![]() ![]() In terms of your business offerings, what could you drop off the list because it’s not strategic? Then think about dropping those who aren’t in your target market.įor example, a restaurant business focused on healthy, organic and fine dining would probably cater to people more in tune with green trends and with higher-than-average disposable income. Look for the intersection of your unique identity and your target market. Now it’s time to pull your lists together. Keep your identity in the back of your mind as you flesh out your target markets. Put yourself in the place of each of these ideal buyers and then think about what media he or she uses and what message would communicate your offering most effectively. These people are iconic and ideal, and stand for the best possible buyer. You can consider each one a persona, such as a grandmother discovering email or a college student getting his or her first credit card. Threats include competition and advances in technology that put you at a disadvantage.Īlso make a list of invented people or organizations who serve as ideal buyers or your ideal target market. Opportunities can include new markets, new products and trends that favor your business. Think of both as external to your business - factors that you can’t control but can try to predict. The next list you’ll need to make outlines your business’ opportunities and threats. That might be something to drop off the list. For example, your management team thinks being conservative on spending is a weakness but you don’t. This sometimes requires input from your managers as well. Kick some of the less important bullets off the list and move the ones that are important to the top. ![]() If you’ve done this right, you’ll have more than you can use, and some more important than others. Then, find priorities among the bullet points. Put everything down and create big lists. I’m including a summary here:Ĭreate separate lists that identify your business’ strengths, weaknesses and goals.
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