Finding your target market is a mixture of science, research and a dash of profiling imagination. But in the end, figuring out ‘what is my target market?’ is much easier than winging it.
Starting target market research is a droll process. No, there’s no sugarcoating here, especially at first, and most important, steps. Getting all of your ducks in a row when it comes to age, income, geographic location, occupation, interests is bar none one the most lackluster part of the target marketing process.
At any point in your research phase you can’t picture a specific person, fiction or otherwise, then you’ll have to start over. Sometimes the hardest part of data-driven projects is using your imagination. But for target profiling, it’s essential.
It’s vital to know who is buying your products and where they are, in relationship to your business model, that is. Are they early adopters or will they wait until the next generation is out to buy what you’re selling now? Do they shop online or prefer a brick and mortar? Will they value the time and effort you put into each offering, or are they accustomed to prompt service?
Income levels are the first thing that flies out the window when you have a product or service that people need. Not want, but need. And there aren’t many real needs other than food and water, which leaves your target requiring some disposable income to interact with your business.
How far does your target live away from your store or are they insistent on home delivery? Some people may live in rural areas and match your target identity perfectly, but not your service. This may lead you to find secondary or tertiary targets that better help your bottom line.
And all products and services have multiple target markets, it’s a matter of finding out which suits your mission statement and messaging.