Defining a target market is a crucial step in establishing a solid foundation for your business. Below are four tactics to help your business define its target market.
Focus: Focus your budget and brand message on the consumers who are more likely to buy from you. You cannot afford to target everyone. Focusing your efforts on a defined target market is a more efficient and cost effective marketing strategy.
Look at your current customers: Analyze your existing customer base and identify commonalities within the group. What are shared characteristics that link them together? Other people with those same characteristics will likely be interested in your product or service as well.
Research: Research the demographic and psychographic traits of your potential consumer. Use the results of your research to create a consumer profile of targets that have a real want or need for your product or service.
Test: Test market your products and services to see if the consumer profiles you have developed are accurate. Test by giving people the opportunity to try your product or service. Examples of testing include giving away free samples or a discount off a first purchase. After the test period is over, analyze the results of the test to determine if you have identified the right target market for your product or service.
Still having trouble defining your target market? The Harmon Group is here to help. Our team has the tools to identify the right markets for your brand. Contact us today to get started.
Until next time,