You have a great service or product- now who is going to buy it?
When creating a marketing strategy, it is vital to understand who you are going to market your products or services to. This is called your target market.
When selecting your target, the first step is to determine whether your customers are consumers or businesses and industries. You can have more than one target market, but keep in mind that there is no one product that you can sell to EVERYONE. It’s tempting to say you want to help everyone, or sell to anyone interested in your services. Even saying that you want to target small-business owners, stay-at-home moms, or homeowners casts too wide of a net. These “targets” are too general.
Just because you are targeting a specific market (let’s say, homeowners between the ages of 35-65, who make less than $100k a year), does not mean you are excluding those who do not fit your criteria. What it does mean, though, is that you are choosing to focus your marketing dollars and brand message on a specific group of people who are more likely to buy your products than other groups.
Some quick tips for defining your target:
Look at your current customer base. Who are your current customers and what do they buy more of from you?
Check your competition. Who are they targeting? Who are their current customers? (Hint: don’t go after the same market. Is there a niche you are overlooking?)
Analyze your product/service. Write out the features of your product and next to each feature, write the benefits. Then, make a list of people who have a need that those benefits fulfill.
On March 18, we will spend time defining your target market! Get your tickets to Presentation Matters: The Marketing Plan today!
Have questions about your target market? Email us at email@example.com