Define your Target Market #2
from INC magazine 6/10 enhanced by Peter/CXO Wiz4biz 7/13
Consider the Psycho-graphics of your Target [ Make sure they’re not too Psycho !!! ]
Psychographics are the more personal characteristics of the person who would be buying your Product or Service, including:
* Personality, Attitudes, Values, Interests/Hobbies, Lifestyles, Behavior *
Determine how your product or service will fit into your Target’s lifestyle. How & when will they use the product? What features are most appealing to them? What media do they turn to for information? Do they read the newspaper, search online, or attend particular events?
Will they Buy from me ??? Once you’ve decided on a Target Market, be sure to consider these questions:
• Are there enough people that fit my criteria?
• Will my target really benefit from my product/service? Will they see a need for it?
• Do I understand what drives my target to make decisions?
• Can they afford my product/service?
• Can I reach them with my message? Are they easily accessible?
Are there Multiple Niches ??? Don’t break your Target down too far! Remember, you can have more than one Niche market. Consider if your marketing message should be different for each Niche. If you can reach both Niches effectively with the same message, then maybe you have broken down your market too far. Also, if you find that there are only 50 people that fit all of your criteria, maybe you should re-evaluate your target. The trick is to find that perfect balance.
How do I find all this Info? Where do I Research? Try searching online for research others have done on your Target. Search for magazine articles & blogs that talk “about” your Target Market or that talk “to” your Target Market. Search for blogs & forums where people in your Target Market communicate their opinions. Look for survey results, or consider conducting a survey of your own. Ask your current customers for feedback.
Defining your Target Market is the hard part. Once you know who you are targeting, it is much easier to figure out which media you can use to reach them and what marketing messages will get their attention. Instead of sending direct mail to everyone in your zipcode, you can send only to those who fit your criteria. Save money and get a better return on investment by defining your target audience.
PewInternet.org publishes reports regarding internet use among various demographics.
Scarborogh.com issues press releases with useful data and sometimes publishes free studies.
Also look for free studies by Arbitron. You may be surprised what you can find just by doing a search in Google.
Comments: Any other Ideas on defining & reaching your Target Market?