IDENTIFYING YOUR TARGET MARKET VALUE - (TMV).

Not every business can be run on the same principle(s). Each has a unique ideology depending on various factors that stares the  entrepreneur in the face but there is a principle that will never change and that is, identifying the target market value of any business.

One of the numerous problems business men and financial institutions in Nigeria face is the devaluation of the importance of focusing their resources and energies to the accentuation of a target market. Most of the time, they forget that major investments in a growing economy like ours in Nigeria does not necessarily start with the big giants of the corporate world. In essence, the unique circumstance of such growing economies encourages the ideals of investing in the individual. I like to call this concept, “TARGET MARKET VALUE.”

In the bid to maximise their profit making potential, investors in the Nigerian financial world tend to put their hands in to so many brews at the same time. They become the jack of all and masters of none. However, this does not have to be so. There is a simpler way to focus their potential and maximise the same profit they target by simply targeting the individual target market.

How can this be done?
This can be done by re-evaluating their Initial Target Market - (ITM). What Investors need to do is to identify a single sort of market that stands the potential to rake in their maximum profits. An isolation of this market should then be followed by refocusing their best resources towards this market. In other words, this is a similar principle when creating a niche in any industry.

The next step is the “identification of the needs of this target market.” It is not enough to invest in the best sectors of the Nigerian economy giving its volatility and its potential for erratic change. The internal socio-political terrain has seen to this, hence the reason for the irregular figures that keep making the headlines in the country’s GDP. The best way out of this is to identify the needs of the individual with the best investment potential. There is no need to over emphasise that the satisfaction of the need of the target market should be of utter most importance to the investor if he intends to play a lasting role in the vicissitudes of the Nigerian economy. This is where professionalism, flexibility, innovation, perseverance, efficiency and patience will be the most important rungs in getting up the investors pyramid. These key factors open up the market there by creating the distinct opportunity of trust amongst the identified target market. This is important because trust is like a time capsule which has the potential to protect any investor and especially corporate institution so that they may stand the test of time.

Another key factor that the Nigerian investor should use is, “know the budget of your target market.” The best way to convince and negotiate the best investments for both parties is for the investor to know the depth of his target markets pockets and of course the budget his plans to spend on an investment opportunity. This is a negotiation principle. Knowing what an individual or group is likely to concede to is the key to making concessions where necessary that will benefit everyone. This also helps to cover up unrealistic projections. An investor who is aware of the budget his target market has stands the chance of identifying the sort of investment(s) such a target likely has in mind. He can use this knowledge to find out the best possible way to provide such investment to meet the distinct need of his target market.

All these factors will not necessarily come together if the investor is not “willing to adapt.” Adaptability in the Nigerian economy is one of the most essential tools of survival. Adaptability breeds consistency, consistency breeds experience, experience breeds professionalism and professionalism breeds maximised income. All these make up what I call the investors pyramid. In essence, being able to change strategy the instant it is required is important in manuvering on whatever terrain the investor finds himself.

MAXIMISED INCOME
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PROFESSIONALISM
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EXPERIENCE
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CONSISTENCY
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ADAPTABILITY


Chart showing the investors pyramid.


These secrets have the potential of making an investor seem like he has the third eye or what some would rather call a nose for the financial market and the most appropriate investment(s). Sometimes the best investments may not necessarily be the most appropriate investments, so the aim here is transforming the most appropriate investment into the best investment.

So we need to change our thinking and be more calorific to the needs of our Target market. We need to improve on our strategies thereby improving on our services. Being efficient as a financial institution in Nigeria is not a myth. A new generation is being born and with it, a new way of thinking with new needs and better dreams. What investors need is to equip themselves better especially in a world where the alliances of technology, investments, and economic growth is slowly shifting towards Asia with China in the fore. It is only a matter of time before the Nigerian economy, it’s potential and untapped resources becomes a decisive ground for who know how to identify what their TARGET MARKET VALUE is and how best they can satisfy that target market and be the investors who will shape the world of tomorrow.