Without a clear target market, you may offer products to inappropriate people, create inappropriate marketing strategies, packaging, and ways of communicating. Therefore, it is important to know who the intended target is so that the business process runs effectively.
Then, who can be the target market for the business? They are the people who fit the business you have. For example, you have a frozen food business. Then your target market is restaurants that need frozen food supplies, housewives, or young people who live far from their parents.
1. Learn the competitor's target market
The next way to determine the target market is to look at the competitor's target market in a similar field, product, or industry. Guess who is their target market? You can pursue the same target market, but you can also take opportunities by pursuing a potential target market that is ignored by competitors.
For example, you sell women's clothes. Your main target is teenage women to mothers, the same as competitors. However, competitors do not provide plus size clothes. You may see this as an opportunity to pursue the plus size female target market. But, make sure the target https://psonline.edc.org/user/profile.php?id=4234 does bring in business. It could be that competitors ignore certain target markets because they are considered not to bring much business or profit.
2. Analyze the product or service you offer
Next, you can analyze the products or services you offer. Take notes and list the features and benefits of the products you have. You need to know what are the advantages of the products you offer and find out which segments need them the most. In addition, by understanding https://snippet.host/fbwbpk the features, benefits, and advantages of the product, you can also use it for appropriate and effective marketing.
3. Do segmentation
To make it easier to determine the target market, you can do segmentation or grouping. The segmentation includes demographic, psychographic, geographic, and behavioral segmentation. https://rentry.co/jbl4d Here's the explanation:
Demographic segmentation: each person is identified as belonging to an age group, income level, gender, occupation, marital status, and education level.
Geographic segmentation: this segmentation also needs to be taken into account, whether you want to reach the target market in urban, rural areas, or in between.
Psychographic segmentation: this https://jbl4d.keybase.pub/ segment includes lifestyle, beliefs, attitudes, interests, hobbies, and values.
Behavioral: is a segment based on the specific behavior or actions they perform.
How to determine the target market
Here are some ways to determine the target market that you can try!
4. View current customer data
If your business has been running for some time and has customers, take a look at the data. Who are your current customers and why do they buy the product or service you offer? Through this data https://challonge.com/jbl4d can look for characteristics or interests in common. It is very likely that people with similar characteristics like the product or service that you offer.
5. Do an evaluation
After successfully determining the target market, the next step is to conduct an evaluation to see what has been achieved and what needs to be improved.
Reporting from can consider the following questions to conduct an evaluation:
- Is the target market enough to sustain this business?
- Does the defined target market really benefit from the product or service you offer?
- Can they buy the product or service offered?
- Will the message I create reach them?
- Is the target market easily accessible?
- Do you understand what drives the target market to make decisions?
- Will they make repeat purchases or will they have to keep looking for new customers?
- Is there a lot of competition for this target market? If so why? And other questions.
- You can do this evaluation with the whole team to get a lot of perspective and understanding.
Thus the discussion about the target market or target market starting from the understanding, goals, benefits, to tips on determining it. Determining the target market is not easy, because https://mandarin13818287.brizy.site/ are an important part of business continuity. Determine carefully and use appropriate data.
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