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| Name | What is a Target Market? |
| Video Uploader | Video From Summer Alexander |
| Upload Date | This Video Uploaded At 01-03-2013 00:01:53 |
| Video Discription | What is a target market and how do you find your target market? For help with marketing your small business please visit: http://www.SummerAlexanderResearch.com Summer Alexander shares the easiest definition of a target market you've ever heard plus three quick tips on how to define them. First, I will start with the technical definition of a target market via the all-knowing Wise One- Wikipedia: A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace. Next, I will provide you with my definition of a target market: The group of people who have a specific problem (that your company specifically solves), who know they have this problem, who are actively searching for a remedy to this problem, and -- here's the kicker -- can afford to pay for your solution to their problem. So let's talk about some ways to find them. #1 -- Guess Yup I said it. Guess. Not just pull a demographic out of the sky but give an educated guess. When you started your company who did you envision purchasing your products or services? Describe the type of people you really like to work with. Who do you think is the typical user of the products and services you provide? Who is the typical buyer? (note: may be different than the user) What kind of income do you think this customer would need to afford your services? What type of events typically trigger a customer to purchase from you? #2 -- Trial and Error This is one of my favorite strategies. I never really liked the idea of narrowing down your target market without having first worked with a few people first. I recommend a little trial and error when it comes to determining your target market. After you've come up with an educated guess, do some light (inexpensive) marketing to that group and see how it goes. Perhaps the group you thought would be ideal buyers are really just pains in the you-know-what. Do they haggle you over prices, refuse to return your phone calls, ask for more than what they are willing to pay for? Even though a market may sound good on paper or in your business plan, doesn't mean in real life they won't drive you nuts. After working with around 20-30 people you should be able to start narrowing down your market by plucking out those who aren't a good fit and finding the group who is their polar opposite. #3 -- Borrow In most cases there is no such thing as an ideal target market who know one else is selling to. Do some research on businesses who are similar to yours (also known as competitors) and see who it is they are marketing to. Search their Facebook and Twitter posts to see who's engaged with them. Check out customer rating sites like Yelp or Google Local to see what kind of feedback they are getting and from whom. Snoop around on their websites and see who is commenting on their blog posts and while you are there check out their testimonials page. Don't abuse this step by becoming a creepy competitor stalker but do use it to gain an understanding on what market your competitors (especially the successful ones) are advertising to and what prompts those buyer to purchase. |
| Category | Music |
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