A clearly defined marketing target market is essential if you want your marketing to be effective. Without this there is no point spending any money on marketing. Once you know exactly who you are targeting your message will be much clearer and more relevant and your marketing strategies far more cost-effective.
Business Coaching Insight:
You are throwing your money away if you spend on marketing without knowing exactly who your target is
Why? Because the more tightly focused your marketing is, the less money you waste on trying to appeal to people who are not likely to buy from you.
For example, if you are a pediatrician there is little point targeting anybody other than parents.
Even businesses with a broad market like McDonalds, break their campaigns down by marketing target market and they have a different strategy for each one.
The reason for doing this is because each marketing target market has different needs and preferences. For example, the way McDonalds markets itself to kids would be different to the way they market to young adults.
Your target market is the segment of customers within your market who have the greatest propensity to buy your product or service.
Not everyone will want to buy from you, and that's okay.
The biggest mistake any small business owner can make is try and target everybody so they don’t miss out on potential business.
When you pinpoint your niche and your target market, it allows you to create your business in such a way that it appeals to those customers and minimizes wastage.
Your niche refers to the segment of the market you operate within whereas your target market defines the people in that market.
For example, if you’re a florist, your niche might be weddings in which case your target market would be woman aged 25-40 who are engaged.
The tighter your niche and target market is the more effective your marketing will be. In this example, it is much easier and cheaper to target women who work in IT rather than all adults who work in corporate businesses.
Imagine trying to advertise to each one – adults in corporates is so broad that you’d probably have to advertise in mainstream newspapers at great expense. Whereas if you target women in IT there might be an industry magazine, a networking forum or a mailing list available to buy.
Some of the ways you might define your marketing target market are by:
Business Coaching Questions: