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Who is your target market?

Posted on 24 November '15 by , under General News.

Having a clear definition of the exact type of customer your business is trying to reach can make the most of limited marketing dollars and have the biggest impact on your bottom line.

Narrowing the type of customers you’d most like to reach (and the kind that are most likely to be willing, eager and able to buy from you) is a key building block to success. Defining your target market gives focus to all your marketing and sales activities, helps you craft your advertising messages and images, choose where and when to advertise and influences which distribution channels you use.

When defining your target market, keep the image of an actual target in mind. The outermost ring of the target is the universe of potential customers — everyone who might ever possibly be interested in your product or service. As you get closer to the centre of the target, focus on customers who are more likely to actually make a purchase. The group at the centre should be those you would most like to have as customers, who you can reach and sell to affordably, and who are most likely to buy.

Some of the factors to help you close in on the bull’s-eye:

  • The features and benefits of your product or service

  • The competition

  • Market trends

  • Most motivated buyers

  • Ease of reaching and selling to your prospects