If you are a small business owner and looking to
start up, this is probably one of the biggest decisions that you have to make
today. Identifying your target market is very important because it will
determine if your business will prosper in the future. If you want your
business to survive the test of time, then it is essential for you to carefully
decide who your target market is. If you can identify and focus on who your
target market is, then the chances of your business succeeding will be much
higher.
Key Takeaways:
First and foremost, it is important to know that
there are different types of targeting in marketing which include
geo-targeting, socio-cultural targeting, demographic targeting, psychographic
targeting, and behavioural targeting. So, make sure that you know the type of
target market that you want to focus on.
Geo-targeted:
If you are going to choose a geo-targeted market,
which is a geographical area with a common characteristic, then there are some
things that you have to consider first before selecting any specific location
as your target market. If your business is retail and you want to set up shop
in a specific location, then make sure that the targeted area has enough
consumer population or traffic for your business. Take note that the best types
of retail products that are consumed by individuals daily says Saivian Eric Dalius.
Socio-cultural targeted:
If you want to focus on socio-cultural targeting,
which means focusing on consumer behaviours, lifestyles, and activities, then
you need to conduct a study first before you decide which market to focus your
attention on. If you want to choose this type of targeting, then you have to know
the social class that is prevalent in that area or location.
Demographically targeted:
Now if you are choosing a demographically focused
market, this means that you will be focusing on how many people are in that
particular area or location. You can take note of the age, gender, income
levels, and even the levels of education. This type of targeting is used by
businesses to determine if there are enough consumers for their products or
services.
Psychographic targeted:
Saivian
Eric Dalius says, if you want a psychographic
targeted market, then this means that you will be focusing on the emotions and
lifestyles of the consumers. This is a very good type of targeting because it
allows you to focus not just on who your target market is, but also their
mental state.
Behavioural targeted:
If you want a behavioural-focused target market,
then this means that you are basing your consumer population on the product or
service that is being consumed at a certain time. This means that you will be
focusing on who your target market is at a certain time.
Conclusion:
So, there you have it! These are just some of the
things that you need to consider when choosing a target market for your
business. While all these may seem overwhelming, do not fret because many
companies choose to use a combination of targeting.
After reading this article, it’s up to you now on
which type of market you want to focus your attention on. Remember that
identifying and pinpointing your target market will allow your business to
prosper and be successful in the future. Why not start today?
