How to Define the Target Market for Your Product or Service

Any experienced entrepreneur will tell you that without defining a target market for your company’s product or service, your business won’t get off the ground. Marketing your business without a well-defined market is like venturing into unknown territory without a plan. You never know what you’ll find. Read on for some tips about defining your target market.

What is a Target Audience?

A target audience is a group of potential customers to whom you want to sell your company’s products or services. These are the people to whom you direct your marketing efforts. Customers who make up a target audience share similar traits, possibly in terms of:

• Demographics
• Income
• Purchasing power
• Interests and hobbies

Identifying your target audience, they represent a crucial piece of your company’s marketing strategy.

Social Media Analytics

Identifying your target audience also means integrating conclusions with objective data. Social-media analytics can be a great way of gathering this data. These measurements can help you understand who’s interacting with your business online, even if those people are not yet customers.

Defining Your Product or Service

Establishing your target market also requires that you identify what your products or services have to offer to potential customers. Start by listing all of the benefits of your product or service, then identifying people who have needs that those benefits address.

Keep on the Lookout for Changes to Your Audience

Be aware that your target market may change over time. For example, as people get older, their tastes and preferences often change. So, be sure you stay up to date with the changes in your market definitions and adjust your offerings accordingly.

Once you understand who your target audience is, you’ll know how to craft your marketing message to turn them into customers!

source https://inmarkmg.com/sales/how-to-define-the-target-market-for-your-product-or-service/