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.
1. Which is the largest market in terms of 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 the second (or third) largest market while you ready yourself?
4. What’s the best mechanism for generating leads from that market?
5. Do you have the skills and resources to generate leads from that 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 the criteria for your ICP (ideal customer profile)?
10. Does your ICP have a burning need and budget for your solution?