Suze Bragg

Have You Defined Your Target Market Lately?
May 2, 2007

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Figuring out your target market isn't rocket science, but to some it feels like it should be. I'll try to help make it easier to understand. According to Wikipedia, a target market covers the specific segment of people that a company wants to market a product or service, or group of products and/or services. This group is chosen by demographic, psychographics, and various other means. An example of a target market might be described as, "A college-educated woman living in the southeast United States. A working mother of two or three, a homeowner, with a middle-class income and lifestyle, who has aspirations for a higher lifestyle."

Other groups may also be interested in the product you're marketing, but they're not your main focus. [Figuring out your market is] one of the most important stages involved with the market research stage. Without knowing [this], advertising and the selling of a particular product can become difficult and very expensive.

With that said, here are some steps to figure out who loves what you sell and wants to buy from you:

1. Define your current customers as you see them:
   • Who are your best customers?
   • What do they have in common?
   • How would you characterize or describe them?
2. Ask your customers about themselves:
   • Ask them in conversation, "So Betty, did I hear you say your daughter goes to Forsyth Country Day School?"
   • Conduct it more formally by giving them a survey
   • Listen to what they say when they talk about themselves
   • Observe and listen...listen and observe
3. What are your customers demographics?
   • What is their general age?
   • Where is your store located in proximity to their work, home, etc.?
   • What is their occupation?
   • Are they male or female?
   • What is their general income? Do they have disposable income and make approximately $80,000 a year?
4. What are their psychographics factors or interests?
   • Do they view your site while spending their free hours looking up people in MySpace or while reading the local newspaper online?
   • Are they commuters grabbing breakfast in route to the office?
   • Are they the lunch crowd and want something quick?
   • Do they read the Wall Street Journal when they eat, or do they live on their cell phones?
   • Do they live in the city or the suburb in a prefab neighborhood?
   • What are their special interests or hobbies?

As you begin to understand more about your target market, write different scenarios for each type so you understand them like you would a friend. Once you've done this step, map your business objectives with your audience to understand how to reach them more effectively. Do coupons work best and they send these along to their friends? Do they only read newsletters on their Blackberries or do they prefer to hear word-of-mouth information?

As trends and the climate market change, so do people. Be sure to re-evaluate your target market every 8 to 12 months to ensure you're changing with them.

Posted by Suze Bragg on May 2, 2007 | Comments (0)