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Welcome to the third week of our activities! Let’s start this blog by identifying who needs to know their target market and what a “target market” is. Later we will discuss ways to identify your target market and why it is important to learn this important part of the business.
Let’s talk about what exactly a “list market” is. According to Entrepreneur Magazine the target market is defined as “a specific group of consumers that a company targets for its products and services… Customers who are likely to buy your goods or services. ” So what does this mean for business owners and how can we use it as a tool to grow our company if we are only targeting our products to a specific group of people to buy our products or services?
As a small business, it is very important to know who our target market is so we know how and where we advertise, what topics we post on social media, and who we do business with. If we announce our discussion to everyone, our efforts and money will be wasted. Instead, we have worked hard to understand and identify our target market in order to grow our business in the best possible way. Here’s a useful example: If we marketed our services to, say, highly educated women with stable, financially strong careers, the return on our efforts would be very low because those women are unwilling to change careers to become Postpartum Care Providers.
Now that we know why we use target markets, let’s talk about how one creates a target market. In order to identify one’s target market, one must first decide who will buy the goods and services. Entrepreneur magazine outlines some good questions to ask yourself when you start identifying your target market.
- Are your customers male or female?
- How old is he?
- Where do they live? Is geography a limiting factor for any reason?
- What do they do?
- Where do they shop?
- What other areas of their lives are important?
- What pleases the eyes?
Now that you’ve determined your target market, figure out how to best reach them. This will be your first step forward with your new target market. Remember, keep your target market and try to count!