fbpx

Beyond the Pitch

How to Identify Your Largest Target Audience – Part 2: Research Methodology

Target Audience 2

Investors look for companies that have credibly identified, large reachable markets that are big enough to generate significantly better than average returns. Once there’s a large enough market, investors will measure and evaluate business plans based on the size and potential of the portion of the identified market that a startup can capture in three to five years.

The only way a startup can reliably size the that three-to-five year obtainable market is by validating assumptions and features through prototypes with customers. These are the people your target audience should represent.

Use this tool, which is part of the market development series of the Rev1 startup studio’s Customer Learning Lab, to help you discuss and name your largest target audiences.

Before you use the tool, read these two Toolkit articles: How Big Is Your Market? 3 Tips to Size It Like a Pro and How to Identify Your Largest Target Audience – Part 1: Know the Territory.

get the tool

Rev1 Ventures is the investor startup studio that combines capital and strategic services to help startups scale. At Rev1 Learning Labs, entrepreneurs dig deep into the big topics that founding teams must master to build successful companies.

  • Get startup tips and resources delivered directly to your inbox.

  • Resources

    Getting Started
    Tips for turning a concept into a company

    Getting Customers
    From honing your pitch to getting your first customer

    Success Stories
    Entrepreneur Success

    Getting Funding
    How and where to get the cash you need to grow

    The Hard Stuff
    How to navigate hiring, taxes, legal and more

    The Network Effect
    Making the right connections at the right time

    #Startup Buzz
    The news and trends that matter to you

    Rev1 News & Events
    The latest buzz and networking opportunities