Target Market Review - Part 1

Your Ideal Client or Customer:  How do you know who they are?

Often times when I ask my clients, "Who will buy your product?" or "Who is your ideal client?" they either do not have a clearly defined customer, or they think everyone will be interested in their product or service. Typically I hear, "Everyone is my target market."

The truth of the matter is, for most small businesses there is a small market for their particular product or service. Determining who your target market is as closely as possible and then zeroing your marketing efforts to that customer will make for the most effective marketing.  Marketing to "everyone" is much more expensive than marketing to a specific group of people, which you can also target your brand message more effectively.  Additionally, you cannot be all things to all people and do it well. Be a specialist in what you do.

For start-up businesses, determining the target market is most critical to decide on branding your new business.  What will your brand image and brand message be?  What will the name of the product, service or company be?  How about product package design?  What pricing strategy will work best and many other important decisions need to be based on knowing clearly and specifically who your target market is.

If you have an established business, profiling your current customer database will provide a wealth of information on who they are and what the common denominators are of your primary target market.

So, how do you determine your primary target market? Our next blog will cover how to determine your demographic, geogrpahic and psychographic profile of your target market. 

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