Question: I think that my product could be used by everyone, but I have been told that it’s important to have a very focused target market. What can I do to narrow my target demographic? Or should I?
Answer: Revolutions all start with one idea, one person, one identity. Figuring out who this person is and how to get them on your new business’ side is what leads to success. People are what make the difference for you.
You have to start small. Take Steve Jobs for example. He believed he could change the world. But when he started, he was merely buying up components and building computers. It was a massively long journey to get his company where it is today. The king of electronics and innovation. Almost everyone owns an Apple device now, the world does know his name, and the brand keeps on growing substantially even now. But he started small. Go through and track the history of Apple if you’re interested in seeing his successes and failures in the business world, I can guarantee it will change your perspective.
Nowadays, there is not a world where you can’t find your target market. You can always start with a niche. Social media has made the process especially easy.
Facebook has interest intersection points, that you can follow all the way down until it gets ridiculously granular. This helps you discover who your buyer really is. You have to be patient and you have to do it every day.
Start niche and then build on a scale. In your ad test, you should intersect to you’re between 200,000-300,000 people. This is real data of people you could market to. Use it. Then start tweaking it smaller and smaller. You can then mess with the creative look or the ad copy. Once you find the niche, you can spend $10,000 a day staying in your niche. You don’t have to spend $10,000 a day to conquer the entire world. You won’t get everyone on board.
Start with one interested customer and work with them. They can make or break your new business.