Defining a Target Market

13 Feb

Smiley face 2

Famous Smiley Face

When my sister was ten, my aunt gave her a box of a 1000 assorted smiley face buttons and she decided to earn extra money selling them to the neighborhood kids.  The kids wanted different buttons based on sizes and colors and how much money they had to spend, so she put together several different packages of button combinations to sell. The boys didn’t want pink.  Some kids only wanted extra-large buttons and some kids wanted a variety. You get the idea.  She sold them wherever kids hung out, the park, school, scouts.  Soon the word spread and all her stock of smiley face buttons was sold.

This is a cute story but, was does this have to do with the ‘real’ world of business?  As marketers, it’s our job to define our target market and learn everything we can about them including their needs and desires then develop our marketing initiatives based on this information.  Where can they be found? What influences their decision making?  What makes them happy?  What keeps them up at night?  A well-defined and understood target market is the foundation for everything we do as marketers.

How Defining Your Target Market Can Help Your Business Succeed

1.  Determine the viability of your business.  Is the customer base large enough to support your product or service?  Is there enough demand?

2.  Make the most effective use of your marketing dollars and focus your resources.  You cannot be everything to everyone.  By focusing your efforts on your target you increase your chances for success by selling to those most likely to buy your product or service.

3. Develop appropriate messages and a communications plan that will be compelling and appeal to potential customers. It will help you set the right tone and determine the best media to reach them.

Defining Your Target

Everything you do in your business is based on your target market.  It’s the first element in your business, brand and marketing strategies. Learn as much as you can about your target market,  the demographics such as age, income, culture and the psychographics; lifestyle, needs/desires, hopes/dreams, and product purchase and usage behaviors.  Where can you find this information?  If you have current customers, this information may be in your sales database or you can ask or survey your customers.  You may be able to find existing research on the internet or through related trade organizations or associations.

It’s an on-going effort

Needs and wants change over time.  Marketers should continually monitor their target customers and adjust business and marketing plans based on market changes.

Resources:
How to Define Your Target Market, Mandy Porta, Inc.
Defining the Target Customer, Branding Strategy, the Branding Blog
Define a Target Market for Your Small Business, Peri Pakroo, NOLO
The Importance of Defining Your Target Market, Dequiana Brooks Jackson, CEO Inspired Marketing

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2 Responses to “Defining a Target Market”

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