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?
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