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How To Determine Your Target Market
May 23, 2018
Determining your target market is a valuable task that can help with market research and publicising your new business
It is essential for any company to determine who their target market is. A better understanding of your customers generally means a better business with better growth. In order to understand who your customers are, you will have to consider a few key points:
- What are you selling? It is important to understand your product from a customer’s perspective. For example, does it solve a problem? Do customers know they need your product? A quick online search can help you determine the popularity of keywords related to your product or service.
- Who do you want to sell it to? You might have to narrow your market down in the first place to your “ideal” customer if you sell the kind of product that could suit a large audience.
- Why should they buy from you? It’s likely you’ll have direct competitors, so why should potential customers choose you? Understanding the edge you have over competitors will help your marketing efforts.
Answering these questions should help you narrow down who your ideal customers are, including those who need your products or services and those who are interested in your products and services.
After determining your target market, it’s a good idea to do some further research so you can truly tailor your marketing messages to them.
- Focus on your target market. There is no need to try and reach everyone, it’s much more effective to focus your efforts specifically on the people most likely to buy from you.
- Look at statistics and existing research. This can help you understand your market better.
- Do your own research. Interact with potential customers directly and collate any additional information you get from them. Any tips such as things they would like but are not offered by other businesses could be vital to the success of yours. Ensure you put their tips to good use and cater to the needs of potential customers.
- Test the market. It is usually easier and cheaper to test your products on a small proportion of the market. It should enable you to adjust your product and price whilst looking at your customers’ behaviour. Don’t neglect social media and feedback forms. Who better than your existing customers and followers to give you feedback?
Determining your target market can help you refine your business plan and marketing strategy. Make sure you put your research to good use.