how to define your target market
TRANSCRIPT
How to Define Your Target Market
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A target market is the group of people or businesses you want market your product or service to.
In order to target these people, you must first determine who they are.
The first step in determining your target market is to understand why your prospective customer would be looking for your product/service.
Analyze Your Product/Service
Really think about your product or service. What problem does your product/service solve? Then think about what type of person would be
willing to pay for your product as a solution to their problem.
Look at Your Current Customer Base
Who are your current customers, and why do they buy from you? Look for common characteristics and interests. Which ones bring in the most business? It is very likely that other people like them could also benefit
from your product/service.
Check Out Your Competition
Who are your competitors targeting? Who are their current customers? You may find a niche market that they are overlooking.
Choose Your Target MarketWith this information, you should be able to figure out not only who has a need for your product or service, but also who is most likely to
buy it.
Think about the following factors:
• Age • Location• Gender• Income level• Education level• Marital or family status• Occupation• Ethnic background
Also think about the personal characteristics of your ideal target.
Characteristics such as: • Personality• Attitudes• Values• Interests/hobbies• Lifestyles• Behavior
Determine how your product or service will fit into your target's lifestyle.
How and when will they use the product? What features are most appealing to them? What media do they turn to for information? Do they read the newspaper, search online, or attend particular events?
Evaluate Your DecisionOnce you've decided on a target market, be sure to consider these questions:
• Are there enough people that fit my criteria?• Will my target really benefit from my product/service? Will they see a need for it?• Can they afford my product/service?
With a clearly defined target audience, it is much easier to determine where and how to market your product or services.
The key is finding the perfect balance.
If your target is too broad market, you risk marketing to the wrong people. Not everyone is going to be interested in your
product or service.
If your target market is to defined, you may end up handicapping your marketing campaign by not reaching enough people.
As your business grows, so should your marketing. Over time you may have to redefine your target market and change how you market to them.
Once you figure out who your customers are, what they need and how they shop, you will have a good idea of whom you should be focusing
your marketing efforts on. By arming yourself with as much information about your ideal customer as you can, you can push your sales rates
over the top.
Contact Prospects Influential List Brokers today!
800 352 2282