Saturday, 14 May 2011

Target Market: Why Bother?

Are You Talking to the Right People?

 

Who are your customers? As an entrepreneur, it makes sense to try to sell to everyone in order to increase profit. But trying to be everything to everyone might not be beneficial anymore now that consumers are becoming savvier and more aware of the many options they have. Your customers demand special attention and personalized solutions that are made for their specific needs, otherwise your competition is just a click away.



What are the other reasons why you should identify your target market?

  • Highly focused campaign
To achieve maximum results, not only should your products or services  be relevant to your customers but you should be able to communicate the right message in an effective manner. This is only possible if you learn who your customers are.By concentrating on a specific market you become an expert on their wants, needs and preferences. In turn, you can tailor your promotional and sales effort to those who are most likely to buy your products. The more you make your customers feel that you designed your products and services with them in mind, the more likely they will buy from you.

  • Anticipate Customer Needs
Are you sure you are meeting your customers' needs? The thing is, buying needs and preferences change as time goes by. That is why it is important to track trends on the purchasing behavior of your customers. This can be done by staying closely in touch with them. If you try to cater to everyone, it becomes expensive, if not impossible, to monitor each buying habits. Assuming customers' future needs can result to wrong decisions like product development, packaging, distributing channels, pricing and advertising that might lead to business failure.

  • Cost Effective Strategy
Let's face it, you have limited resources. You have limited budget, time and energy that you can't afford to waste any. In fact you need to maximize every resources you have. When you have identified your target market, you can save money by spending less money on marketing. You only use your marketing budget to those who are more likely to buy your products.





Who should be your target market?

There are certain things to consider when identifying your target market

  • Your target market should want, need and be willing to pay a price for your products or services. 
  • Your target market should be sufficiently large to support sales and profit.
  • Your target market should have an access to your products or services.
  • Choose a market that is not saturated with competitors, especially if brand loyalty to potential rivals is already established.


How  to Identify Target Market?

Below are some factors to consider when classifying you target market:

Demography
  • Age 
  • Income 
  • Family size 
  • Education 
  • Occupation 
  • Gender 
  • Nationality/race

Geography
  • Region of the world
  • Climate

Behaviors
  • Brand loyalty
  • Value of quality
  • Buying habits and patterns of customer

Psychography
  • Personality
  • Lifestyle ( are they city orurban dwellers)
  • Interests and hobbies



Target Market and Your Website

How does knowing who your target market is affect your website?
  • It will help you decide what kind of content, features, design and navigation to incorporate on your site. A website for financial business doesn't have the same features and goals as website for children apparels.
  • It will help you set the tone and the mood of your site. Is it technical, formal or conversational?
  • It will help you identify if your target market are text or images dependent.
  • You will learn what keywords your target market is using in searching for your products and/or services. You can then integrate these into your website.
  • It will help you determine the level of technicality of your site based on the skills, education or capabilities of your target market.   
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