Why Your Business Needs A Target Market?

by Admin on June 14, 2011

target market?“Who is your target market?” That’s usually one of the first questions we ask a new client. And the two most common answers are: “Everyone” and “I don’t know.” Neither answer is acceptable if you plan to have an effective marketing strategy.

Wikipedia defines a target market as “a group of customers that a business has decided to aim its marketing efforts and ultimately its merchandise (service). A well defined target market is the first element to a marketing strategy.”

Without a target market, your marketing efforts will be unfocused. You will likely use the spray and pray marketing model, where you spend money on disconnected marketing efforts and pray for results.

By having a target market, you are able to focus your marketing resources. You can determine what makes this market segment buy (price, quality, professionalism, etc.) and adjust your marketing strategy accordingly.

Some market segments prefer quality or expertise to price. If your target market is willing to pay for expertise, become an expert. Start a blog, give away great information in the form of eBook, white papers and blog posts. Your potential customers will say, “if she gives that great information away for free, how good must her paid expertise be?”

By definition, a target market means exclusion. You will be excluding customers in other market segments from your target market. This does not necessarily mean you won’t sell to them. It just means that you will not be spending your marketing resources to capture their business. And, by the way, you can have more than one target market, although you should always have a primary target market.

Having a target market is like having a predetermined destination and a map on a trip. Without a predetermined destination and a map, you don’t know where you are, where you’re going or where you’ll end up. While that may be okay for a trip, it’s not okay for your business.

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