What is Target Marketing?
Starting a business with the belief that customers will naturally show up is a risky approach. The idea that ideal customers will magically find and support your business is unrealistic. In the movie Field of Dreams, it worked, but in the real world, it’s unlikely. Trusting Kevin Costner for marketing advice is not a good idea.
Target marketing is the process of researching and understanding the interests, hobbies, and needs of prospective customers so that you can focus your message and marketing budget on the specific segment of the market most likely to purchase your product or service.
Identifying your target market is an ongoing process, not a one-time event. Gathering information about your target market should be continuous. Understanding your ideal prospective customers is vital for business planning.
When starting a business, one of the first steps is identifying your market – the subset of the population that needs and will pay for what you’re selling. Realistically, your target market is not everyone with feet, but rather those who prioritize comfort over style and value durability. Testing assumptions about your target market is important to avoid wasting resources.
To identify your target market, consider their demographics, geographics, psychographics, and behaviors. Demographics include age, gender, family size, educational level, and occupation. Geographics consider where your customers live and details about the area. Psychographics delve into why your customers make certain choices and what benefits you can provide. Behaviors explore how your customers behave and gather information.
Collecting information about your target market can be done through social media analytics, leveraging email addresses, using Census information, analyzing your own sales data, and asking your customers directly through surveys.
At a minimum, you should know the gender, age, interests/hobbies, location, occupation, income, and housing situation of your target customers.
Target marketing is a valuable tool for businesses at all stages. It allows you to compete in niche markets where big players may not focus. By understanding your customers, you can build a loyal customer base and develop strategies that resonate with them.
For example, niche wireless providers target specific audiences with unique needs. Sephora, a makeup and skincare retailer, gained loyalty by offering free samples and reward points that appealed to their target customers.
In conclusion, doing nothing and relying on the belief that customers will come is not a successful marketing strategy. Target marketing requires upfront work, but the rewards are worth it. Trusting Kevin Costner for marketing advice is not recommended.
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
Welcome to my digital space, where every piece of advice is a step closer to financial clarity and success!