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How to Define Your Target Market

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With the state of our economy today, it is important to have a distinct target audience for industries and marketers. After all, there is probably no industry out there who can connect to everyone. With a well-defined market to target in mind, even small businesses can completely compete with big businesses.

Marketing is not just about the idea of placing ads everywhere to promote your service, brand, or product. Contrary to what most people think, it is actually a method to attract new businesses. But, before you can attract new businesses you have to think first of who you want to target with your marketing strategies. With a specific target in mind, you can also plan a specific strategy in order to reach them.

Know Your Target Customer’s Demographic Profile

To know your target market, demographics are important to know. When defining a target market, make sure to establish its demographic profile like:

  • What specific age range do you want to target?
  • Do you plan to market only to one gender or both?
  • Where are they currently living in?
  • What are their interests?
  • What is their net worth?
  • What is their status?

With these questions and more to follow, you can easily think of how to can devise your marketing strategy. For example, how should I sell them / what price should I sell them for.

Determine Your Probable Competition

Know who your potential competitors are and what their target market is. You should also have an idea of who their target customers are. Once you already know this then think outside the box. Because if you do you have the opportunity to tap into a niche market which may give you an edge on your competitors.

Examine Your Service or Product Carefully

If you already have the definite service or product in mind,  make a list of all features. Then, make a list of the benefits that can possibly be offered by them. Once you have completed this, then think of who would need these features/benefits. Don’t worry if it’s too general. You can make your start from here to help you define your target market further.

Evaluating Your Final Decision

If you already have the specific market in mind after doing the necessary things you needed to find out, make sure to fully evaluate your final decision. In order to do so, ask yourself the following questions:

  • Are they accessible for my business?
  • Is your target market already enough to fit your criteria?
  • Can the message about my product/services reach them?
  • Is my product/service affordable for the target market I have in mind?
  • Can those people I plan to include in my target market benefits from my business?

The hardest part of starting any business is to define the target market. This is the starting point of every business that will determine if it will be successful. Once you have defined your target market, everything will immediately fall into place. Aside from getting enough return-on-investment, you can also save a lot of money if you already have a target market in mind.

When starting an Ads on Wheels campaign, we work hand in hand to select your perfect customer. Drivers who advertise your business will fall into this category giving them a higher chance to purchase your product/service.

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