How to Stand out from Competitors
June 20, 2016
Last Long Syndrome for your Marketing
June 20, 2016
Learn how to identify your target market
Are you a budding entrepreneur? Ask yourself, do you already have a product for sale? If yes, whom do you want to sell it to? If you’re answer is to sell it to the entire consuming public, then you in for a great deal of trouble. If you’re indiscriminately selling it to anyone who could be interested, then you’re wasting time and effort. Bigger market doesn’t necessarily register bigger sales. If you’re a small-scale entrepreneur, you should be wise and only target a well-defined sector of the society. This is where you have to consider factors to identify your target market.
Identifying your target market is not only an important marketing strategy but also a critical process in developing the brand of your product. Branding is a process of putting an image to a certain product in order to give it a customised distinction in the market. If you have clearly identified who your target market is, you can customise the product to suit the wants of the customers.
Identify -ing your target market need not be a technical and rigorous process. Your answers to the following queries will pretty much give you ideas about who could be your target market.
First consideration is for the entrepreneur to identify your target market based on their needs. Example, who are the customers who needs adjustable jeans? If you’re answer are pregnant women, then you have identified target market.
After classifying the target market based on needs, further classify those needs into frequency of demand and lifestyle. Using the example above, ask yourself, if pregnant women demands adjustable jeans, would they order jeans often? Who are the pregnant women who would want to order adjustable jeans? Pregnant women who order jeans are usually those who are working and live in urban areas where people are into going out and socialising. With these kinds of answers, you have further classified and categorized your target market. Using the example above, you now know that your target market are pregnant women who are usually working and lives in urban areas.
If you now know your target market, you can customise the product to fit the needs of your customers. By customising the product, you improve your products’ quality and at the same promote brand loyalty amongst your customers. Delivering a high quality product will eventually result to sales and possibly attract investors.
Identifying your target market is crucial in branding because customising your product in accordance to the demands of your client is a must if your aim is for your product to be absorbed by a constantly changing market. This will also help you devise scheme for the manufacture of your market; meaning, would your product be for mass marketing or niche marketing?
The process of identifying target market is a long term training for the entrepreneur, making sure that he has the ability to predict any change in the market in order secure the sustainability of his product in the market.
for more guide you must contact with web designer perth
