Marketing Resources Directory - Target Marketing

 

What is Target Marketing?

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When doing target marketing you are suppose to ask yourself a couple questions. Two question you should ask yourself are, “Who are your customers?” and “Who will buy your product?” Some small business owners either do not know how the answers to these two questions or they assume that everyone will purchase their product.

One thing small business owners do you realize that you can not assume that everyone is going to purchase your product or service. Small business owners need to target their market who are going to purchase their product or service. There are several different areas where a small business owner could target their customer market.

Ways to determine the category your market should be in are:

  • Age: children, teens, young, middle, elderly
  • Gender: male, female
  • Education: high school, college, university
  • Income: low, medium, high
  • Marital status: single, married, divorced
  • Ethnic and/or religious background
  • Family life cycle: newly married, married for 10 – 20 years, with or without children.

This information should be available to you through your local town , hall, library, or Chamber of Commerce – and the more detail you can get, the better.

Next, you need to segment the market as much as possible using 'psychographics' as your guide:

  • Lifestyle: conservative, exciting, trendy, economical
  • Social class: lower, middle, upper
  • Opinion: easily led or opinionated
  • Activities and interests: sports, physical fitness, shopping, books
  • Attitudes and beliefs: environmentalist, security conscious.

One of the first things you need to do is to refine your product or service so that you are not trying to be 'all things to all people.' Become a specialist.

The market understand that people purchase products or services for three reasons, and those three reasons are: satisfy basic needs, solve problems, and to make themselves feel good.

 

 

 

 

 





 

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