Before developing your business online,
one of the first questions you should ask yourself, “Is my target market
Online?”
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According to the
demographics, most Internet users are:
- male (64.5%).
- between the ages of 25 and 55.
- highly educated (64% have 4 years of college or better).
- well paid (average $60,000 salary).
- credit cards holders (90%).
- computer literate and like technology.
- buying products over the Internet.
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| This all adds up to a market of well
educated, upper income, technically astute men (fathers, husbands & singles), who have
the means and ability to buy what they want. This is an ideal market (even a dream market)
for many products and services. |
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WOW!! That’s great!! But do
demographics paint the full picture?
Presently, there are 40+ million Online surfers on the
Internet. According to the crude Demographics available, your ideal market may only
include 3% of the 40+ million typical Internet users. This adds up to approximately 1.2
million people. Now it is your decision whether or not it is worth tapping into this
market of 1.2 million potential clients.
So what’s the
KEY?
Be Specific! Know where Your target market meets Online. Develop a specific
understanding of “Your” Business Online. That translates to "Market
Research".
Research your Online market following these four basic guidelines:
- Know what you want to do online before targeting your market. Brainstorm 3 or 4 good ideas of
what you want to do Online. This may include duplicating your off-line business or
developing a whole new concept. Try the Brainstorm Exercise to
help you zero in on a concept.
- Find clients who want your products or services. This requires a little bit of time and a lot of creative
thinking. Begin by going to those places on the Internet that interest you both in
business and in recreation. If your product is based on your own personal passion more
than likely, your target audience is viewing the same sites and participating in the same
newsgroups.
If your business is unrelated to your interests then consider the following:
A. Who would ultimately and specifically benefit.
Example:
If you have a discount long distance service that
offered one flat rate 24 hours a day, 7 days a week, anyone with long distance services
would benefit. But ultimately the businesses who do their long distance calling in the
middle of the day (traditionally the most costly usage time) would be the biggest
beneficiary of this serve therefore the better target market. |
B. Where and how would you market your business off-line. There is probably a simulation of these places and methods
Online.
Search Engines are your greatest resources for poking around. Start off very
general in your keyword searches. As you discover new places Online your juices start to
flow and your keywords become more specific.
- Find out who your competition is. What do they offer? What are their charges? What sets them apart
from the others? Determine how you can compete or compare to your competition. Can you
duplicate what your competition does? Can you improve on what they do? What would set you
apart from your competition? How can you be “unique”? Do you offer guarantees,
special reports, free consulting or trial periods? Why should someone choose you over your
competition?
Again, put your search engines to work. Visit the sites of those posting online messages. Pay
attention to the links on the sites. Look for groups or organizations that are linked.
These links usually bring you to a very specific audience of related businesses or
businesses with a common cause.
Apply each step and follow through with your research
thoroughly. Put yourself ahead of the game with confidence. Understand your market and how
you can target that market. Most Importantly, discover if your market is online before you spend one thin dime!!
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by Internet Advantage
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