Have you ever sat down and figured out who is your business’s target market? Identifying a target market helps you to use your marketing time and dollars more efficiently by matching your marketing efforts to the customers needs. A target market isn’t necessarily your only customers but should represent a distinct group.
- Look at your current customers; what makes your current customers similar to each other, more than likely other people with the same interests/habits/traits will be interested in your product also.
- What is your competition doing?; If your competitors have specific group that they are known for, look for a different market. You may find other markets that are underserved.
- Examine your current product; Make a listing of all the features of your current product and what the benefit of each is. Use this list to find customers who need those benefits.
- Learn how to use demographics; Demographics include age, race, religion, income, etc. Using demographics helps you to group customers and better target your marketing. Be careful not to use demographics as your only metric however.
- Now learn psychographics; Psychographics are people’s interests, values, lifestyle, etc. How do your clients use your product? Does it serve a specific interest or function in their lifestyle.
Finally you’ve narrowed down your market and know who you are selling to. You should be better able to develop a plan to get your product or service out to your target group. If you decide that you have more than one target market that’s fine. Just remember that each group will respond to different marketing messages. Try to use the information about each target to create marketing materials specific to each target market.