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Here are 7 steps for identifying your target market. Identifying that target market correctly is one of the most important things you can do when you're starting a business or launching new products and services. When you have a good handle on who your target customer is, you can not only create a product that better suits their needs, you can also craft better advertising and promotional copy to capture their interest and get them to buy.
Additionally, you'll get better results from advertising if you focus it at those people who are most likely to buy what you sell. But how do you do go about identifying that target market? How can you tell who's most likely to buy?
Here are six steps that will help you focus in on your target market: Start with the problem A good way to determine who is likely to become your customer is to clarify the problem that your product or service addresses.
For example, you run a housecleaning service. The problem that you solve is doing cleaning for people who cannot or do not want to do these jobs themselves. Upper income families, families where both parents work, and older people who no longer have the ability to do their own housekeeping, are all target customers for your services.
These characteristics need not be personal ones; they can pertain to lifestyle, income earned, disposable income, geographical location, hobbies, and many other things. For example, for a gardening service, one type of target customer is people who live in neighborhoods with well-manicured lawns, attractive plantings and colorful flowers around their homes.
|Look at your current customer base.||Market segmentation Markets generally fall into two broad types, namely consumer markets and business markets. A consumer market consists of individuals or households who purchase goods for private consumption and do not intend to resell those goods for a profit.|
|Poverty - Wikipedia||By AllBusiness Editors In: With concise and straightforward questionnaires, you can analyze a sample group that represents your target market.|
|Define your customer’s characteristics||Getty Images Given the current state of the economy, having a well-defined target market is more important than ever.|
|Attachment:||He also taught marketing at New York University. He was a featured speaker at the annual conference of the National Speakers Association.|
|Marketing & Research Resources, Inc.||Malnutrition Rises in the costs of living make poor people less able to afford items.|
The business could also target corporate clients who want their office surroundings landscaped. For a business that specializes in home security, the ideal customers may be in a residential areas that have a high crime rate and in high-income residential areas.
Women living alone who worry about safety may be another potential target for sales. Listing out these characteristics allows you to zero in on your target audience accurately. What is your primary market? Many products and services address the needs of a variety of people but they still have a primary audience.
These are the people who: Knowing who makes up this primary audience should be your goal when you are trying to identify your target market.
For example, for a bakery, the local consumer may be a recurring source of business, but the icing on the cake forgive the pun may be local restaurants who buy breads and desserts in quantity to serve to their customers.
The more icing, the fatter the business's bottom line. Study your current customers Assessing your current customers and identifying the common characteristics they share is a great way to learn who else could be a potential customer for you. Understand why your current customers buy from you, assess which customers are your most promising or loyal ones.
Now you know the profile of the people who are most likely to become your customers. This is a good starting point to identify your target audience.
Marketing Plan Worksheet 5. Research Industry publications, statistics and special reports Industry publications, statistical information and special reports can all provide clues as to the type of customer you should be targetting and sometimes how the market might be changing.
Such reports may describe the typical customer age, sex, preferences for items, and other helpful information.
One way to find such reports is to search the web for terms like "size of the market for [industry or prouct name]".Get the latest health news, diet & fitness information, medical research, health care trends and health issues that affect you and your family on rutadeltambor.com The more specific you get, the more accurately you'll be able to target your sales and marketing efforts, choosing the sales channels most receptive to your product.
Next, you'll need to develop a. A target market is can be defined as a specific group of consumers or businesses you concentrate on reaching when you market your products or services. Identifying that target market correctly is one of the most important things you can do when you're starting a .
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Children ages see more than 25, advertisements a year on TV alone, a figure that does not include product placement. They are also targeted with advertising on the Internet, cell phones, mp3 players, video games, school buses, and in school.