By Ed McLaughlin with Wyn Lydecker

Before you start your business, you need to ask yourself: Do you have a clear idea of who will buy your product and why? You need to be able to describe your target customers and their need for your product. You need to understand your customers’ characteristics, motivations, and goals.

When I started my business in the early 1990s,  corporate real estate were overstaffed. I saw substantial opportunity in the sector I was targeting because real estate was – and still is – the second highest overhead expense for most companies, right after personnel costs. I was able to identify and define the trends impacting growth, and I knew my target customers would be the chief financial officers (“CFOs”) and corporate real estate executives (“CREs”) of major corporations with substantial real estate holdings.

Fortunately, I knew the industry inside and out, understood how it worked, and recognized what the CREs and CFOs were seeking. How well do you know your target customer? Use this checklist to find out:

• Write a brief description of your target market
• Identify and list your target customers
• Describe the needs of your target customers
• Describe the trends and motivations impacting your target customer
• Describe your customer’s goals and characteristics.

 

“The Purpose Is Profit” is scheduled for release in summer 2014.

 

Copyright © 2013 by Ed McLaughlin  All rights reserved.