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Defining Your Target Market
Written by: Anthony MoraArticle Overview: You can have the best business or product out there, but if you don't know your market, you won't be successful
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Defining Your Target Market
Defining Your Target Market
By Anthony Mora
Copyright© Anthony Mora 2006
Once you have defined and written your message, it's important to define your target market. Who is your audience? If you've developed a new anti-wrinkle cream and are marketing it to teenage boys, you'd better take another look at your strategy. You may have the best product in the world, but if you've picked the wrong target audience, it's not going to work. Believe me, this isn't an uncommon mistake; more businesses than you think have done everything right and gone belly up because their targeting was off. This is an essential component of success. Know your prospective clientele. And don't let your ego or your preconceived ideas get in the way. If you have developed a product that you want to market to CEO’s who earn over $750,000.00 per year, but your real market is junior high school students, you'd better learn that and learn it quickly.
For example, early on in my career I worked with a dentist who had written a book on various aspects of dentistry. The book was well done and contained information that would have been of interest to other in his field, but it was not a mass market book. The dentist was dead set on marketing his book to the general public, whereas his true market was a specialized niche market - other dentists. His perception of his target market was askew. He erroneously believed that because he found the information in his book fascinating, that everyone else would as well. He basically had two choices, stay with his approach and target a narrowly defined market, or broaden his scope and by doing so broaden his market.
It’s an important decision every business owner needs to make. Be realistic about your business and your target market. Not every product or service has a huge market, but you don’t need huge, you need a realistic, well-defined market. If you can define your target market and effectively reach your customers or prospects, you're in business.
For further information, visit:
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Related Forum Posts
Re: How should i promote a new website?
- ignore this message IF it's already been stated. I haven't had a chance to read all the replies and i have to jet from the office...
I suggest marketing where ever your Target Market congregates. If it's a forum of concerned parents - go there. Strike up a deal with the forum owner (JV) and have him promote it to the list of members (Integration Marketing).
If you want to go with Forums then i would partner with a parent who is a frequent poster/moderator on a particular Target Market Forum and have him/her add your link to their signature.
That was just a thought but it's not as intense once you get buy in from the Forum owner or high ranked poster/moderator.
Hope that sparks some new ideas.
Re: Ideas For Business
- Hello Lucy,
you may consider this list for Ideas for Business: (Top 23 list)
Rank Company
1 Google
2 Genentech
3 Wegmans Food Markets
4 Container Store
5 Whole Foods Market
6 Network Appliance
7 S.C. Johnson & Son
8 Boston Consulting Grp.
9 Methodist Hospital Sys.
10 W.L. Gore & Associates
11 Cisco Systems
12 David Weekley Homes
13 Nugget Market
14 Qualcomm
15 American Century Invest.
16 Starbucks Coffee
17 Quicken Loans
18 Station Casinos
19 Alston & Bird
20 QuikTrip
21 Griffin Hospital
22 Valero Energy
23 Vision Service Plan
Re: Do Women Play the Stock Market?
- I also play Stock Market.....
Starting a New Business
- Congratulations on the first step of deciding to create your own business.
First, you have to ascertain if you are going to be selling your products or services to people or to businesses.
People purchase products and services for three basic reasons:
•To satisfy basic needs
•To solve problems
•To make themselves feel good.
You have to determine which of these three categories your product or service is the solution to. Businesses, unlike individuals, buy products and services for three reasons as well:
•To increase revenues
•To maintain the status quo
•To decrease expenses.
Knowing the reasons why people/businesses buy, you should have a picture emerging of who you think your "Target Market" (or ideal customer) is. Once you have zeroed in on your solution, you are ready to create your Marketing Strategy.
If you look at any company that has grown rapidly over the past few years, (i.e. WestJet and Starbucks), it should demonstrate to you the importance of Marketing. In simple terms these companies have:
•Clearly defined what makes them different;
•Who their ideal customer is;
•How to reach them;
•Why customers should buy from them;
•And most importantly why customers should come back again.
It is strong Marketing Awareness that singles out the best companies.
I can not stress enough how important it is to create a "living" Marketing Plan before you even start.
I hope this helps a little in the creation of your plan. All the very best of luck.
Remember: "A Goal without a Plan is just a Wish"
Miles of Smiles,
Marketing Maven
..
- We are the UK Market Leaders.....the first to venture into this on a huge scale. What makes this a success is the simplicity of the product and the price, very affordable to the mass market.
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