Target marketing, you’ve heard this term used so many times but what really is it? Target marketing is when you break your market into different segments and focus your marketing efforts on those specific demographics, to pinpoint your potential customer base. How ever many segments you want to focus on is up to you, you can do one or a few!
Why it’s important to define.
Now a days, it’s safe to say that large companies have an advantage when it comes to marketing. On a small business scale, it is almost fiscally impossible to target to everyone out there but don’t worry, there is a solution! By defining your target market, you are able to focus your precious dollars to a specific target and generate business more effectively and efficiently.
How do you identify your target market?
Saying that your product is for everyone, or even just for buyers/sellers, is too broad of a market. Instead, try to say “I am looking for homebuyers who are in search of a condo with a remolded kitchen.” This target is defined and you can focus your marketing efforts on that criteria. This is not saying that you won’t market to other potential customers along the way, but instead you will be focused and efficient.
A few ways to determine what your target market is:
- Analyze your current customer base.
- Research your competition.
- Define your market segments.