Whatever the type of business you have, you must target a specific market. There are people who want and need your products and the goal of your marketing efforts is to communicate them with them. Without a clearly defined market, you take pictures in the dark and you simply hope you will find people who will buy. You have no real idea if you target too high, too low, or in the wrong direction entirely.
What is a market target?
A target market is a group of people with related features and needs, and to whom your marketing and product efforts are directed. It is a specific audience. Markets are defined by demographic data such as age, gender, location, economic group, social status, family status, country and language. Some examples of companies with target markets would be:
• A shopping network targeting mothers working on 30
• A station that targets retirees
• a store whose target market is young families
• A clothing store that targets teenagers who are seen as “alternative”
• A winter sport sport supplies store that targets people in cold and northern areas
• A blog that targets expatriates well to do
You will notice that in the examples above, all information is not demographic. For example, take teenagers who are seen as “alternative”. Other factors in targeted markets include psychographic data, such as your hearing is seen or see the world around them. This is just as important as demographic information.
Why target your laser market?
In marketing, there are no between them. You hit or miss. If you do not target your market perfectly, you will lose your advertising dollars by broadcasting your message on the wrong people. Once again, take an example above, an ad for your station for your retirees would be pretty ineffective if he showed snowboard teenagers and strong punk rock music.
Your target market must be specific because you can not make everyone happy. If you launch your net too broad, you will talk about people who have no interest in your products or services. They will simply give you a white noise in the background.
Advantages and solutions
The key to successful marketing is to identify the pain or problem of your market and offer a solution. If you know exactly who they are, you can communicate the benefits of your product and the results they can expect in a language they understand. Tell your target market of retirees only in your station, they do not have to fight the crowd. Tell your alternative teenagers that they do not need to integrate with the squares.
An added benefit is that your target market can relate to each other. By identifying them and their marketing, you can create a “tribe” based on common interests. This is particularly powerful online, where people spend a lot of time on social networking sites, forums and blogs.