Target
Market: Mistakes to
Avoid
Here are some of the "don'ts" to avoid when
writing the Target Market section of your business plan:
- Don'tÊassume that everyone is a buyer
of your product/service.
- Don't be unclear about the characteristics
that define who your target customers are.
- Don't assume you must have a "huge" target
market - a well-defined target market that your company
can serve is far better.
- Don't jump to conclusions about why your
target market needs you - instead explain how you meet their
needs.
- Don't underestimate the value of focus
- sell a specific product/service to a specific group.
- Don't try to attack too many markets
at once - particularly if you are a startup or early-stage
company.
For more advice on writing the target market section of your
business plan:
Email
us at BizPlanIt if you have comments or suggestions about
our Virtual Business Plan.
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