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Understanding your ideal customer


Tatawwar

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Unit Video

Unit Summary

Here are the 3 types of markets that will help you target the customers you wish to provide your product/service to:
  • Mass Market
  • Niche Market
  • Multi-Sided Market

Build Your Action Plan

Congratulations! You have finished the innovation design thinking process. You are ready to take your solution to the next level. Now we can start working on building your social business!
For any business, the most important thing to think about is your customers. These are the people that will pay you for the solution you are providing to them.
In this video we will learn some ways you can use to approach your customers or users – which we call your target market.
Here are the 3 types of markets that will help you target the customers you wish to provide your product/service to:
  • Mass Market. This includes a large range of people who might be interested in your solution. This is quite common in consumer products such as chocolates, soap, and milk and even Whatsapp. However, at the start it can be expensive to reach the mass market – so we don’t advise you start with this market
  • Niche Market. This includes a more specific group of people that come together because of their age, location, and interests. It is easier to reach such a focused group. Health products and specific apps often use this model.This would be easier market for you to start your social business
  • Multi-Sided Market. This is for companies that have users who don’t pay directly – such as in Facebook and Google - but who make money from advertisers. It also applies in companies like Uber where you have drivers and passengers. These markets need a lot of time and money to develop, so they could be harder for you to start.
At every stage it is essential that you are very clear on the markets that you want to reach. This guides many other decisions you need to take.