Home Business Understand Your Business Target Market

Understand Your Business Target Market

29
0
Target Market

Marketing is the spearhead of a business. Many people think like that. And in fact, like living things, marketing is a breathing activity where it provides assurance for the survival of a business. One of the things that is needed in marketing activities is to determine the target market for your business.

Increasing your target market is not just as easy as turning your palm. You know Amazon? How are they able to target everyone around the world? Amazon, one of the giants of e-commerce that is popular around the world, targets creatures called humans on earth, entirely. How can?

Actually, before Amazon was famous at this time from 1994 to 1998, Amazon only sold books. They do it only online where in 1994, transactions on the internet can only be done by certain people. In other words, Amazon has had a very well defined and very specific target market in the past.

Now Amazon has gained the ability to target everyone on the planet Earth. In this article, you will learn what a target market is. Maybe today you just opened a small-scale business or MSMEs. But with diligent effort and targeting the right targets, you will reap the rewards at a later date.

What is the Target Market?

The target market or commonly referred to as the target market is a predetermined consumer segment where the segment is projected to require a product or service.

From this definition, identifying the target market is very important because it relates to the development of products, services and marketing methods used to promote them.

You need to create products, services, and marketing campaigns for a specific and well-defined group of people to make it easier to offer your product or service. If you do not do this, you will have to spend a lot of resources, and the results are of course also unsatisfactory because only a few of these large groups of people will buy the product or service.

Understand Your Business Target Market

Most businesses, especially MSMEs, do not take the time to determine their target market. Never mind doing target market research, sometimes even managing consumer data is not done. This means they waste time and money looking for customers who will later buy a product or service.

Some business owners define their target market as a general audience. But in reality, buyers who buy products or services have certain properties, characteristics, and situations that can be specifically identified.

Knowing your target market will allow you to place your marketing activities where your target customers are and use words that specifically talk about what they need.

 The real example is when your company sells office stationery (stationery), your company’s customers are not ordinary people, although it does not rule out the general public buying your products. Your company’s target market is office institutions and the like.

By targeting a clear target market, you don’t have to bother offering products to everyone, there are clear targets. In addition, the marketing strategy that you will carry out is also right on target.

Steps to Identify the Target Market

To get a clear target market, you have to make various efforts. At least here are some of the efforts that must be done when you want to get the target market perfectly.

1. Do Problem Research

To determine who will be a customer of your product or service is to clarify the problem that makes your product or service a solution. For example, you run SEO services and website maintenance. Your service will provide solutions to people who need a website but they don’t know how to make it, don’t have time to handle it or people who have problems in digital marketing.

2. Determine Consumer Characteristics

Identify the target market for your business from the lifestyle of consumers. Source Unsplash

You can identify your consumers by looking at their characteristics such as looking at lifestyle, income, shopping, geographic location, hobbies, and many other things. In this way you will know more clearly why they use your product or service.

For example, for gardening services, target customers are offices that have a budget in lawn care or people who have an interest in ornamental plants. The reason that makes sense why they use your services is because they like beauty and want their environment to be beautiful.

3. Largest Market Segmentation

Many products and services meet the needs of a variety of people but many of these products and services still have even more specialized consumers. Apart from that, from your own customers, there are even more specific groups that produce the largest sales of your products and services, those who occupy the highest market segmentation are:

  • The consumers who get the most from your product
  • Customers who have the greatest need for the services / products you offer
  • Consumers who have the ability to pay for it
  • Consumers who buy the largest quantities on a regular basis
  • Customers located in the geographic area of ​​your business services

From the data above, you can make your consumer segmentation more detailed. Thus, identifying your target customers will be easier.

4. Viewing Publications

In fact, the publications, statistical information, and special reports you can find in the mass media and electronics can all provide clues to consumers which you should target and sometimes how the market might change you can learn from.

Market trends can change at any time without you knowing it beforehand, so you have to be responsive when changes occur. Make sure to monitor any published reports relating to your business. The report can describe the customer’s age, gender, item preferences, and other useful information. The easiest way is to search for the data on the internet.

5. Seeing the Competitor’s Target Market

Knowing what your competitors are doing is one way to help you identify your target customers. If your competitor’s marketing campaign is aimed at a specific customer segment, there’s a good chance he or she has spotted a marketing opportunity there. Study your competitors’ marketing campaigns. Learn sales methods, brochures, websites and social media reach to understand their target customer base.

Closing

Understanding your business target market is one of the hundreds of ways to make sure your business is running well. As with any puzzle game, the identification of the target market may be just one fragment of the puzzle. However, if you leave it, you will most likely have difficulty seeing the sales picture of your product or service.

That’s why it’s very important to know who, when and why your customers buy the goods you offer. Hopefully this article will be of benefit to you and your business.