Target market – your ideal customer? Is your company focusing on a target market? What are the most effective strategies for finding an reaching your target market?
Your target market, in essence the clearer you become in terms of who you want to do business with, the more you can invest in terms of advertising in getting the exact clients you’re looking for…
Target market in essence, we start with target market analysis, how to best sell in conjunction with target market demographics and target audience needs or wants…
Target market, of course needs to test demographics of your target market and have a proven sales conversation system in place to get higher conversion rates which can be effectively done via connecting, engaging and converting as many prospects into clients…
Market segmenting divides a market into smaller groups of buyers with distinct needs, characteristics, behaviors, etc. which may require separate products or marketing mixes.
Your target market is a specific group of people you want to focus on primarily because they’re a good fit for your products or services.
Target market is not to be confused with Internet marketing procesess core values by positioning yourself as the only logical choice in solving your target market’s problem.
How do you determine your target market? Use these three key factors to target market selection:
- Segment size and growth
- Segment structural attractiveness
- Businesses objectives and resources
Why choose a target market? You need to decide exactly the demographics of your audience before you actually start marketing your products or services, right?
Deciding on your target market lays a critical foundation for your business because you’re determining essential criteria because the most important question when selecting a target market…where is the money?
You get a logial infastructure with roadmap about who your target market is:
- You know where to focus your selling and marketing efforts.
- You know where to focus your research efforts. You want to intimately understand your target market
- You know the problems they have and language they speak. The greater your level of understanding the more relevant your marketing message are and better your communications…
Your target market determines your sales results and success. Choose the wrong target market and you waste a lot of time and money with very little results to show for…
Whatever target market you choose, make sure you check to see it meets the following essential criterias:
- Your target market has a big problem. They think about it all the time, it keeps them awake at night.
- Your target market wants the problem solved. The impact and cost of the problem is big enough that they will act to solve it (some people have problems they are quite happy to live with)…
- You can easily find your target market Do they belong to associations? Are there conferences for this target market? Are there publications? Where do they hangout? If it’s not easy to find your target market, it will cost you a lot of money to find them.
- Your target market has money to spend. No point having a terrific service if your target market hasn’t the money to pay for it. I know this sounds basic but it’s often overlooked.
- Your target market has a history of paying to have this problem solved. You want to focus on a target market where there is a proven track record of problems and people paying to solve them.
A good sign is if your competitors are selling similar services to the target market.
There’s enough of your target market out there to sustain your business. How many people or businesses are in your target market?
Realistically how many will become your clients and what will that be worth to you? Is that enough?
You enjoy working with your target market. Think about what types of people are in your target market and visualize being with them day in and day out. How does that feel?
Will you feel energized or drained at the end of the day? Remember, you are also in business to enjoy yourself so make sure you will enjoy working with this target market.
You have a passion for helping and serving this target market. Passion is an essential ingredient for selling your services.
You have valuable expertise and experience you can offer. Your target market will want to buy from people who are experts in their field.
Think about what specific expertise and experience you can offer your target market.
Your target market fits with your ultimate lifestyle package. What hours do you want to work? Where do you want to work? How do you want to work?
Does this fit in with your target market? Ensure working with your target market will enable you to live the kind of life you want to live.
Once you have found your target market, the next step is to refine it even further. Decide on the profile of your ideal client.
What sort of person are they? Decide on their demographics and psychographics. Demographics are the basic facts like age, gender, income, location, etc.
Psychographics are their characteristics, values etc. Target market segmentation enables you to focus on customers most likely to buy from you, which is your target market…
In conclusion: Your target market is a group of customers your business has decided to aim its marketing efforts and ultimately its merchandise towards…does that makes sense?