How to Choose the Target Audience for Your Startup Marketing Plan

If you are a startup owner or even a marketer working with a startup, it’s very easy for you to imagine that the whole world will love your products. In fact more of founders have this habit and not the marketers, but since the founders are leading the team and are the decision makers, they can influence the marketers’ point easily.

On part of founders this is quite understandable; after all, they eat, sleep and breathe their products and so they think the whole world should follow them.

But the bitter real reality must be accepted and it’s a fact that only a small portion of the population is interested in your product. And, if you try to market your startup to everyone, you are just wasting time and money!

The key to startup success is effective marketing and to do so, you must identify a niche target market and go after market share aggressively.

Now the question arises, how to choose the right market segment and what should be the right marketing budget for startups.

The answer to first question (choosing the right market segment) goes here:

  • Know the market size, i.e. exactly how many potential customers are in your target market, the gender, geographic region, age groups etc.
  • Know the market wealth, i.e. do they have enough money to spend on your product?
  • Consider the competition, i.e. is the market saturated? As in, are their many competitors?
  • And finally, consider the value proposition – Is your value proposition unique enough to cut thru the noise?

Now coming to second question, there’s no hard and fast rule for marketing budget for a startup; some have more money to spend while other are on tight budget constraint. However, here are some resources to help you define your startup’s marketing budget:

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