If you don’t know who your customers are, how will you be able to assess whether you are meeting their needs?
In order to market your product or service, you need to tailor your marketing and sales efforts to specifically reach the segment of population that will most likely buy your product or service. When you clearly identify your primary market, your energy and funds can be spent more efficiently and effectively.
Since success depends on your being able to meet customers’ needs and desires, you must know who your customers are, what they want, where they live, and what they can afford. We’ve all heard a business owner say, “My product is terrific! It appeals to everyone.” Many of us have also seen small businesses that try to be all things to all people. This is a difficult, if not impossible, bridge to cross.
What You Should Know Before Getting Started
Targeting your market is simply defining who your primary customer will be. The market should be measurable, sufficiently large, and reachable.
For example, a definition of being a printing service for mid-sized firms with mid-size projects is not measurable. However, a target market of firms within a radius of 20 km, with annual revenues of $100k to $250k and a need for four-colour printing runs of approximately 5,000 pieces is a clear definition.
Once your target market is defined, based upon your knowledge of product appeals and market analysis, and can be measured, you should determine whether the target audience is sufficiently large enough to sustain your business on an ongoing basis. In addition, your target market needs to be reachable. There must be ways of talking to your target audience.
Download this comprehensive resource for the first step in identifying your target market and understanding what your products/services have to offer people or businesses.