Who Is Your Target Market?
While the Edison Nation submission form does not specifically require you to define your audience, taking the time to identify your target market can help strengthen your idea description and potentially avoid having the idea declined due to mass marketability.
So how do you determine your target market? Here are some tips and questions to ask yourself to get you started…
Look at your potential customer base.
Who buys products in that category? For example, if it is a toy product, while the “user” would most likely be a child, the “customer” would be a parent, grandparent, relative or other adult.
Check out the competition.
Who are potential competitors in the space targeting? Who are their current customers? Would you be targeting the same audience or a niche market they may be missing?
Analyze your product.
In past “Deconstructing the Submission Form” posts, The Perfect Idea Description and What’s Innovative we reviewed identifying the features and benefits of your idea. Take a look at that list to determine who the people are that have a need each benefit fulfills.
Choose specific demographics to target.
Think about the following factors when thinking about your audience:
- Income level
- Marital or family status
- Ethnic background
Consider the psychographics of your target.
Unlike demographics, psychographics are the more personal characteristics of a person, including:
How will your product fit into your target’s lifestyle? When will they use the product? What features are going to be most appealing?
Evaluate your decision.
Here’s where your answers are going to help you determine mass marketability. Ask yourself these questions:
- Are there enough people that fit my criteria?
- Will my target really benefit from my product? Will they see a need for it?
- Do I understand what drives my target audience to make decisions?
- Can they afford my product?
Answers to these questions will not only help you flesh out your idea, but they will also help the Edison Nation Review Team in evaluating the sales potential around your idea.
Having strong answers to these questions will help you get one step further to jumping over the Stage 4 hurdle during the evaluation process.