Importance of Knowing Your Target Market

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Businessman’s Target Market

What does most of successful Businessman have in common? Successful businesses become successful because they know their target market. Yes you read it right, it is important to know what exactly what product or services you are offering will help you find your target market. Understanding your target market will not only lessen the non-successful advertising rate but also to make sure that you are reaching your exact market. That is the reason why it is very important that you know your products well. By knowing the how your products or services will benefit your costumers will help you to advertise easily to your market.

Customers and Consumers Target Market

Knowing who your customers are and who our consumers are will also help you sustain your business. Who is the customer? Customers are those who spend the money, give cash or check in exchange for your products. Reaching your customers is very important in order to make some cash flow in your business. Who is the Consumer? Consumer is the one who uses or consumes your products. Knowing a lot about your customers and consumers will help you create an advertisement that will make a want in the consumer and also desire to purchase for the customer. A classic example of customer-consumer relationships are parents and children. The customer is the parents and the consumer is the children. If the child has no desire for the product like he doesn't want the taste of the vitamins than it won't be purchased. It is also the same at the part of the parent that doesn't see any benefit from that vitamins or any toy than they will also not buy it. It means that you must please both consumer and customer in your advertising campaign to make sure to hit that target market.

Starting Your Own Business with a Large Target Market

If you are just starting your own business, it is better to start a business where you can hit the large target market. What I mean is you mustn’t target not just the Class A market or rich market but also target the Class B, C, D, E market or the middle class, average and poor market. You must think of a business that is needed by a lot of people or should I say a necessity. Products like toothpaste, shampoo, soap, coffee, juices etc., are classic examples of products that needed by a lot of individual.

Train your Children to be a Young Entrepreneur

Saving or making money is really the one of the most important things for us people, especially when you have a family that depends on you. This is the right timing to train our kids how to save and make money. Let us make them realize the importance and value of money at a younger age; how to spend and use the money in the right way. In this way, they will become prepared in making their lives better as they become adults. Make some simple ways of making and saving money that they will soon get used to it as they grow up as a young entrepreneur, like having a money jar. Instead of buying things that are not useful, why not condition their mind to save money first for their future needs like nice bags, nice shoes, nice dress and other school projects. 

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Developing them to become a Young Entrepreneur

We will only be a child once; it is a normal thing that a child is fond of buying toys. Remind them to take care of their toys and soon teach them how to buy and sell their old toys to make money. In this way, they will also enjoy their childhood and the good thing there is at the early age they start using their mind and developing their skills in making money. Like most successful Chinese entrepreneurs, during vacation they train their child to open up a stall to sell some stuff for them to become a young entrepreneur. Let them experience this kind of activities, it will develop their knowledge and giving drive to start having their own business at a younger age. You can also encourage them to make money on school to raise funds for their field trip or other school activities. My wife has a nephew named Nico, he makes money at school by selling candies and chocolate bars to his classmates.

Learning Experience as a Young Entrepreneur

I remember when I was a child, I that started to make money when I grade school. I was on my vacation in my mother’s province. One of my aunties is selling some “banana cue”. It is a Filipino street food that is similar to barbecue but the difference is instead of meat they used banana. I volunteer to sell those “banana cue” with a deal that she will give me some commission. That is the start where I always think of how to make money in my free time and dream of becoming a young entrepreneur. Before we can save money, we must first think on how to make money. It is a good idea to let our kids to experience and have more mistakes in making money, for this will give them a good learning experience which will make them to become financially free as they become adult and a good parent.