Who’s Your Target Market Now?

charen smith asked:

Do you know who your target market is? Who do you distribute to when you have your marketing collaterals even if it’s letterhead printing? When you create your collaterals such as your letterheads, who do you want to attract with your design?

Who’s your target market?

Let’s start with the very basic. Your target market is basically the group of people who have (1) specific need or want for your product or service; (2) the capacity to buy your product or avail of your service; and (3) the willingness to buy your product or avail of your service. In other words, your target market is the right people who would be convinced to buy what you are offering.

If you’re at the stage where you’re presently choosing your target market, you would clearly be in a position where you don’t have any idea at all how to identify your market, as well as what are the types of people are in your target market. This is the time for you to use segmentation to identify your target market. Your market segment can help you better focus your target as it can concentrate on the subgroup within your identified market. This subgroup then share a common list of characteristics and qualities that can help you identify them easily.

Next focus is where do you find your target market? This is especially important if you don’t know anything about the people who would buy your products. In that case, would you rather spend all your time and effort, as well as your money on a marketing campaign that targets everyone when only a small percentage would even see your message? Then from that tiny percentage, there’s only a small probability that you’ll be able to sell your products and services. You thereby spend more trying to get clients than you would’ve made by providing your services.

The key then is to narrow your focus and choose a target audience that would be more responsive to your offer. This is particularly true nowadays when consumers have far more choices when it comes to the information they get regularly. It is clearly much more difficult to reach everyone. And consumers are also constantly exposed to a million messages that they know how to filter out those irrelevant information and details that have no value to them. They don’t even give attention to information that are not directly relevant to them.

The bottom line is for marketers and business owners to apply segments to their target markets to better identify and understand how their target clients decide when buying a product or availing of a service. This way is much better rather than trying to reach out to anyone and everyone. Choosing segments to market your business can help you provide better and relevant information that your target clients can value, and thereby give your offer more worth in their eyes.

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