Define your Target Market

from INC magazine 6/10 enhanced by Peter/CXO Wiz4biz

Why? Focus !!! Targeting a specific market does not mean that you have to exclude people that do not fit your criteria from buying from you. Rather, Target Marketing allows you to “focus” your Marketing $$ and Brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, & effective way to reach potential clients & generate business. With a clearly-defined Target Audience, it is much easier to determine where & how to market your company. Here are some tips to help you define your target market.

Check Out your Competition
Who are your competitors targeting? Who are their current customers? Don’t go after the same market. You’d have to have a lot of advantages and/or low-ball them on price. You both mighe lose. Look for a Niche market that they are overlooking and go after it.

Analyze your Product/Service
If you haven’t already, list each feature of your product or service. Next to each feature, list the benefits they provide (and the benefits of those benefits). For example, a graphic designer offers high quality design services. The resulting benefit is a professional company image. A professional image will attract more customers because they see the company as professional and trustworthy. So ultimately, the benefit of high quality design is to gain more customers and make more money. Once you have your benefits listed, make a list of the type of people who have a need that your benefit fulfills. For example, a graphic designer could choose to target businesses interested in increasing their client base. While this is still too general, you now have a base to start from.

Choose Specific Demo-graphics to Target
Figure out not only who has a need for your product or service, but also who is most likely to buy it. Think about the following factors:
Age, Gender, Marital or family status, Location, Income level, Education level, Occupation Ethnic background

[ Analysing Psycho-Graphics, Will myTarget Market “buy” from me? Are there Multiple Niches? How do I find all this Info? Additional Resources in Premium Content ]