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When starting a business, it’s important to have a specific target market in mind. Some businesses target large groups like millennials or women. But others get even more specific.
The Value of a Specific Target Market
Take the case of ExpressionMed. The company, founded by 19-year-old Meghan Sharkus, makes only one type of product — colorful stickers that hold insulin delivery devices in place. The market for this product is small but clear. She’s aiming to help kids with diabetes change the perception around the disease.
Right now, Sharkus makes all of the stickers by hand. But she recently started a Kickstarter campaign in order to get started with machine manufacturing.
So even though her business only offers one type of product targeted at a very specific group of people, it’s doing well enough for her to consider expanding. And since about 29 million people in the U.S. have diabetes, many of them kids, there’s still a sizeable market for her products.
Other businesses can potentially learn a thing or two from Sharkus. Even though she’s young, she was able to create a product with a very clear purpose and market it to a very specific audience. Whether you sell one product or a hundred, that’s an essential building block of any successful business.
Target Photo via Shutterstock
This article, “New Business Shows Power of Having a Really Specific Target Market (Watch)” was first published on Small Business Trends
Source: SME Feed