Target Markets

by | 5 Oct 2014 | Marketing Tips

A Target Market is a specific group of  people you have decided to target with your products or services. Your target market is the potential customers who are most likely to buy from you. It is important when considering where to spend your marketing dollars that you spend most of it on your target market. Do not try to be too general when identifying your target market, as that a generalist approach will probably not bring in any more sales but will cost you more. For example, if you have a product that is helpful to women in pregnancy, you may be tempted to include all women in your target market, however it will probably be less expensive and just as profitable to target women aged 24 to 35 (as this is the age when the majority of women are having a pregnancy). Obviously this doesn’t mean that you will not sell your product or services to someone who is not in your target market, but it does mean your return on Investment for your marketing is likely to be higher. To identify the target market for your business you should firstly take a  look at the people who already buy from you. Whilst you may think your current clients are quite a mixed lot, you will probably find there is one or more characteristic that they all share. You should consider the area you want to sell in, if you are a small business that specialises in repairing roofs your target market would not want to include homes that are four or five hundred kilometers away, if you...