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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.