3 questions every start-up should answer.
I have now undertaken numerous ‘mentoring’ sessions with start-ups and the same ‘issues’ keep coming up again and again concerning target audiences.
There seems to be a trend for start-ups to have numerous target audiences and to be different things to lots of different people. This strategy is heavily flawed, with the start-up eventually becoming ‘nothing special’ to anyone (and spend loads of money in the process).
In some cases, start-ups have even spent time (and money) building a team and developing a product and then decide to tackle the question of who their key target audience should be – ‘cart before the horse’ comes to mind!
Therefore, I strongly recommend that before you do anything, a start-up should ask themselves 3 key questions:
- Who are my target audience?
- What problem am I solving for my target audience?
- In one sentence what makes my offering different?
Only when you have the answers to the above are you in a good place to start building your business.
These questions aren’t a ‘nice to know’ they are a ‘NEED TO KNOW’. You can’t go past ‘GO” if you haven’t answered these questions. They are that important.