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Making the best out of your target market identification


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For instance if you are in the business of furniture your target market would be home owners at least 25 years above with a salary that can afford your product. To go a step further would be to target large families or people who just moved. After being in the market for some time you get the idea of how your audience thinks and reacts, which helps you categorizing them. Some simple steps to identifying your target market are:

analyzing existing customer interests and behavior


Analysing the existing customers
Who are your current customers? How did they hear about your business? What are their interests? What do they have in common? Every bit of information you get about your customers is useful. Use every method at your disposal, feedback, questionnaires, word of mouth, etc. All these attributes will help you analyse your customers’ behaviour and their psychology, and further help you in tapping them.

Identify your competition
You will already know who else is in the market with the same services and products as yours. Identify them and study them critically, see how they work, who they are targeting and how. Maybe there is some gap in their strategy which you can benefit from or maybe just learn from them. Just remember that competition helps us improve

identify competitive market and find the gap to fill in

Improving your service/product

There is always room for improvement. See how you can make your business better, how can you make it better than your competitors. It will give you a marketing edge as well as better customer satisfaction. Enlist all the benefits that your service/product is providing them and let the customer of each and every one of them. Than analysi weather or not the benefits you are providing fulfils all of the needs of the customer, if not? What needs to be added in order to attain 100% satisfaction?

Demographics

Figure out the following factors and think about who is most likely to buy your product and who has the need:
  • Occupation
  • Income level
  • Gender
  • Education
  • Marital status
  • Ethnic background
  • Location
  • Age

Psychographics

Evaluate the personality of the customers and the following factors:

  • Attitudes
  • Interests/hobbies
  • Behaviour
  • Lifestyle
  • Values

Finding out what are the interests of your customers and how your product will benefit them. How are you gaining their attention? Which media do they prefer?

Forming your decision

There is always some gap for improvement - make your moves wisely

Be sure to evaluate these key points before forming a decision for your target market.

  • Is the target market big enough?
  • Will the target realise the need for my product and benefit from it?
  • How can I tap them, send them my message?
  • Is my product/service affordable?  

It is important that you don’t break down your target too much since the more you funnel the smaller market you will have. Find the right balance even if you have to create more than one niche and tap them separately. If you are having trouble finding all this information you can always do some research online and view how other businesses handle the target market similar to yours.

It is hard to define your target market but once you have done it, it will be easier for you to figure out how to gain their attention. Walter holding has done an extensive market research with our team of highly capable individuals and is more than capable to build a market strategy for your business that targets the market perfectly. Connect with Walter Holding today for premium management consultancy in the fields of HR, Marketing, Technology and Training. Looking forward to partnering with you soon.

 

 

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