Saturday, February 11, 2012
Who Is My Target Market?
Pricing is the hardest part of owning a business. It is the task that I struggle with more than anything else. I desire desperately to make a great product at an affordable price. But let's be real, I need to make money too. I love that I can work from home with my little girls at my side but I do it to help out my family and pay bills.
I have been doing a lot of research lately on pricing models and strategies. Many of which encourage you to figure out your target market and ideal customer. Who is buying your product? What does he/she look like? How much disposable income does he/she have?
Many of these models are telling me that my ideal customer is not someone like me. That he/she has more money than me and I should therefore price my items higher and make more expensive things to sell.
My question becomes, why shouldn't I be my target market? If I am not making products for women like me than who will?
If I am not my target market then who will make unique products that families on a budget can afford?
So I will continue to make unique and fun items that cannot be found in a big box store. I will keep the prices realistic and as low as possible all the while making a living for my family. I will give moms like me a place to buy one of a kind and fun items for their families.
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