How To Choose Your Target Market?
To succeed in business, you need both a good target market, and a good product which that market wants. It is much easier (and cheaper) to find a good target market than to develop a product. So, it is best to first find a good target market, then to develop a product for that market. If you do it the other way around, there is a danger that after you have spent all that effort in developing your product, that there will be no market for it!
A good first step is to ask yourself what you enjoy doing. In my case, I enjoy doing lots of things. For example, I like to play tennis. In addition, I am interested in the skills needed in entrepreneurship, in order to be self-sufficient. And finally, I enjoy investing in the stock market. All these things have associated target markets. For example, since I enjoy tennis, I could try to target tennis players. Or, I could target people who are also interested in being self-sufficient. And finally, I could target stock market investors.
Identify problems specific to the target group: Each target group is bound to have some specific issues, and hence it is all the more necessary to address the thrust efforts on that. In this way the positive multiplier effect could prove extremely beneficial to the marketing team’s objectives.
Your target market has a history of paying to have this problem solved. You want to focus on a target market where there is a proven track record of problems and people paying to solve them. A good sign is if your competitors are selling similar services to the target market.
Identify the sub-groups: Within the main group, a number of sub-groups could exist and it is imperative for the marketing efforts to be aligned to suit such sub targets, examples are high percentage of skiers, pop music enthusiasts, farmers and so on.
Deciding on your target market lays a significant foundation for your business. When it is clear who your target audience is, getting a clear understanding of them will make it a lot easier for you to market. You will be able to know where to focus your selling and marketing efforts and also your research efforts.
Recent research on productivity and effectiveness in the knowledge economy provides insight into what works in the connected workplace. Certain patterns of connections appear around both effective individuals and successful teams when performing knowledge work. We have also discovered where to add ‘missing links’ that change a poor economic network into a better conduit for information, influence, and knowledge.
First of all, is your product international or national in scope? Or is it more likely that you will sell it primarily in your own region or community? In the case of our charter business, our primary market is actually national or international ” tourists who come to this area from all over the world. Our secondary market is local ” people who have a special event to celebrate, a company meeting or retreat to plan, or company coming from out of town.
Role of media: What are the specific roles played by different media segments, newspapers, weeklies, websites and the nuances of each one of them within the target group.
Your value proposition must be relevant to your target market. This means your target market must be clearly defined. It’s not uncommon for a business to have to refocus and revisit their targeting, especially if it was not clearly identified in the beginning stages of business.
The power of your brand relies on the ability to focus. That is why defining your target market will help to strengthen your brand’s effectiveness.
Brand marketing is the method and the means by which you propel your business into the public consciousness. While the world of business has changed by leaps and bounds, the basic principles of brand marketing have remained the same. Fortunately for you, brand marketing is nothing more than a formula.
There are times where you will find yourself revisiting your brand to make sure it’s reflecting the mission and goals of your company. Brand revision and recreation can either add life to your business or destory it - by managing the process you can ensure success.
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