Defining your target market is critical if you plan any measure of success in your business. A solid foundation for your business requires that one of the first things, if not TEA The first thing to do is – DEFINE YOUR TARGET MARKET! In simple terms, that means you need to figure out who your typical customer is and design your marketing to reach those people. If you don’t, your marketing efforts will be like tumbleweeds, rolling aimlessly in whichever direction the wind blows.

To define means to be more specific

There was a time when business owners would say things like “I’m marketing our products/services to people ages 21-59.” That’s great if you think everyone between the ages of 21 and 59 will buy from you, but that’s not the reality. These days, age doesn’t mean what it used to be. I’m sure you’ve heard the saying “60 is the new 40” (or some variation of that). That is very true today. Generational marketing defines consumers not only by age, but also uses social, economic, demographic, and psychological factors that give marketers a more accurate picture of that target consumer. Generational marketing is just the tip of the iceberg when it comes to defining your target market.

6 other ways to define your target market

1. Look at your current customers: Which one(s) generate the most business? Why do they buy from you? It is very likely that others like them will also benefit from your product/service.
2. Choose specific demographics: who needs your product/service and who is most likely to buy it. Consider; age, gender, occupation, location, income/education level, or marital status, just to name a few.
3. Take a look at your competitors: Who are they marketing to? See if there is a niche they have been missing and target that group.
4. Check out the features: This is also known as “psychography” in the marketing world. This covers things like; personality, attitudes, interests/hobbies, lifestyles, etc. How will your product/service fit?
5. Analyze your product/service: make a list of all the characteristics of your product/service. Next to each feature, write down the benefits each feature will provide. Once you have completed that, make a list of the people/businesses that need what your benefit will fulfill.
6. Evaluate your decision: When you have defined your target market, ask yourself these questions; Is there a big enough market for my product/service? Will they benefit from and/or see a need for my product/service? Can they afford it? Are they easily accessible? Will I be able to communicate with them with my message?

Defining your target market is the hard part, but you don’t need to go crazy to do it. Once you’ve defined your target market, it’s easy to determine what marketing message will resonate with them and what mediums to use to reach them. Defining your target market will also save you a lot of money on marketing and give you a better return on those marketing dollars at the same time.