Defining Your Target Market

Many business owners start out targeting everyone in the hopes that they’ll eventually be interested in their offerings.  However, this is a waste of precious resources.

targetmarket“In marketing, if you have no specific target it’s not like the motivational speech of, ‘Shoot for the moon and if you miss, you’ll land among the stars.’ It just doesn’t work that way in business. You’ll be shooting into the black expanses of space–where no one exists,” said entrepreneur Michael Kaleinkini

Entrepreneurs must drill down into specifics. This gives them the tools to tailor marketing campaigns and reach the customers most likely to buy their products.

Begin with your existing customer data. What are the demographics? Where do your customers live? What influences their purchasing decisions? Market research will help you narrow down your market by gathering this specific information.

After you’ve narrowed down the facts and figures, write a profile. Who needs your product? What is important to them? What are their wants? Find out everything about them. Talk to them and gather information about their lives. Really get to know your customers.

Trying to reach everyone with the same message wastes a lot of time and money. A focused plan that reaches a tiny audience works much more efficiently for your business. Define your niche market today!

Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.