IDENTIFYING YOUR TARGET MARKET

3 Questions you must answer about your target market

One of the reasons why many businesses make little or no sales is because they are trying to sell to everyone, they try so hard to appeal to everyone which is very impossible.

The truth is, no matter how good your product or service is, not everyone will be interested in it.

The critical task to be done is to identify those people that would most likely be interested in what you’re offering and target them.

Let me ask you one question, can you think of something everyone likes? Or one thing everyone is interested in?Sports? A Vacation? Running a business?

It is definitely impossible to find ONE thing that everyone is interested in, so also is it impossible to find ONE product that everyone is interested in.

Assuming your product is something like food, clothes, shelter, etc which every human being must have.

It still doesn’t change anything because despite the fact these are common needs among humans, they still have different taste and style for them.

The kind of house Mr A wants to live in is most likely not the kind of house Mr B wants to live in.

Why?

There are several factors to consider, such as their taste, income, etc. It’s hard to connect to everyone on the same level.

A generic message doesn’t specifically appeal to anyone. This is why you must determine the specific individuals your products or service is meant for.

How do you do this?

Before I talk about how this can be done, let’s understand what a Target Market is

A target market refers to a group of customers to whom an organization wants to sell its products and services, and to whom it directs its marketing efforts.

Your target market is a small fraction of the marketplace which you’re to focus on. They’re those set of people most interested in your product or service.

Consumers who make up a target market share similar characteristics including age, geography, buying power, demographics, incomes, etcIdentifying the target market is important for any business before carrying out any marketing strategies.

Not knowing who the target market is could cost a lot of money and time for a business.

In order to identify who your target market is, there are some questions you must answer and you can only answer them after conducting your research.

What are the questions?

1. Who are your target market?

You should be able to identify who your target market really are, that is specific traits about them. Identifying their age, demographics, gender, occupation, educational background, ethnic background, marital status, etc are all very important.

You can research on these by directly asking them questions or carrying out research to find out what they’re saying on the internet.

2. What are their Interests and Disinterests?

This is also very important to identify, what are your target market passionate about, what are their values, their favourite sports, food, entertainment, etc. Likewise what are their Disinterests, problems and challenges, what gives them sleepless nights?

3. What are their purchasing behavior?

Another important aspect to Identify is their purchasing behavior, would they be interested in your product or service, does your product or service solve any of their needs or problem, are they willing to pay the price for your product or service, etc.

These are the major questions you must seek answers to while Identifying your target market, that way you can specifically target them in your marketing strategy and appeal to them much more therefore increasing your sales conversion.

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