Defining Your Target Market

If the recession has taught us anything, it is that the strong will survive… You must intimately know your audience and what their needs are, so you can tell them how your product is the best solution to solve their problems.

As a business owner, identifying your target market is vital to any marketing campaign. It will save you time, money and effort. Knowing where to strike is the first step to succeeding in your efforts to capture and engage your market.

Define Your Target Market
Look through past customers… each one has a story. Narrow down your best customers and look for commonalities. The biggest pitfall of businesses owners is saying that their product or service caters to “everybody.” Many businesses cater to a wide range of audience, but your efforts should be focused on your primary targets.

Examine your product… Your features must translate into benefits. Who do they benefit the most? And why? Sometimes product lines must appeal to two unique audiences – like when toys have to appeal to a child and the parent with the money.

Compare your product to your competitors… where can you stand out? Where can you serve a unique audience? Competition checks will give you a better idea of what to do and often, even what not to do. If your competitor is launching a blog where no comments or interaction is generated, then you would be wise to steer clear from blogging and perhaps focus your efforts on social networking.

Learn everything that you can about your target market
Google is the easiest place to start. It will give you as much information as you need. The challenge is getting them from reliable sources.

Once you have identified an age group, research the generational nuances… don’t rely on what you think you know about them. There is always something more that you did not know that can enlighten you.

Interview some clients or survey them about their needs and how your product works for them. Get the demographics, psychographics, preferred publications or websites. Polls will give accurate answers if you do it impartially and honestly. This is where a strong social media presence can help you gain feedback.

Be the solution
Knowing how to solve your customers’ problems will make you a surefire resource and make your product fly off the shelf.

Know your audiences' interest to know where to find them. It will also give you an idea on how to make your product or service relevant to them.

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