In the section "Select a target audience" step 4 needs fixing up. This seems to be a mish-mash of "Know how much it costs each audience to address their needs" and "Know how much each audience spends to address their needs".
I would say the latter is more important, because an audience may not yet have found a solution (such as the one you're trying to sell them) to spend their money on, but there will always be an associated cost.
Thanks, Mike, very interesting article.
In the section "Select a target audience" step 4 needs fixing up. This seems to be a mish-mash of "Know how much it costs each audience to address their needs" and "Know how much each audience spends to address their needs".
I would say the latter is more important, because an audience may not yet have found a solution (such as the one you're trying to sell them) to spend their money on, but there will always be an associated cost.
I'm going to try this on a product I'm developing, https://www.dickynotes.com.