- by Net Pro Referral
- 26 Oct 2018
TIPS TO DEFINE YOUR TARGET MARKET
What is the target market? What are the ways of finding the target market? If you are having these questions in your mind, you are not alone. So, before heading towards the topic, let’s find out what is the target market.
Target Market – What the heck is that?
You might have heard about target market analysis, profile etc. Well, target market is the group of consumers to which the organization wants to sell its products and services to. Target marketing entails separating the whole market into various segments and planning marketing strategies appropriately for each section to build the market share.
In simple words, not all products can be consumed by every type of buyers. Each item has a specific group of buyers who want to buy it. So, to pull in a specific portion of the market, the organization make alterations to the product appropriately.
Steps to identify and define your target market
Let’s face it – Identifying and defining the target market is quite daunting. But it is important to understand how to do so. Whether it is target market identification or finding your target market, each step needs precise consideration. So, here are the steps you need to identify to define your target market. Let’s dive in!
Look into your customer base:
This is the foremost step you need to consider in order to understand your customers and why they support your company. When you review the digits, you will find out the type of customers who generate more revenue and the products and services they invest in. When you know your customer base, you will understand their needs much better.
Get familiar with Your Competition:
Do you know your competition? If no, then start knowing them. Although it may be quite distracting to analyze your competitors, once you know, you will be able to identify and define your target market. This is the second most important steps to follow.
Target the major demographics:
Now, many people are often confused regarding - How to target major demographics? There are many simple and easy ways out. For instance – trials, polls, samples and other. These will help you to identify whether the company is the right match for your picked demographics.
Review products and services:
As a consumer, it is very important to review products and services precisely. If you know how to entice your customers, you will come to know every aspect of the services you are offering to them. It also indicates you know what you are selling and to whom. Moreover, with the exact review, you know where you actually stand in the market.
Psychographics of the potential customers:
This is another crucial step you need to follow – Psychographics. It includes attitude, value, hobbies, interest, lifestyle, personalities and individual’s lifestyle. When you know the Psychographics aspects of your potential customers, you will come to the best marketing method that influences your target market.
Time to make a decision:
There are many research conducted across the world. Honestly, if you don’t know how to use them, they are of no use. So, to find the target audience, the last step is to make a decision on to whom you want to reach. This can be done by using the right data and analyses. It allows you to choose the right demographic and the audience that can afford the services and products of your company.
Undoubtedly, finding your target market is not as easy as it seems. But all you need is precise consideration and the steps mentioned above.
A List of Common Target Market:
Now, if you are wondering what the common target market is, then have a look below:
● By Age
Categories including toddlers, newborns, millennial, adults, seniors, and so forth. You can target whatever the age category you want to. But, you must know if you are targeting minors, you need to address their parents for that matter as well.
● By Geography
This list may include big markets such as countries, cities, intercontinental, and overseas. Whether your marketing campaign consists of a product promotion or the service, targeting on a bigger level significantly enhances your results.
● By Net-Worth
If your target market analysis is based on the net income of the targeted families then you need to sell only a few items but charge significantly enough to cover your capital. You need to target the audience by analyzing the net worth of their home as well.
● By Family Makeup/Marital Status
This is yet another effective list that you need to focus on. You must know that some families are small and some are big. If your product/service satisfies their needs, do not hesitate to run a campaign to promote them.
● More List of Targets
It includes travelers, renters, homeowners, risk takers, brides, car owners, students, and so forth. Based on your product/service preferences, you can choose any one of them to run a successful marketing campaign.
With a clearly defined and determined audience/customers, it becomes easy to sell your products. However, you must take all the points mentioned into consideration before executing your marketing strategy.