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The PVP framework stands for Personal Fulfillment, Value to the Marketplace, and Profitability. It's a tool used to identify your target market. You start by identifying the customers you enjoy working with, who are satisfied with what you offer, and present the types of problems you enjoy solving. Then, you determine which customers value your offerings and have the ability to pay for them. Lastly, you identify which customers generate the highest profits for you. By considering these factors, you can identify the best market segment for your business.
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The best way to identify your target market is to use the "PVP" framework – "Personal Fulfillment, Value to the Marketplace, and Profitability." Ask yourself which kinds of customers you truly enjoy working with. Who are the most pleasant, the most satisfied with what you offer them, and present the types of problems you most enjoy solving with your business? Which types of customers greatly value what you offer and have the willingness and ability to pay? And lastly, which customers generate the highest profits for you because of related costs associated with working with them? Thinking about each market segment along these dimensions can help you determine what's the best for your business.
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Need a marketing strategy that can get results fast? Here is a practical and uncomplicated 1-page marketing plan that you can complete today and incre...
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