census Bureau calculates and arranges census data for business owners
- Arbitron of radio marketing fame
- Nielsen of TV ratings fame offers site reports
- EHow shares several links to population growth statistics
- Calculated Risk offers several reports on various target populations
- 10 Day Marketing Makeover provides some excellent advice on using lists
Return on Thursday to review how to predict growth or shrinkage in your market analysis
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