Defining your target market is a critical step for any business!

Having a specific target market can help you understand who your customers are and what they want. By identifying this group, you can tailor your marketing and sales efforts, increase conversions, and ultimately GROW your business.

 

What is a target market?

A target market is a group of people that have been identified as your most likely potential customers because of their shared characteristics. Identifying this target market is a key part of the decision-making process when a company designs, packages and advertisement.

 

What should I be looking for?

There are 4 types of target market: geographic, demographic, psychographic, and behavioural.

  •  Geographic helps companies generate profitable customer action based on where prospective customers live and work.
  • Demographic explores traits individuals share that presumably influence their purchasing decisions.
  • Psychographic segmentation builds upon demographics to include lifestyle characteristics that may influence purchase decisions.
  • Behavioural segmentation explores the pain points, needs, and wants that trigger buying activities.

You can gather this information with online surveys, focus groups and competitor analysis. You will notice that once you have this information, you will really understand your customer’s needs and preferences. 

What should I do next?

  • Evaluate Customer Pain Points – Determine what challenges or problems your customers face that your product or service can solve. You can then tailor your messaging and position your business as the solution. 
  • Define Customer Values – Identify what values are most important to your customers, such as quality, affordability or sustainability. From this information, you can create targeted messaging that resonates with your desired audience. 
  • Assess Customer Behavioural Trends – Observe how your customers behave, what motivates them and what type of content they consume. This can help you create marketing strategies that effectively reach your target audience. 
  • Segment Your Market – Divide your target market into smaller, more defined segments based on demographic, psychographic, and behavioural characteristics. This will allow you to create tailored marketing messages and strategies for each segment. 

 

Be sure to continuously evaluate and refine your target market definition based on feedback and data to help you stay ahead of market trends. From there, you can adjust your strategies as needed. By following these steps, you can define your target market and create a comprehensive strategy for reaching and serving your customers.

If you’re still a bit unsure as to where to get started, why not take up our offer on a complimentary coaching session? We will help you put a plan into place and give you the essential tools needed to ascend with your business. Click here to be redirected to our contact details: https://actioncoach.co.uk/coaches/chester/#contact