Defining your target market helps your focus your marketing dollars and brand message to a specific niche that is more likely to consume your products or services. In this way, your company could tap clients and generate business in a cost-effective, efficient, and practical way.
With a clearly defined target market and specific audience, it is a lot easier to decide where and how are you going to market your company.
If you really want to make your business a resounding success, consider these tips so you could clearly define and target the market of your choice:
1. Check your current customer base
Identify who your current customers are as well as the reasons why they buy from you. Do all of them have one thing in common? What brings them to your doorsteps? Most probably, other people like your product or service because they benefit from it!
2. Know your Competitors
It pays to check your competitors and know what they are up to, including their current customers and niche. A great way to have the edge is not to go after the same market. Look for the niche that they have overlooked and target it.
3. Assess your product or service
Take note of the features of your product or service. Then, list the benefits it offers as well as the benefits of the benefits. For example, if you are a graphic designer, explain that you are offering high quality design services. If companies hire you to design for them, they will get a professional company image that will in turn benefit them in a number of ways, including attracting more clients because their company image suggests they are reliable and professional. Thus, hiring your service will not only give them high quality design but also more customers and more money in the long run.
4. Consider the demographics that you wish to target
It’s not enough that you figure out those who need your product or service. Also consider who are those who will most likely buy it. Think of the consumers’ age, gender, location, income level, marital status, occupation, and ethic background.
5. Consider target niche’s psychographics
Psychographics is the personal characteristics of your target clients. These include their personality, attitudes, values, interests and hobbies, lifestyles, and attitude. Consider how your product or service will suit into their lifestyle, how and when are they going to use the product, and the features that appeal to them the most.
6. Assess your decision
Once you have chosen a target market, don’t forget to evaluate your decision and assess if you have really made the right choice.
• Are there enough consumers to fit my criteria?
• Will the consumers benefit from my product/service?
• Will they see a need to use my product or tap my service?
• Do I know the reasons why my prospective consumers should use my product or service?
• Can they afford my product/service?
• Are they easily accessible and can I interest them with my message?
It is not easy to define your target niche. But once you identify the niche that you want to target, you will see that it is easier for you to choose the tool that you think is most effective in imparting your message across the market. So instead of emailing or sending direct mail to ALL who are in your mailing list, considering cutting that list and mailing only those who fall on your criteria.
Save money and earn more by defining your target market!