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>> When we start our market analysis, what we need
to first define is the market segment that we are targeting.
And be very clear on the fact that it's very difficult
to address multiple markets or to address one single large market.
You would be most successful
if you could narrow down and focus on a very specific market segment.
So what are we talking about.
We're talking about segmenting your group
of peers, in San Diego County for example,
based on these criterion.
So where do they live?
You may have a business in San Diego County
but you may really only service a small portion
of that county, especially if it's a retail business.
You may really only deal with people
of buying age; so the fact that children are not part
of your demographic is important
or other elements that aren't relevant
for your demographic you would want to narrow down like that.
Lifestyles are crucial,and then purchasing behaviors,
so how they buy things and what they're willing to pay for things.
This is another way you can look at how we segment the market.
If this is all of the population of San Diego County,
you can segment that by female, male;
you can segment it by age;
or you can segment it by gender and age both.
And what you're really trying to get to
is which box am I focused on for my business
and how do I find out what the total number
of people are in that box.
And once you do that then you can define your Sheila.
So Sheila is the name I have given to my target customer
for the business that I investigated
which was a healthy fast food restaurant in Carlsbad.
So the idea was that for young families
who are interested in having healthier alternatives
to fast food, this would be a place where you could
drive through, and get a healthy sandwich, a smoothie,
a quick snack, or go in
and have a nice dining experience with organic foods,
fruits and vegetables, and not French fries.
So my target customer was a woman named Sheila
who I completely made up in my head.
She is 34, she has two children.
She has a two and a half year old
and a new born baby.
She's college educated.
She is currently a stay-at-home parent which means
that her husband generates enough income to support
that lifestyle, and she lives in the City of Carlsbad
which indicates a certain level of affluence.
Once you defined your Sheila,
your target person, then you can move
onto the next video where you attempt
to use demographic data to quantify how many Sheila's
are there in the region that have physical access
to the products you are trying to sell.