How To Perfectly Determine Your Target Market
It’s important to identify your target market. No one can afford to address everyone’s problems, especially in the present economic state. If your small business is going to compete with the big guys, you have to zero in on your target market.
A lot of business owners simply say, “I’m targeting whoever is interested in my services.” Some say that their target is homeowners, or students, or mothers. Maybe a good start, but these targets are too general to go after. Specificity is key.
Keep in mind, targeting a specific market doesn’t mean you have to exclude anyone who doesn’t fit that criteria. The purpose of going after a target market is to focus your branding and marketing budget on whichever market is most likely to buy your products. It’s about playing your odds.
For example, rather than sending thousands of direct emails to each resident of a specific zip code, you will save time and effort by sending messages only to those who match your criteria. This way, you will save money and receive a higher return of investments by defining a target market.
This approach is more efficient, affordable, and effective in reaching prospective clients.
Choose Specific Demographics
Start by finding a sub-segment of an existing market that needs a particular service or product, then determine if that sub-segment is willing to buy. For a systematic approach, consider these factors:
Gender
Age
Location
Educational level
Income bracket
Marital status
Ethnic background
Occupation
Consider the Target’s Psychographics
When I say psychographics, I’m referring to the target market’s more personal set of characteristics. Figure out how the service or product will suit your target’s lifestyle, how they’ll use the product, and how they search for related information.
A few of the most important characteristics include:
Personality
Values
Attitudes
Lifestyles
Interests
Hobbies
Behavior
Evaluate Your Decision
Once a target market is determined, evaluate your decision through these questions:
Will the target benefit from the service or product? Will they continuously see this as a need?
Have I pooled enough targets that suit my set criteria?
Have I understood what attracts my target audience well?
Is my service or product’s price affordable for my target market?
Remember, any entrepreneur can have multiple niche markets, but choosing to do this will usually cause your marketing to suffer. It’s best to use a single message to reach all your markets. If you’re not able to effectively reach these markets with one message, then maybe your target is too diverse. Reevaluate your prospects and find the perfect balance between them.
Defining your target market is one of the hardest parts of starting a business. The good news is that once you do it, everything else will quickly start falling into place. You just have to figure out which medium to use to effectively reach them, and which marketing strategies they respond to.
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