background preloader

How to Define Your Target Market

How to Define Your Target Market
With the current state of the economy, having a well-defined target market is more important than ever. No one can afford to target everyone. Small businesses can effectively compete with large companies by targeting a niche market. Many businesses say they target "anyone interested in my services." Some may say they target small business owners, homeowners, or stay-at-home moms. All of these targets are too general. Targeting a specific market does not mean that you have to exclude people that do not fit your criteria from buying from you. For example, an interior design company could choose to market to homeowners between the ages of 35-65 with incomes of $150,000+ in the Baton Rouge, Louisiana, market. With a clearly defined target audience, it is much easier to determine where and how to market your company. How to Define Your Target Market: Look at Your Current Customer Base Who are your current customers, and why do they buy from you? Who are your competitors targeting?

http://www.inc.com/guides/2010/06/defining-your-target-market.html

Related:  Target Customermikewoolf1Process Materialsmcopeland

Do You Know Your Target Market? How to Find Out... Do you know who your target market is? We mean, really know? And, we’re not talking about, “I sell dresses, so my target market is women.” Have a Business Idea? 6 Ways to Research Your Industry. In their book, Start Your Own Business, the staff of Entrepreneur Media, Inc. guides you through the critical steps to starting a business, then supports you in surviving the first three years as a business owner. In this edited excerpt, the authors explain what secondary market research is and the different sources you can use to gather it. When conducting market research for your new business, you'll gather two types of data: primary and secondary. Primary research is information that comes directly from the source—that is, potential customers. Secondary research involves gathering statistics, reports, studies, and other data from organizations such as government agencies, trade associations, and your local chamber of commerce. The vast majority of research you can find will be secondary research, plenty of which is available for free to entrepreneurs on a tight budget.

Overdrive Interactive window dimensions: 1008x1002header container width: 960masthead container width: 960 Google Gallery Thank You The 7 Steps of the Sales Process The BEST way to get to know me. 1. Product Knowledge This step is fairly straight forward, but it is also the great undoing of many a technical expert turned sales person. When one is extremely well versed in a particular product especially a technical one, it is easy to get caught up in a monologue of all the great features it provides.

10 Questions to Ask Before Determining Your Target Market The better you understand your customer, the faster your business will grow. But new ventures often struggle to define their target market and set their sights too broadly. "We often overestimate the market size, and in many cases there may not be one at all," says Robert Hisrich, director of the Walker Center for Global Entrepreneurship at the Thunderbird School of Global Management in Glendale, Ariz.

Competitive Analysis - Small Business Encyclopedia Definition: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service . A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market. Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer's dollar.

Content Marketing History [Infographic] Those of you whose marketing careers started in the 1990s know all the about rise and fall of the Internet bubble and its impact on the industry. Sites like theGlobe.com, Pets.com and Boo.com ruled the web and gained substantial profits before the bubble’s collapse on March 10, 2000. The majority of these organizations became extinct, though a few got bought out by Yahoo! 8 Tips for Successful Business Development This post originally appeared on the American Express OPEN Forum, where Mashable regularly contributes articles about leveraging social media and technology in small business. Many founders and CEOs come asking, “we need to hire a biz dev person, do you know anyone?” Few roles have more varied job descriptions than business development. It’s no wonder why it is hard to figure out who to hire, what this person should do and how to measure success. Read below for tips on successful business development for startups, including how to avoid many of the typical frustrations with business development. 1.

Six steps to defining your target market Whether you sell washing lines or wiper blades, you need to understand your customer if you want to maximise your sales. Who are you selling to? Why should they buy your product? What do they stand to gain? Grant Leboff, principal of The Sticky Marketing Club explains how you can identify your target customer How To Write A Business Plan Whether you’re starting or growing your business, you need a business plan. Your plan will provide the roadmap to achieve the success you want. The question shouldn’t be IF you write your plan, but how to write a business plan that will take your company where you want to go. Your business plan is essentially your answers to a comprehensive list of questions. The first and most important question is this: where do you want your business to go?

How to Reach Influential Bloggers The web is all about connections. Like it or not, who you know is an important part of increasing your influence and presence online. Some people assume you can succeed online simply by offering a great product or great content; but too many online businesses fail because they’re believing this myth and operating in a virtual bubble.

Related: