Who Is Your Target Market?
Business success lies in knowing your customers’ needs. When you know what people need, you can meet that need! A target market is a specific group of potential customers whose needs you will put time and resources into meeting, so that they hopefully decide to use your product and become satisfied, returning customers. Once you decide on a target market, other decisions are easier to make:
- Communication – You know by what method your target market prefers to communicate, the language they speak, their slang, etc., so communication is much more effective.
- Location – You know where your target market spends the bulk of their time during the day (school, work, etc.), where they would “hang out” (approximately), regions they might live in, other factors that might affect marketing decisions and tell you when to find you can find your customer more easily.
- You can make your customer happier because you know more about them!
You should have a picture of your “ideal customer” – a member of your target market – and a strategy for selling to that person. You may have to do just that!
Topic Objective: Understand the main ways of describing your target market, using behaviours, psychographics and demographics.
Your Outcome: Gain a clear understanding of your customer, so you can walk down the street and ‘see’ them.