A target market is a group of people with common characteristics or needs that your business intends to serve. This group of people is the consumer who needs your products and services and is willing to buy. Any business that wants to start with the best foot forward must identify its target market. Identifying your target market helps you formulate effective marketing campaigns. In this post, we’re going to show you 3 ways to determine your target market:
Determining your target market starts by finding out who your ideal customer is
This is the stage to take the time to figure out specifically the kind of customers you want to engage with. Make sure you get in-depth details about them. For example, get to know how they look like, how much they earn the kind of car they drive, their education level, where exactly they live. If you can find answers to these queries, then you’re in an advantageous position as a business owner. This information helps you only to target customers who will buy from you.
Find out where your target market likes to hang out
Determining where your ideal client likes to hang out (whether offline or online) is crucial to creating a successful business. This knowledge will help you focus your marketing efforts and advertising budget to the right place. If you find out that your target market likes to hang out on social media or read certain magazines and blogs, that’s where you should direct your marketing efforts. If you find out that they frequent certain brick-and-motor stores, you should make an effort to take your marketing materials there. The idea is to showcase your brand to potential customers frequently. According to marketing studies, it takes a client about 5 points of contact before they decide to engage with your brand. That’s why positioning yourself in multiple locations key.
Determine the kinds of problems your products and services help customers to solve
When coming up with products and services for your business, it’s a good idea to find out what problems they are going to help solve for the customer upfront. Determine specific ways in which the products and services will address customers’ problems. Will the products and services make things easy for consumers? Will the products and services save them time and money? Are your products and services unique? Getting the answers to these queries will help you formulate a unique selling point.
With all that said, it’s upon you to get it done. But you should know one thing; marketing business should revolve around the customer and not you. Direct your time and efforts to figure out what your customers’ needs and wants are and success will come thick and fast.
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