The Twenty Percent

1) Find a business owner and talk to them about their customers. 
Who do you think your target customers are? My target customers are people who are either living or moving into the Bradenton/Sarasota area and are interested in purchasing or selling a personal residence, rental property or a vacation home. The customers range in age, nationality and sexual orientation. 
What are my customers' unmet needs? My customers unmet needs include variety of homes available in price range and properties within desired price range.
Where do they find their customers? The best source of customers is through repeat business or word of mouth. Advertising on the internet through Realtor.com, Trulia.com or Zillow.com are other good sites. What are their customer's demographics? Presently my customers are retirees moving from the north and relocating into this area, and middle aged adults moving in and out of the area with job changes. What kinds of media do their customers consume? Most of my customers are still in the age of the newsprint and do not use the computer much. So I must reach them through traditional print media. The middle aged adults prefer to interact totally through the computer or cell phone until they want to see the house. It is essential you understand your audience in order to interact with them appropriately.


2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. Ask these 'target customers' the questions in the paragraph directly above.
Customer #1: I think his target market is older people who are retiring to Florida. There are not enough homes available that are affordable at our price range and without any fees. We do not want to live in a home that we have a lot of upkeep. I  think they find their customers when they see their sign in a yard or when they see their name in the paper. The demographics include older adults men and women. We do not have a computer but do have a cell phone. We like to get the books in the grocery stores and get homes for sale in the paper.
Customer #2: His target customer is probably younger first time home buyers and older adults. The unmet need might be the need for better homes available. The used homes are in deplorable state and the new homes are expensive. Customers are found through the internet. Social media is the best way to get customers. Young professional adults who are looking for their first home is the demographics. These adults use every form of media including cell phones, computers and social media.
Customer #3: The target customer is older people who are moving from the north and people who are moving due to jobs and larger or smaller families.  Unmet needs for the customer might include not enough homes available in the price range, or homes too old or ones available are in an expensive area. They find customers by advertising on the internet in social media locations and in the ".com" locations that list homes for sale. The customers are middle aged adults. They use computers, cell phones and IPads.


3) Reflect.  Yes, I believe the entrepreneur understands his customers' problems. Unfortunately, it is out of his control. But he can try harder to find home that only meet his clients needs, but if they aren't available he may want to consider showing them a different product. Customer#1 might not understand the price point in this area and while the price point is high it is what the market bares in this area. Unfortunately, Customer #3 also does not realize what the Bradenton/Sarasota area pricing is like and what you get. Many people move from where they live, owning a large home at a certain price and think they can move to another location and get something comparable. But unfortunately, in a highly desirable area the demand drives the price of a home.