In business, choosing the appropriate target market is vital to the success of the company. Assumptions about the target market must be correct; otherwise, the industry will cost you a fortune. A clear target market is important. Marketing to everyone is just a waste of time and resources (Aure, 2021). Not everyone will like your product, but focusing on a specific group of people with genuine interest in your product will do your business well.
If I started a business and my original assumptions about my target market were wrong, I would use questionnaires to get the feedback of the targeted market. The input will prove helpful as I will know where I went wrong in my assumptions. Ideally, it builds a good relationship with your customers (Aure, 2021). Also, instead of starting with a small group, I will begin with a larger group and narrow it down to the target market. Additionally, I would conduct one on one interviews with the target consumers to test my assumptions. It will show me where I erred in making the assumptions.
Based on the responses from the target market, I would adjust my target market accordingly. If there is competition for my product from other firms, I will find out how they are staying in market and successfully fulfilling their customers` needs. According to Aure (2021), if the competitors advertise their product, it is wise to take a keen interest in their target market. I may choose to either go for the same target group or another target group they may be overlooking. Having analyzed all this data, I would know where I went wrong and start the business again; this time around, I will be starting from experience.