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Create a Target Customer Profile Chart
One of the final steps that shows investors, retailers and other key contacts that you’ve done your homework is to create a customer profile chart that details the market opportunity that is available for your product.
Target Market Profile – Faux Painting Supplies
|Market Segment||Needs||How Needs Are Met||Products Purchased|
|High end wallpaper and paint contractors||Patterned Look||Use sea sponges and then make their own designs||Sea sponges|
|Midrange paint contractors||Patterned and standard look||Use sea sponges for standard looks, unable to do complex patterns.||Sea sponges|
|New users wanting a sponge look||Standard sponge look with simple pattern||Sea sponges||Sea sponges|
|New users wanting pattern wallpaper-type look||Advanced patterns||Products not available||Not available|
This chart shows there is a market opening of advanced pattern sponges that can be used for new users wanting complex patterns. You can also make a case that an advanced pattern sponge would sell to the mid to small-size painting contractors who are unable to create their own advanced patterns.