Defining Your Target Market

Think of the last time you ran across a product or service and immediately thought, “I want that!” What about the last time you saw an advertisement for something that seemed like the perfect solution to your problem? Companies that reach out to you successfully all have one thing in common: targeted marketing.

Defining your target market is perhaps one of the most important aspects of getting your product or service out there. It’s a step in the marketing process with tangible benefits: you can ensure that your prospects will actually be a legitimate source of profit, you can tailor your product or service to increase attraction, figure out how to reach your most valuable prospects, develop the right tone to your marketing messages to appeal to the right people, and much more!

So how does this step in your marketing plan work? The best way is to first visualize your “ideal” customer. Let’s say your product is an instant coffee with added nutrients and vitamins. Perhaps your ideal customer, then, would be moms on the go: adult women who are short on time and big on staying healthy. From here it gets easier.

Do some research. What are the buying habits of these moms on the go? What are the trends in the industry you’re entering? Then dig a little deeper to classify your customers. Start with the basics: age, gender, ethnic group, income level and occupation. Are they married with kids? Where do they live? Answering these questions will get you much closer to defining your target market.

The final step is to size up your competition. This will help you maintain the upper hand by being aware of what’s going on around you. Start with your closest competitors and work your way out; in our example, the coffee shop up the street. Learn about and analyze how they market their product to the same target market you’re trying to reach. Then ask yourself, how can you stand out? What do you do that is better/faster/cheaper than the other guys? In short, how do you deliver more VALUE?

Lots of information is available for free online or at your local library. Better yet, ask a marketing consultant! They specialize in helping you target your market and spread the word in the most effective way possible. Don’t wait for an excuse to give your sales a boost, get started today.