28 Apr How to Know Who Your Target Market is
Everything you see on the horizon is probably your market. But how do you distinguish who your perfect target market is? Target marketing is a part of business planning in which you identify your market based on their classification or profile and attend to the analyzed segment by providing them their needs/wants which is your product/service. However, before targeting a particular segment in your vast options, it is necessary to be firm on what you offer. Stick to what your product/service’s significance, product/service’s offering limitation, and product/service’s capability to capture. Thereafter, it will be easy to deliver to your target market.
Determine your target market by the following:
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- Your Who (Demographics)
- Your Where (Geographics)
- Your Why (Psychographics)
- Your How (Behaviors)
Who will you target?
The people who are potentially willing to avail your product or service. There are differences to consider with the profile of the segment you make your offer. Other than the basic knowledge of getting the age, gender, marital status, occupation and the likes, you would have to consider the other side of what separates them from their class. Always see your research as an inverted triangle which will lead you to the final level of your target market. Sub-class to consider: Culture and beliefs and income capacity.
Where will you target?
After determining who to target, the place where to put out your supply is important. The exact location, it’s population size, area of location, type of the location (urban/rural), climate, and even its neighboring location. Once these are identified, you will be able to see a pattern of where your classified consumers will be most likely to notice and consider availing your product/service. The things to consider are narrowed down to the potential primary target market in courtesy of basic profiles analyzed above.
Why will you target?
This part could also be seen as why would your target choose you? It focuses mainly on the dependent variable of the reason why they choose to patronize a specific product/service. Consider their personality on why they would choose your product other than your competitor. Also, their lifestyle as to how it would be the anchor to subsequently offer their necessity which is potentially your product/service to their area over again. Aside from that, know why you are to be considered better than your competitors because it will answer why your target will effectively choose you. Know your competitor’s strengths and compensate what they are doing also their weaknesses and try to fill that up with your own approach.
How will you target?
Based on the behavior that you customers are manifesting, you will be able to adjust to their pattern of buying. In knowing how your product will be of help to satisfy their needs and wants, then you get to capture them. Also, know how they will be able to know more information about your product and how they will be able to have access to your product. Your target market would most probably have feedback on everything therefore, the means of how to attend to their situation and concern should be of your priority. By finding patterns of consumer behaviors that are also dependent on various variables, thereafter you will be able to apply fitting strategies to reach the target market.