"Entrepreneurs don't have the luxury of resources. Take your resources and apply them to a narrow, carefully defined target market that you can dominate." - Disciplined Entrepreneurship by Bill Aulet
Some of the world’s largest companies started with a niche focus on their target customer. Jeff Bezos began with an initial focus on online book sales, Mark Zuckerberg initially launched Facebook for Harvard students only and Elon Musk’s initial focus for Tesla was premium electric sports cars in California.
Identifying your target customer starts with market segmentation to identify potential market opportunities and your end user.
Then, we conduct primary market research for our most promising market segments. Primary market research is essentially the process of directly interacting with users to understand their challenges and key priorities.
Take a Quiz
How MIT defines innovation
Introduction to Disciplined Entrepreneurship
Why should you start with the end user?
Trish Cotter summarizes market segmentation and primary market research as a process to identify a specific market.
Is Your Startup Idea viable? Start with Primary Market Research
Trish Cotter guides social entrepreneurs in conducting primary market research and answers questions such as:
Why is it important to start with open-ended questions to understand the customer’s pain points?
What makes a good persona?
A good persona includes the user’s demographics and psychographics, and showcases their story, typical week, goals, pain points, information search process, objections to existing solutions and type of experience desired.
Select your target problem using 'Sprint' and 'Disciplined Entrepreneurship'
Example of selecting a target problem - Combating children's malnutrition
An example of selecting a target problem to combat children’s malnutrition.
Recommended Books & Blogs
Want help identifying your target customer?
VerroBot is our entrepreneurship guide that shares relevant content, videos and blogs to help you segment your market, talk to your customers and develop a target user persona for your most attractive market. 🎯