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How to define your target market

manreviewingnewspaper19312744.jpgEffective marketing must have a target. When marketing is done without a target, marketers refer to the shotgun approach, where businesses simply market their product or service, by a variety of methods, and simply hope they hit their target. This is a highly unfortunate and often expensive mistake. Without planning who you want your marketing to reach, you are wasting both time and often scarce marketing dollars, from your businesses budget.

Identifying your marketing targets enables you to find the right opportunities, and tap into them. It also gives you the information that is needed to focus on the buyers that are interested in what you have to offer. This can save you both considerable time and money in an ever-changing society. Savvy business owners will take the time to do the necessary research and planning, in order to make their target marketing effective.

It is important to keep in mind that there are three prime areas that you must identify when it comes to developing your marketing strategy. They include:

  • Defining a Target Market

  • Defining a Purchasing Target

  • Defining a Communications Target

You should keep in mind that it is not enough to be familiar with these terms; you must understand how these components work together. Each of them plays a vital part in how you will develop an effective marketing strategy for your business.

Your target market is the group of potential customers that you will aim your marketing efforts to. This is the group that you want to sell your products or services to directly. They will be the ones who have an interest, in what it is that you have to offer. The most important aspect of your Target Market is that these are a specific group of potential customers which you have identified who have needs or problems, which your products or services can fulfill.Keep in mind that your target market can be broken down into segments that can include but is not limited to:

  • Demographics
  • Psychographics
  • Income levels
  • Age groups

Other characteristics of this group include:

  • The area this group inhabits, and/or the area from which you can reasonably draw people into your business. For example, your target market might be on the Internet, or it might be within 5-7 miles of your business, or it might be the entire population of the city where your business is located.

  • The Demographics (characteristics) of the people within this area who could be potential customers. This includes their sex, race, family status, education, occupation, home ownership, and other characteristics.

Having a clear understanding the location and demographics of your target market, will help you to focus your advertising and promotion efforts, to reach these individuals.
Your purchasing target are the individuals or businesses within your defined target market that need your product or service, and most importantly can actually afford to purchase it. Keep in mind that just because someone likes your product or could use it, does not mean they can afford it.

The communication that you use to target this market is referred to as your communication target. It is the different marketing methods or styles that you will use to reach your defined target market or audience. The message you send through your communication target can be presented both formally or informally.

Each of these components are equally important and work together. By identifying and knowing who your target is, it is easier to develop your marketing effectively, and aim for the bull's-eye. It will enable you to design special offerings and promotions. It will also increase your ability to convert your marketing efforts into sales.

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