In starting a business, whether it’s a small or large business, of course, you have to be prepared carefully. This is so that the business will be able to run and even grow rapidly. The target market is an important factor that you should not forget.
Without a clear target market, your product will not be able to reach those who need it. As a result, your product is useless because no one buys it. Of course, you don’t want that to happen, do you?
That is why determining the target market is crucial when building a business. But don’t worry, because this time Populix will discuss what is meant by a target market, its benefits, and how to determine it. Let’s see!
What is a Target Market?
Understanding the target market is a group of people who have the same characteristics, preferences, and interests in an item and are considered potential customers by a company.
Simply put, the target market is the group of people that the company’s approach to buying products from their business. Usually in determining this target market, market segmentation must be carried out first in order to group consumers who have almost the same characteristics.
Market segmentation can be divided into many general categories, for example:
Or it could be by looking at more detailed categories such as:
The more specific the category of market segmentation, the fewer potential buyers, but you can focus more on product development so that consumers can subscribe to it. If you need information about travel you can visit this site kelilingkota
How to Determine the Target Market
After understanding what a target market is and its factors, let’s discuss how to determine a target market for your business.
1. Determine Who Your Customers Are
The first way to determine your target market is to identify who your potential customers are. You can create buyer personas to describe potential customers, for example based on physical characteristics, demographics, psychology, and so on.
To create a buyer persona, you can start by doing segmentation, for example determining gender, age, lifestyle, and others. This data will make it easier for you to determine who your potential customers will be.
An example of your target market is women, because your product is women’s skincare. Of course you wouldn’t market it to men.
2. Finding Out the Needs of the Target Market
The next step in determining your target market is figuring out what your potential customers need. For this you can use analytic tools such as Google Trends or communicate directly with the public.
You can do product tests to find as much information as possible about your target needs.
3. Observing Market Competition
Keep in mind that every business has competitors. Therefore you must carefully observe the market competition. This way, you will have an opening to win the attention of customers so that they buy your product.
Competition can come from many factors, such as price, features, ease of purchase, and service. From this observation you can try to create and develop your best product.
4. Explaining Product Advantages
After observing the market competition, you can explain what the advantages of your product are compared to competitors. If your company offers advantages in terms of features, then focus on explaining those advantages.
5. Define Marketing Strategy
The next way to determine the target market is to design the right marketing strategy. This is because each target has a different promotional style. For example your target is gen Z, then you can do marketing through social media.
6. Evaluating Market Response
The last is to evaluate the market response. This is to assess whether the strategy you are running is effective or not. If not, then you have to change the marketing strategy. Perform periodic evaluations, for example once a month.
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