What is Your Target Market?
Simply defined, a Target Market is the specific set of customers whose needs you are trying to meet. Another way to think about it: this is the audience, out of all those who might hear your message, for whom you design your marketing program.
Instead of trying to sell your product or service to everyone in the market, you should aim your message toward those who have the greatest potential need or desire for your product or service. Ask yourself this question, “Who are your customers? Who will buy your product?” I am often surprised that otherwise savvy small business people either have no idea who will buy from them, or they assume that “everyone” will. Assumptions like this can lead to wrong decisions, wrong pricing, wrong marketing strategy – and ultimately, business failure.
The most successful small businesses understand that only a limited number of people will buy their product or service. The task then becomes determining, as closely as possible, exactly who those people are, then “targeting” the business’s marketing efforts and dollars toward them. Businesses can build a better, stronger business, by identifying and serving a particular customer group – your target market.
One of the first things you should do is to refine your product or service so that you are NOT trying to be “all things to all people.” Become a specialist! Another thought is to find out where your target market hangs out. Are they online? Chances are, they do. Are they on Twitter or Facebook? Has your target market embraced social media or is your target market offline? Does your target market use referral marketing? You need to find out! Review your customers, do the research, or hire someone to do it, and then focus your marketing efforts!