How to Determine The Market Target in Business Modeling.
He created the e-commerce platform after discovering that the internet was growing by 2300% per month. The internet was growing at a very great rate back in 1994/1995.
Jeff Bezos left DE shall to prove that there is an opportunity on the growing internet.
He never knew he was pioneering an entire industry.
But, there is one thing to take seriously as an entrepreneur and business person. That one thing is the fact that every product and innovation has a purpose.
The purpose of Amazon is to make it possible for people to be able to buy anything online, from anywhere in the world.
So, this is very critical as Prof. Nduibisi Ekweke said that invention +commercialization= innovation. What does that mean? It means that for your innovation or product to be considered a solution, it must be useful in the market.
That is why it is very important to know how to determine the market target in business modeling. Modeling the market target into your business model is a step towards commercialising your product or innovation.
So, in this article I shall be guiding you on how to determine the market target. Here it goes;
How to Determine Market Target in Business Modeling.
In order to determine the market target in your business modeling design, you must provide answers to some questions.
These are questions that help you to uncover who the market target is. It is not everybody that is your market target but it is someone that is. Here are the questions to answer.
- Who Has The Problem?
You should know by now that every product in the market is a solution. A specific solution designed and packaged to solve a specific problem.
That is the rationale behind every product and services. Think about the products you use today, your cream, food, your toiletries, car etc.
They are specific products that help you to solve specific problems. So, it should be very clear what problem your product is solving.
You have to provide an answer to the problem that your solution will solve. This is the first step to understand your market target.
Then you have to know who has the problem that your product is solving.
- Who Has The Product?
The product of a business is not for the business. The products of a business are for a set of people.
Amazon e-commerce is not built so that Jeff Bezos will use it or the staff but it was built so that people and businesses can sell their goods there.
Who has the product or the solution you are working on. Some good examples are as follows. Here are my products are who need them;
- How to sell Anything Online While Sleeping (Magnetic Copywriting). This product is For entrepreneurs and business owners.
- How To Build Billion Dollar Business Models (3S Rules). For entrepreneurs and business owners.
- How Google and Facebook Hire Best Brains(To Drive Innovation and Marketing).For entrepreneurs and business owners.
- How To Launch An Idea into a Market Successful product. For entrepreneurs and business owners. This online course is for businesses that want innovations and growth in marketing outputs.
These examples can be applied to your product. You will be able to know who has the product. Now, who has the product you are working on?
- Where Can They Be Found?
This is very important in business modeling. Your market targets or prospects are not everywhere but are somewhere.
You have to know how they can be found and where they can be found. Their interest and what they spend time with.
An entrepreneur has to create the demand side and the supply side of the business. There is no demand side and supply side when you start developing the product.
You create the demand side by taking the solution you created to those that need them.
- Can They Pay For The Solution?
This is what will ultimately determine if your product will succeed in the market or not. According to the third law of value until people exchange money for your product, it does not have value.
You have to determine the people that have the product and the problem can pay for it. If they can't pay, then that will market the market for your business ineffective.
When you consider these questions very well and provide answers to them, you will be cleared about who your market target should be in your business model.
These insights can save you from wasting your funds on businesses that are not feasible even in the model stage.
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