In this episode, #1 Bestselling Author, Mel Abraham digs further into understanding who the target market and customer is. Understanding it is vital because customers are the key to success. You have nothing if there aren't any customers that are willing to buy the things you sell.

So, we need to develop a commercially viable product that is able to create a difference in people's lives. Those people aren't just your customers but everyone who is associated with your business.

Concept of Market Selection

For market selection, understand the six elements that we need to consider. It will help us to recognize our CORE market. CORE market is where you can have a Connection, Originality, Results and Excellence in.

1.   Identity: We need to identify the people that we are trying to serve. Find their demographics like age, gender as well as their geography like where they live. It will take some direct research methods like interviews for getting this information.

2.   Clarity: We need to solve three kinds of problems: (1) known and spoken, (2) known and unspoken, and (3) unknown and unspoken. Find the exact problem that you are willing to solve. Then come up with a viable solution that is elegant and distinct so that people are willing to pay for it.

3.   Location: Don't just find out where the customers are physically located but also figure out where they are looking for solutions. Know where the marketplace looks for the answer to the problems you defined. Once it is located, you will know where you need to be.

4.   Define the Solution: Describe the solution in terms that your market understands. Clearly state how will you be solving their problems in a unique or distinct way.

5.   Objections: Find the major objection the market might have. The target customers might not know about you, your products and whether it works or not. Do the things necessary to overcome these objections. You can use social proof, testimonial