The term target market is used because that market is the "bull's eye" at which you aim all your marketing efforts and marketing budget. So, don't forget that a target market is people - People with common characteristics that set them apart as a group. The more statistics you have about your target market, the more precisely you can develop your marketing strategy; therefore you will be able to execute consistently and profitably over time instead of quick hits here and there. Your existing and potential customers should have four essential characteristics:
1. They have a particular need. People have all kinds of needs including basic survival needs (e.g., food, shelter, health), rational needs (e.g., dependability, durability, economy), and emotional needs (e.g., love, sex appeal, status, security, acceptance, and power). Do you truly understand the needs of your target market? Keep in mind that everyone may need your service but not everyone will want to fulfill their needs with your solution. When you define the needs, also make sure you target those who you can persuade to fulfill their needs with you.
2. They have enough money to buy what you're selling. Just because someone wants to buy what you're selling does not mean they have enough money to do so. I get tons of people telling me they love my service offerings and they really need my help but when I ask them about their budget for training and education they say, "I don't have a budget set." This tells me they can't afford to buy what I'm selling. Don't get me wrong, it's great to do pro bono work and give back to your community. Just make sure that you've targeted a market that can provide you the profits in order to sustain your business. Make sense?
3. They have decision-making power. Spend your time wisely. Find the person who has the actual authority to say "yes" or "no" to buying your solution. Enough said.
4. They have easy access to your solution. Accessibility is important. For example, if you wish to sell decorative baskets to people in your neighborhood, you must either take your baskets directly to your customers or have a location where they can come to you. If you primarily sell online or have services, just make sure your target understand how they can access your solution by telling them exactly where to go and what to expect. In order to determine the characteristics above you must do your research and document your findings. Your documentation based on the above characteristics form the foundation of finalizing the best target market for your business. Yes, this is business 101 but sometimes we forget that the basics are the glue that will hold your business together and help you STAY in business.
About the Author:
Sherese Duncan is the Author of the Award Winning Ezine, The Street Perspective, a bi-weekly eZine for small biz owners who want straight-to-the-point simple strategies to increase profits and increase cash flows. Sign up for your free profit strategies at http://www.thestreetperspective.com
Article Source: http://EzineArticles.com/?expert=Sherese_Duncan
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