By: Stephen Given, firstname.lastname@example.org
Sometimes entrepreneurs mistakenly believe that their business needs appeal to everyone. They are afraid to exclude anyone by having a specific focus. However, this way of thinking actually hurts business. Your company cannot be generic. In order to really reach customers, businesses have to stand out from the crowd. One way they do this is through target marketing.
Target marketing is identifying who your customers are and how you can best appeal to them. Everything in your business, including your marketing, customer service and even store layout should be focused on appealing to your target market.
Identifying Your Target Market
Identifying your target market can be difficult especially when your business has just started off. Fortunately, we live in a world full of information. Research your competitors and see who buys from them. Pay attention to who is being left out but still needs the service or product. Going after these niche markets can be hugely beneficial. Identify your market’s age, gender, geography, income and lifestyle. By researching the overall target market you can find the area that is least targeted and advertise there. Never expect people to just come to you. Make sure to narrow your target market to avoid generalizing people. You can never just assume that you know your target market without doing any research.
Missing the Market
A professor I had once told us about a business that asked for research for how they could better improve their website. They sold a special protein supplement through their website and identified their target market as muscle-building young men. The main page of their website showed a muscular, oiled up, mean looking guy. After researching the business’ customer base and the overall market, my professor found that their target market was completely off. It turned out that fitness-focused stay-at-home moms were the real customers. That is quite a difference, and without proper research, this company would have never known to go after that market.
Key to Success
Identifying your specific target market is crucial for success. Take time to really research them. Keep track of what kind of people use your product, service, or who come into your store. In the end, knowing your market will save you money and resources by allowing you to really focus your marketing efforts.
For more information about finding your target market, contact The Walton Group, Inc., a media relations and marketing firm in Provo, Utah.