For me, the ultimate question when preparing a speech about a business product is: What should I find out about my audience?
I like to start with the basics. What's their name? How old are they? Are they male or female, or something else altogether? Where are they from? What do they like to do in their free time?
Then there's the important stuff. What are their goals, dreams, and aspirations? How many kids do they have? Do they prefer dogs or cats, and what breed of dog/cat would they be if given the choice (and assuming a world where dogs and people could switch places)?
All this information helps me get inside their heads. I can see them as I speak—I can see their facial expression change as I weave in details that resonate with them. Maybe they're a father who likes to hunt on weekends—that helps me know what to talk about when discussing the new line of hunting weapons we're releasing next month. Or maybe they're an art aficionado who loves visiting museums—that helps me know what to talk about when discussing our new line of paintbrushes!
At the end of the day, knowing your audience just means knowing your audience. They're just people, after all.