Woodworking Series: Identifying Your Target Market

If you want your woodworking business (or any business, for that matter) to succeed, you have to identify your target market. Your target market will be the ideal people that will buy your products without too much coercion (because it’s already suited to them). Here are some tips to help you find the right target market.

1: Talk to people. Talk to your friends and colleagues and make sure to get a review from them. Let them freely tell you what they think of the project and ask them for suggestions. This is one of the best ways of getting free reviews on your products.

2: Know your competitors. No matter what field you engage in, that field will consist of other companies offering roughly the same thing as you. So make it a priority to study what your competitor has to offer. With this in mind, you need to decide how your product is going to be superior to your competitors’ (quantity, quality, price, etc.).

3: Use the internet. The internet is home to many things, and among them are the social networks. You need to make sure that you join the social networking sites that give you the opportunity to get reviews. To make sure you get the attention of the right audience, you need to set up a website, as well as business pages on the various social media outlets where people can post suggestions and questions.  This will put you in a position to find out what will work and what will not.

4: Use focus groups. You need to carry out face to face research. Get a group of people together and, using a set of pre-planned questions, such as whether or not they like your product, what they want you to produce that you aren’t already, etc.

Knowing your target market will definitely help you get the right audience for your products. It will also help you to determine if your business will be successful or not. Lastly, always do your research beforehand; knowing what you are going to produce will determine everything from what kind of tools that you’ll need to whether or not you’ll need to secure a workshop as opposed to working out of your garage.

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