Defining Your Target Market

[ 0 ] May 29, 2015 |

Understand Your Customers 

Then Defining your Target Market

We’ve all heard the phrase ‘target market’ but how well do you understand yours?  Have you ever stopped to think about exactly who buys your products or services or put together a profile of your ideal customer?

Understanding exactly who you are selling to will help you decide on the best ways to reach your target audience which in turn will make your marketing more effective and maximise sales.  Trying to market your business without a clear understanding of your audience is a bit like trying to drive a car with a blindfold on.

What Do You Offer?Knowledge Picture, Defining Your Target Market

The first thing you need to really get your head around is what you offer.  Look at the product or service you offer and consider the following:

  • What problem or need do you solve?
  • Who might have this problem or need?
  • Who would gain most from having this problem or need addressed?

If you are an existing business, think about the customers that already buy from you.

Ideal Customer Profile

Profiling your ideal target customer will help you to segment your market place and allow for more targeted marketing.  The following will obviously vary slightly depending on whether your business operates as business to business (B2B) or business to consumer (B2C).  Basically demographics will tell you who your customer is and psychographics will tell you why they buy.

Demographics:

  • Location
  • Gender
  • Age
  • Race
  • Marital status
  • Income
  • Education
  • Occupation
  • Company size

Psychographics:

  • Values
  • Attitudes
  • Spending habits
  • Personality
  • Expectations
  • Activities
  • Lifestyle
  • Loyalty
  • Interests

Knowledge Picture Bulb, Defining Your Target MarketWhere Are They?

So, now you know who your customers are and you fully understand your target market, you can start to think about how to find them.  You need to consider where they will be and what they will
be reading, listening to or watching.  This way you can make sure that all of your marketing activities are directed to the right places so they reach your target audience.

In Conclusion

Be as specific as you can when carrying out this exercise.  Obviously, you may get customers that fall outside of the mould but by targeting the right market segment, your marketing will be much more cost effective.  Also, consider the viability of your target market.  For example, is it big enough?  Will it generate enough sales to achieve your goals?  Is it already a saturated market place?

For any help with your marketing strategy, please contact us and we will be happy to have a chat.

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Category: Marketing

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