What is a Target Market?
Understanding this key area is essential for the success of your marketing activities and ultimately your business.
You must describe your target market (the people most likely to purchase from you) in as much detail as possible. What will they look like, provide a picture of them. Where do they live? What age group would they be in? Are they male or female? Are they married or single? Are they parents of children of a certain age? What is their income level?
This is powerful information, do this exercise vary carefully, you may need to perform some market research if you are unsure of your market(s).
Once you know your target market(s) then guess what? You now need to ask the question; what appeals to them? What motivates them to purchase? How do they find the types of products or services that you are selling? You will establish this by careful market research
Once you know this, then you know what promotional activity will possibly work, and you can develop your promotional activities accordingly! This is exactly how the larger organisations work (as spend millions in the process), but broken down it's is as simple as knowing what motivates them to purchase, then using this in your marketing activities (advertising in particular).
Many business think they know their market, but with a little bit of research you could identify more groups of customers that you could market to, who find your products and/or services more appealing, and who ultimately will purchase from you.
This may just give you the drop on your competitors that you were looking for!
See also Understanding Generations
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