Posted: 10th March 2017
You need to know who your target market is in order to understand the best way to promote to those customers. You need to understand your customer in order to effectively sell to them.
What does your product/service offer to a customer? Does it solve a problem? Does it create an opportunity?
What customers have that problem or what customers would want that opportunity?
Where do these customers live, work, socialise, shop, etc. What activities do they do? Are they male/female, married/single, young/old, have children, in education, etc?
Which of these customers are the most profitable/provide the greatest growth opportunities? Is it the rural homeowners or those in towns; male professionals, female students or working mothers; people who do sport, or visit restaurants or go abroad for holidays?
Is it big enough to sustain business? Will you be able to market to them? Can they afford to buy from you?
By narrowing your target market you are not missing out on other potential customers, you are simply and effectively focusing your activities and investments. You are able to do targeted marketing to reach the people that are most likely to buy from you.
If you try to promote your business to everyone, then you are throwing money away as half the people won’t need your product or service. If you know who wants your product or service then it’s much easier to reach them.
Basically, you will get better results and spend a lot less getting those results.
Can you define the characteristics of your target market?