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What is a Target Market ?

  •  Your target market is the group of people who are interested in what you have to sell.
  • Many people believe they want everyone to be their customer or their business partner.This is not true.You will bankrupt yourself if you try to build your business this way.
  • You only want the people who have a need for the products,services,or business opportunity you are offering and have the means and opportunity to make a purchase (or decision).
  • Most people belong to multiple target markets at any one time.For example,i am a woman, mom, and wife.Each category has products and services that i need to help me fulfill my duties in each respective position.Almost everything about me puts me into a particular “Target Market” for someone.

The importance of your Target Market

  • Developing a well defined target market is the first step to building a profitable business.
  • Defining your target market allows you to focus on and refine marketing tactics that will attract them.
  • It will help you define your business brand so that it connects with your buyers.
  • You will be able to make better business decisions when it comes to advertising and where you direct your energy.This will help you avoid wasting time and money.

Defining your Target Market

  •  Target markets can be segmented into five categories: geography,demographic/socioeconomic,pshychographic,behavioral,and product relationship.
  • Geography = where they live
  •  Demographics = Age,income,gender
  • Pshychographic = Similar beliefs,attitudes,lifestyles
  • Behavioral = Loyalty,buying habits
  • Product Relationship = How the product is being used
  • To effectively define who your target market is,you must step back from your product and view it like a customer.
  • Price: Who can afford to buy it
  •  Product Benefits : Who would the benefits of the product help
  •  Usage : Who is mostly like to use the product
  • Influence : Who is mostly likely to influence the purchase of this product
  • What niche is your is your product in ? This will provide you with a lot of info up front about your target market.
  • Look at similar products,services, or opportunities.Who are they targeting?Who is buying or showing interest?
  • Some products have multiple target markets. Start with the one that closely matches your brand and then expend to others as you become experienced.
  •  Write down all of the attributes of your target customer. How old are they? What is their income? How do they buy products?
  • Go online and read the blogs of people who seem to fit your profile. Telk to people in your audience. read their magazines,newsletters, and follow their social media streams. This will provide you with insight into your ideal customer.
  •  knowing the attributes of your target customers makes it easier to figures out what influences them to buy and where they are buying their products.
  •  It is helpful to write a description of your perfect customer.This will make them more real to you and provide you with a mental image of the person using your products.
  • The description of your ideal customers should provide clues about where you can find them.

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Attracting your Target Market

You can attract people through indirect means as well:

  • Search Engine Optimization/Search Engine Marketing
  • Blogging
  • Submitting articles to article directories to build a reputation of authority
  • Offering free info products in exchange for emil address
  • Tweeting about issues of concern
  • Posting status updates about issues of concern
  • Joining groups of similar interest
  • Offer free webinars in exchange for email address
  •  Posting comments on relevant blogs/taking part in the site community
  •  Video blogging or posting information videos on Youtube
  • SEO/SEM is extremely important today.80% of people use search engines such as Google and Bing to find information online.
  • To do this properly,you must research the most appropriate keywords your target audience is using to find info about your products as well as topics that concern them which are related to your products.
  •  Keywords are the words and phrases people enter into the search bar to find information about a particular subject.Similar to the card catalog at the library.The keywords in use today are generally about 3-5 words long.
  •  Visit sites similar to your and see what they are using.