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2016-07-14T19:36:04+08:00
Small Business >Advertising & Marketing >Target MarketsHow to Describe a Target Market for Your Products and ServicesWhether you own and operate an ice cream parlor or design and sell swimsuits, it's essential to pinpoint the target market you want to attract to your products or services. Your target market can range from pregnant women to recent college graduates, but the details describing your market should be as specific as possible. Outlining your target market can help you set prices for your products and services, serve as guidance when you create promotional efforts to advertise your brand and help you decide how to distribute your productStep 1Use demographic data to start describing your company's target market. List demographic factors like age, education level, occupation, ethnicity, marital status, income, net worth, geographical location, political party and gender. This data is necessary to help you develop strategies to attract your ideal customers.Step 2Identify psychographic information to give you an in-depth look at your target market. Psychographic information gives an overview of your target market's lifestyle and personality, and information about your customers' values, interests, beliefs and hobbies.Related Reading: How to Cater to Your Target MarketStep 3Identify the need, want or problem that drives your target market to research and purchase the products and services you offer. Discuss how the features and benefits of your products and services fulfill your customers' needs and wants, or solves their problems.Step 4Determine which resources your customers use to help them make purchasing decisions, as this will help you determine how to advertise to them. Some customers may ask friends and family for advice, while others may visit blogs, forums and product review sites for information. Your customers may also rely on television and radio as resources for their purchasing decisions.Step 5Describe what motivates your target market to purchase from your company and how your company plans to persuade them to buy your products or services. Identify how your business is different from your competitor's business. You can discuss elements like customer service, product price points, the materials used to make your products or the approach you use to reach your target market
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