How to Expertly Determine Your Target Market

by ·

target-market

Targeting a specific market does not entail excluding those not meeting your requirements. Instead, it enables you to concentrate your advertising budget and brand message on the market more likely to purchase from you than in other markets. This is a more economical, effective, and efficient strategy to attract customers and grow your business.

It is much simpler to decide where and how to promote your business when you have a specific target demographic. The following content will help you identify your target market.

Study Your Present Clientele

Who are your present clients, and why do they choose to do business with you? Search for shared traits and passions. Which ones provide the highest revenue? Others similar to them would probably also gain from your product or service.

You can also rely on feedback to improve your services and attract new clients. Consumer data is essential in knowing what works and what does not work for your brand.

Study Your Competitors

Who are your rivals? Studying your competitors might tell you where to improve and get more customers.

However, studying your rivals does not necessarily mean that you copy whatever they’re doing. You could instead discover a specialized market that they are ignoring.

Analyze Your Services

Make a list of all the features that your good or service has. List the advantages that each feature offers next to it. For instance, a graphic designer provides top-notch design services. A professional corporate image is an advantage. More clients will be drawn to a business with a professional image because they will see it as reliable and trustworthy. Therefore, the ultimate benefit of high-quality design is attracting more clients and increasing revenue.

Make a list of those whose needs your benefit meets once you’ve identified your perks. For instance, a graphic designer can decide to target companies looking to expand their clientele. Even if this is too generic, you now have a foundation to build upon.

Pick a Target Population Carefully

Determine the people who need your good or service and who are most likely to buy it. You should consider the following elements:

  • Age
  • Location
  • Gender
  • Income range
  • Academic level
  • Family or marital status
  • Occupation
  • Racial background

Take Your Target’s Psychographics Into Account

The most individualized traits of a person are their psychographics, which include these:

  • Personality
  • Attitudes
  • Values
  • Interests/hobbies
  • Lifestyles
  • Behavior

Examine how your product will integrate with the way of life of your target market. When and how your target market will utilize your product? What characteristics piques your target’s interest? What medium do your target users use to receive information? Does your target market go to certain events?

Analyze the Choice You Made

Following the selection of a target market, make sure to take into account the following:

  • Do enough people meet your requirements?
  • Will your product help your target market?
  • Will they consider it necessary?
  • Do you comprehend the motives behind your target’s choices?
  • Are they able to afford your offering?
  • Can you deliver your message to them?
  • Are they simple to get to?

Limit how much you break down your objective. Keep in mind that you might have many niche markets. Think about whether each specialty requires a separate marketing message. 

If you can effectively target both segments with the same message, your market may have been too segmented. 

Additionally, you may want to reconsider your objective if you find that just 50 people meet all of your requirements. Getting the ideal balance is the challenge.

The Bottom Line

Knowing exactly who your target market is is vital to your business’s success. Use the above tips to better narrow down your target market.

You may also like...