Thu, August 22, 2019

Target Market

We have used the term target market in quite a few articles, so we thought it might be helpful to give you more info on it.

Basically, a target market helps you be ‘strategic’ about how you plan your marketing. It helps you budget money for the most effective ways of reaching the most customers. I am sure everyone will want your product, but if you can narrow it down to a specific group it will help you sell better and quicker.

Any business owner needs to know how their products appeal to customers. Ask questions like: “What need does your product/service satisfy? Does it solve a problem for someone? Does it help them be better at something? Does it make their life easier?” If you know the answers to these questions, then you have to think of ‘who’ might best benefit from your product/service.

Let’s say, I am selling, Texas sized belt buckles. They may sell in New York, City, but they are more likely to sell in Texas. So, I don’t want to spend a lot of money advertising in New York. I also, don’t want to try to sell these buckles to a ladies knitting club. There is a specific group of people (target market) that would be more likely to buy my buckles, like cowboys in Texas. I will want to advertise to them.

We start with location which could be local, state-wide, country specific or international. Then, we need to decide on what kind of people they are (demographic) with population and other statistics where they may live. Finally, if we want to really get specific, we will focus on the lifestyle of the target we are looking for.

So, belt buckles would probably be good for people in Texas, since they are Texas sized! They would probably sell good to cowboys and rural communities (demographics). And, I would probably sell these well in a rodeo, a Texas fair, or in some trade magazines where these kinds of people shop.

The better you pinpoint who would buy your product, the less marketing you actually have to do. You can hit a bulls-eye best when you can see exactly where you need to aim. Here is how you can define your own target market.

Location: Will these sell in the local area? Will they be better in downtown, suburbs, mobile home parks, farms, etc.? Can I deliver my product/service very far? This one should be easy to determine. If you don’t have a car, you are limited in how far you can go for a service. If you use mailing, you can go farther, but if it is something like cakes, they may not travel too well.

Demographics: you can find demographics in pages about the census. Wikipedia also lists demographics if you search for the specific town, county or state you are ‘targeting.’ Basically, you will see what the general person looks like. If there is 48% of the people under the age of eighteen, you know there are a lot of young people in that area. If you see that most households make 30K-40K, then you know how you can price your product/service better. Demographics are general guidelines of what the general population is. You will want to be a specific as possible.

Lifestyle is harder to figure out. You have to ask, what do most people who would buy my product be involved in, listen to, or read? If I am selling hiking shoes, I would probably go to where local hiking tracks are and put out flyers. I may put an ad in a local hiking magazine. I may even sponsor a hike to get more people involved. Think about what kind of things this person does for fun, where they would likely hang out, what kind of things they like. If I sell dog biscuits, I would go to dog parks, vets, and things like that to get an idea of the kind of people I am dealing with. It is kind of like being a little bit of a spy to see what kind of things they like. Don’t be afraid to tell them you are a teen developing a business and would like their opinion. It depends on your personality.

If you want to really get heavy into target marketing, there are a lot of sites online. There are even a lot of companies that will assist you in finding your target market, for a fee. Personally, I found this web page helpful, even if it is from Canada (JK): SBACanada.

So, define your target market and put your efforts into reaching the best customer that you can. It will help you be a better business person and have a more successful business.

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3 Comments to “Target Market”

  1. Hey guys!

    This site is a FANTASTIC resource for teens who would like to create a business!

    You are exactly what I have been looking for… Some like-minded young people who are interested in this stuff.

    I looked very hard your your contact page, but I could not find one, so I am having to do it in this comment, but send me an email… I do believe we could hare some useful stuff!

    The new website that I am going to be working on will be a similar resource, but it will be in the UK, but I would also like to share syndicate some of your content to my readers, and drive some traffic back to your site!

    Get back to me guys,

    Keep up the great work!

    Isaac

    You can contact me using the comment of by visiting my site by clicking on my name =)

  2. TBC says:

    We would love to work along side of our UK ‘business brother.’ I sent you an email. Let’s see how we can help each other as we help other teens learn about business.

  3. chialis bestellen says:

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