Targeting is the process of assessing and selecting specific customer segments based on information in their representative personas. This is important because your product can’t be everything to everyone -- you need to determine which group or groups would benefit from your product. This decision can be based on several factors including segment size, growth potential, competition, accessibility, and the fit with your product’s attributes.
This doesn’t mean you’ll exclude anyone from purchasing your product, but rather that you’ll focus on some segments over others as your target audience. Get started on targeting based on the personas you developed in the segmentation section. You will be asked about the needs, the market, the price, market homogeneity, and preferences represented by the persona. You can also see some completed targeting exercises here.
Answer the questions below about each of your personas. Using these questions, determine which of your personas are most likely to be able to use your product. Then narrow your scope to your best potential customers. You should begin to see similar answers to many of these questions as you survey more of your customers. You should conduct a minimum 20 customer surveys to have a full range of opinions.
Once you’re done, move on to the “positioning” exercise, where you’ll define how to promote your product to your chosen targets.
If you’re unsure about the quality or quantity of your data, surveys are the best way to gather information that will help you in the STP process.