Every business has the right market to properly fit in. Not every geographical location is good for your business.
You have to properly understand the certain set of people, who will be interested in patronising your product and how to attract them.
Target market is important for you to have the right customers, which means, breaking down your business into age, location, income level, gender, educational attainment.
This will make sure you can get the right customers, whose needs and wants, match your products, services, and solutions.
Target market, also, helps you to save cost. You are able to tailor your marketing, towards your audience.
For example, there are different people in the clothing business and they all have their target audiences, based on the products they sell.
For someone, who sells bridal clothing’s, obviously, the target audience will be people, between the ages of 20-40, with a good income, to afford the bridal clothes.
Stated below, are how you can find the right market:
Study your current customers: Why do you think that, a certain customer has stayed with you for a long time? Looking at your customers, individually, what is their meeting point, that is, what do they have in common?
This survey, on your customers, gives you an insight into how to get better, either with your marketing, or, product, services, or, solutions, so that, you can attract more customers.
Be aware of your competitors: Take out time to spy on your competitors. What are they doing differently that, makes them better? Are they targeting the same audience and market with you?
If yes, then, you need to get better, in what to do, to retain your customers and have more added customers. If possible you can change your market to be totally different from theirs.
A breakdown of your solutions: This will help you to know the right market. You are aware of your prospective clients.
Write down your products, services, and solutions and the benefits they offer, after which, you make a list of people who are likely to enjoy these benefits. This gives you a head start.
Specific demographics: You need to be sure of customers, who are going to buy your products and services.
Consider the following factors: Age, Location, Gender, Income level, Educational attainment, Marital or Family status, Occupation, Ethnic background.
Demographics will help you to increase the productivity of your business.
Psychographics of your target: Know how your products, services, and solutions, come in useful to the lifestyles of your target audience.
How are your products, services, and solutions, going to have an effect on their personality, attitudes, values, interest, and behavior? Be sure that, your products, services, and solutions connect to them in all that they do.
Having the right target market, gives you the foresight, on how, to better grow your business, to suit your customers and in doing that, you are boosting your productivity, for increased sales and profitability.