In life, we cannot possibly be able to please everyone around us all the time. This holds true for businesses as well. When a business wants to cater to every consumer at the same time, money loss and failure is imminent. This is why it crucial for business owners to decide from the onset, which market their product or services would most profit from. When there is a clear target market in mind, marketing strategies would be well-defined, effective and customized to suit the needs of the target market.
How exactly does a business determine a target market? By doing market research.
Market research is the process of defining the viability of a new service or product through research with potential customers. It allows business owners discover if they have the correct target market in mind. It also provides feedback on whether a product or service needs improvement before being launched.
Market research is done by asking specific questions. The best market research questions could provide the business with insights on how to attract the target market, how to make the product or service unique from competitors, how to improve the product or service offered, and how to better serve the customers.
Listed below are questions which would help determine which target market is right for you.
What demographic group does your target belong to?
By knowing the answer to this question, it would be easy to decide on which marketing strategy would be most effective. Age, gender, occupation, location are just some factors that you would have to consider.
How does your target market think?
Potential consumers react differently to marketing methods and campaigns which is why it is important to know the which marketing psychographics they belong to. Consider their personality, attitudes, values, interests, behaviours, lifestyle, etc.
What demands would your product or service supply?
If there is a certain demand for a product or a service, naturally, supply follows. Identifying what your target market demands would guarantee that you would be able to provide supply accordingly.
Why would consumers potentially avail your product or services?
The commitment to keep the business going relies on the reason why you want to start the business in the first place. Before asking consumers to avail of your products or services, it is essential that you understand the strengths of the products and services you offer.
Does this market purchase similar products from other businesses similar to yours?
It is important to know what drives your target market to purchase from similar businesses such as yours. In doing so, you would be able to decipher if they are interested to buy products or avail services from you.
What media would best reach your target market?
There are many ways in which you could reach out to your target market. Would traditional marketing strategies like brochures and flyers work best on them? Or do they belong to the type which relies on digital marketing for their needs? Knowing their preference would determine which marketing strategy would be most effective.
Finding a target market sounds like a lot of work, however, it is a must if you want to have a successful business. If in doubt, a digital marketing company could come to your aid. They are experts in marketing and would surely save you the hassle of doing the market research yourself. The Pink Bear Marketing would be more than happy to extend our marketing services to help you and your business.
Need guidance to determine who your target market are? Send us a message today.