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April 29, 2017

How To Find Your Target Market

 

In business, it is essential that you understand who your target market is. Without this information, you are going to find it difficult to focus your marketing. This will result in a lower conversion rate which, ultimately, means that your business will be making less money. We are going to discuss a few tips that you can utilize to find your target market.

In business, it is essential that you understand who your target market is. Click To Tweet

What needs does your product meet?

Think about what your product sets out to accomplish. As you think about this, you will want to think about the age group that is most likely to use your product, where your ideal customer would be based, what their income would need to be to afford your product etc.

To demonstrate this point, let’s say you are selling watches. For now, let’s assume that they are priced at $25 apiece. Not expensive. This would probably suit the needs of those who:

  • Do not have a lot of money to spend on jewelry
  • Probably are not looking for something that looks all that stylish. They just want something that is functional.

If we apply this information, then you may want to target your product towards less-wealthy people, maybe students. Targeting your watch towards fashion conscious people with a bit of wealth would not be effective. They do not want your product. However, they may want products which are in the $300 per piece price bracket.

Try and focus your market as much as possible

Let’s go back to the watch example. We are going to assume that it is about $100. A bit of a bump up from our $25. It is still affordable. Let’s also assume that it is a woman’s watch. There is no sense targeting this at men. They are not going to buy it unless it is for a present (see, this could be the niche you enter!). We are going to want to focus that market as much as possible. Think of this.

  1. You know your product is for women. You eliminate men. It is ineffective to market to all women, however.
  2. Your product has a bit of a ‘funky vibe’ to it. It is certainly not the traditional watches that the older generation goes for. This means that you can narrow down your market to those in their 20s, or something like that.
  3. Your product retails at $100. This is a mid-market price. This means that you can eliminate those that are looking for expensive watches and those looking for cheaper products.
  4. Your product has a metal strap. This means you can eliminate those looking for leather strapped watches, rubber strap watches etc.

You now have a group of people you want to target. This is females who are in their 20s. These people are looking for a modern, stylish watch with a metal strap. They do not want to spend a lot of money. They have a middle income.

See how easy it is? Armed with that information, you will now be able to go out there and find where these people are located.

Surveys

Anybody who is marketing needs to rely heavily on surveys. You will want to collect as much data as possible. This will enable you to determine what groups are looking for in a product and which ‘methods’ they use to carry out research for that product. This can, literally, be used by you to find out where your target market is lingering. This will really allow you to focus your marketing and make some serious cash!

Jumpstart your target market research by downloading our workbook!

 

 

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