Defining your target market
One of the biggest basics of your marketing plan must be deciding who will be your target market.Determining who will be interested in purchasing your product or service will be the key as to whether your business is profitable or whether your product dies quietly on the shelf.History is full of products that possessed a high degree of quality and usefulness but due to poor target marketing never realized the full potential profit they were capable of. Thus in designing a marketing plan it is not enough to simply determine how many of your dollars will be allocated toward marketing or how those dollars will be used.It is imperative that you first determine who will be your target market.So if you are a business owner trying to determine who you will market your product or services to here are some tips on defining your target market.
- Consider the age of your potential target market.Age is a determining factor in numerous ways.A product for children versus the elderly will have to be marketed in vastly different ways but there are other considerations as well. Will your product appeal to a younger demographic who tend to have more disposable income?Or will your product appeal to a more middle-aged demographic who tend to buy more for quality?Or will your product or service be for the elderly who often have fixed incomes and will be looking at price as a major determining factor in whether they purchase or not.Knowing the age of your potential target market will give you a direction to base your marketing tactics.
- - Consider the gender of your target market.Will your product or service be marketed to just men or women or both?Marketing studies show that men and women respond vastly different to different types of advertising.In addition men and women make impulse purchase versus planned purchase in very different categories as well.In addition to marketing strictly to men and women if your product or service will appeal to both genders than that will help determine a whole new marketing direction as well.
- - Consider the ethnic background of your potential target market.If your product will appeal to a certain ethnic group than you must determine what is the best way to reach them.Targeting your advertising in magazines, television and web sites that draw a certain ethnic group will be much more efficient when spending your marketing dollars.Conversely you must determine if your target market does not share the same ethnic background how you will best reach them through your marketing.
- - Consider the technology skills of your potential target market.Will you be marketing your product to a group of potential customers who are computer and internet savvy? Will they be willing to search the web to find information about your product or to make a purchase?Or will you be marketing for a target market that will not be using a computer in the purchase process?Technology has become the leading force in marketing today and the savvy business owner will use all technology to their best advantage in marketing their product or service.
- - Consider the "convenience" factors of your potential target market.Marketing experts explain that all target markets respond to certain convenience factors in the purchasing process. Some target markets will purchase using price as the determining factor while other target markets will use location, ease of purchase, quality or a host of other factors to determine whether they will purchase your product or service. Determining the most important convenience factors to your target market will help establish not only who your potential customer base is but how they will best purchase your product or service.