Identifying Your Target Market


Not every business can be run on the same principle(s) always. Each has a unique ideology depending on various factors that stares the entrepreneur in the face but there is a principle that will never change and that is, identifying the target market value of any business.
One of the numerous problems business men and financial institutions in Nigeria face is the devaluation of the importance of focusing their resources and energies to the accentuation of a target market. Most of the time, they forget that major investments in a growing economy like ours in Nigeria does not necessarily start with the big giants of the corporate world. In essence, the unique circumstance of such growing economies encourages the ideals of investing in the individual. I like to call this concept, “TARGET MARKET VALUE.”
In the bid to maximise their profit making potential, investors in the Nigerian financial world tend to put their hands in to so many brews at the same time. They become the jack of all and masters of none. However, this does not have to be so. There is a simpler way to focus their potential and maximise the same profit they target by simply targeting the individual target market.
How can this be done?
By revaluating their Initial Target Market – (ITM). What Investors need to do is to identify a single sort of market that stands the potential to rake in their maximum profits. An isolation of this market should then be followed by refocusing their best resources towards this market. In other words, this is a similar principle when creating a niche in any industry.
The next step is the “identification of the needs of this target market.” It is not enough to invest in the best sectors of the Nigerian economy giving its volatility and its potential for erratic change. The internal socio political terrain has seen to this, hence the reason for the irregular figures that keep making the headlines in the country’s GDP. The best way out of this is to identify the needs of the individual with the best investment potential. There is no need to over emphasise that the satisfaction of the need of the target market should be of utter most importance to the investor if he intends to play a lasting role in the vicissitudes of the Nigerian economy. This is where professionalism, flexibility, innovation, perseverance, efficiency and patience will be the most important rungs in getting up the investors pyramid. These key factors open up the market there by creating the distinct opportunity of trust amongst the identified target market. This is important because trust is like a time capsule which has the potential to protect any investor and especially corporate institution so that they may stand the test of time.

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