Startups and new products often struggle with defining their target market and segment. With many unknowns, it can be a challenge.
Three simple words can provide the solution.
FOLLOW THE MONEY
Answering these questions can help you get there (get real or get an outsider to review)
1. Which is the largest market in terms of the spend for the kind of product you offer?
2. Is your product ready for that market?
3. If not, what’s the path and timeline to be ready? Can you go after 2nd largest (or 3rd) while you get ready?
4. What’s a mechanism for generating leads from that market?
5. Do you have the skills and resources to generate leads from the market?
6. If not, can you partner with someone who does?
7. Do you have enough understanding of the way businesses operate in that segment?
8. If not, can you hire or get help from someone who does?
9. Can you fine tune your targeting by defining criteria for your ICP- ideal, customer profile?
10. Does your ICP have the burning need and budget for your solution?
Agree?
If you do, comment #followthemoney 😀
If not, what’s your approach?