Your Target Market

Comments (20)


Identifying your target market is one of the things you should have learned in Marketing 101, no matter what school you attended. Many of us attend the "School of Hard Knocks", and if you don't learn it there, you probably never will be successful in your marketing efforts.

Now let's think a little. Would it pay you to advertise sporting goods to people in a nursing home? How about advertising a local fence installation company on National TV?

Why is the answer to both of the above no? Simple - their ads don't match their potential clients. Your target market should consist of people who not only need your product or service, but also have the wherewithal to pay for it.

Does the Internet have this same requirement? Sure - while the Internet is worldwide and covers most of the globe, it is probably more important to find your target market there than anyplace else.

Most places you might advertise in don't have detailed demographics of their visitors or readers. Some companies are trying to get this information, but it is a long uphill battle as most people are unwilling to give out personal information on the web.

This is one instance where you have to use some common sense. While you may not have detailed demographics available, there are some things you can do to sharpen the focus a bit. If you were selling a health product geared toward older people, you can automatically rule out the "kiddie sites" or ones that appeal to a young crowd such as the sites where you swap music.

Web Sites or Newsletters that specialize in humor are normally a "no-no" as the grind of getting two or three jokes out a day, will guarantee that they will publish some that will offend somebody. It is also one of the least targeted. Don't get me wrong here. Humor has its place as long as it is in good taste, is not offensive, and is part of a publication that reaches a specific group.

So, using some common sense, you identify either some web sites where you can place an ad, or a newsletter that appears to cater to your potential client base.

The next step is tracking your results. This is where many budding entrepreneurs miss the boat. There are a number of ways to track where your inquiries are coming from. Probably the easiest is to give an email address, which is unique to that ad. If you have your own domain, you most likely have unlimited aliases that all come to the same email address. If all else fails, get yourself a supply of free email addresses.

You can also use the web to help in your tracking. Designing a unique form, which sends you an email for each ad someone responds to, is not an overwhelming task. You can build a keyword right into the form, that the person filling it out will never see, that lets you know exactly where they saw the ad.

Newsletters are a good choice. If a newsletter has been around for awhile, and has a decent number of subscribers, they are doing something right. If your ad is not pulling, odds are either you are in the wrong target market, or have a poorly written ad.

The first mistake someone might make is confusing subscribers with potential customers. One newsletter with 500,000 subscribers may produce minimal results, while another with only a thousand or so, may produce a lot. Here is where you have to determine if the newsletter you are considering is reaching your target market.

Many people will throw together a "crummy" ad, and then blame the vehicle they use to advertise it when it doesn't work. If it is reaching your target market, and you have a decent product or service, which is affordable to those you are trying to reach, you will do business.

About the Author

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Comments

Lasfaks 08.10.2008. 17:19

What is a target market for a coffee shop? Could someone help me? What is a target market for a coffee shop? It is definitely local area but what else...? Thank you for help :)
Maisie M this website doesnt work.

Lasfaks

Admin 08.10.2008. 17:19

If you mean a specific target market, you could name the different people within the local area, such as :

Bussiness people mostly definately!!
Older people
Groups - Disabled visits as a group etc

Admin

lil 17.10.2008. 18:52

what is the difference between a target market and a market? explain what a market is?
explain what a target market is?
what is the difference between the two?

lil

Admin 17.10.2008. 18:52

A market is a geographical region. A target market is a demographic or pschographic target, like Men 18 - 49 or Homeowners.

Admin

That Guy Drew 05.01.2011. 11:15

How can I learn more about my target market? My customers tend to be middle class homeowners over the age of forty. How can I learn more about such a broad target market? Thanks for your responses, and have a great day.

That Guy Drew

Admin 05.01.2011. 11:15

That Guy Drew,

A well-defined target market is the first element to a marketing strategy. I would like to appreciate your interest to study the target market. Learning about the communities, about the age you mentioned would be truly hard. Still, you may get it from the Internet, as some news letters.

Some articles would always help.

Psychology e-books would help us in this regard.

This link would help you may be. At least gives a hint to get along.

Good luck.

Admin

That Guy Drew 05.01.2011. 12:09

How can I learn more about my target market? My customers tend to be middle class homeowners over the age of forty. How can I learn more about such a broad target market? Thanks for your responses, and have a great day.

That Guy Drew

Admin 05.01.2011. 12:09

You could learn more about your target market if you precisely use your related keywords at any search engines. Needless it may be but if you promote your business article via web then it would be better to attract a large mass at one shot & also you could even know about your target.

Admin

Fernando 05.12.2010. 08:41

What are the target markets and stakeholders of a bank? I am enroled in a business management course and need to develop and assignment regarding a bank (one of the largest banks in Canada). We are a group of 5 people in the group and I need to talk (or write) about "Target Market" and "Stakeholders". Can anybody give me ideas about these topics or tell me where I can find more information. Thanks.

Fernando

Admin 05.12.2010. 08:41

This is a difficult question as it does not follow the normal mechanics of basic economics. The term stakeholder and target market have different meanings when it comes to typical banking institutions found around the globe. Most banks around the globe are practicing what is termed in America as fractional reserve banking (Basically they can lend out many times more money than they hold. Yes I said they can loan out money they don't even have.), most are operating in a fiat economy (which means the money is not backed by any precious commodity such as gold or silver), and most banks found around the globe use an inflationary system of money creation by creating the money as debt is incurred through a melding of the practice of fractional reserve banking within a fiat economy in collaboration with the central bank of that economy. It may seem a little complex at first, let me explain this easier. In the simplest words, people take out loans through the bank (this creates promissory notes), the bank then turns the promissory notes into the central bank, because the promissory notes were signed by the lendee and delivered to the central bank, then the money is thus created and put into the banks holdings (Wait! What just happened? Money was created out of thin air? YUP! And now because the bank holds this "X" amount of money then now, the can loan out "XY" amount of money. Follow this, money was created out of nothing and now they can turn and loan out many times more money because that money was created). This can be done because it is a fiat based economy (money is backed up by nothing) and the central bank (which are not normally a governed part of any government branch, meaning they are not a part of the government in anyways. They are privately owned entities and this is the norm at a global scale)is allowed to create the money by its rules. If you've never studied banking then all of this is going to seem absolutely insane, and it is! But it is the way banks operate globally as part of a "normal" system we simply define as the economy. Yes, this is how both Canada and the United States operate, once again, it's the system implemented at a global scale to each economy. And yes, it is insane!

So, when we talk about stakeholders and target markets they don't have the typical definition as when we deal with plain corporate institutions. The target market can be said to be the lendees, for they are the form in which money is made and created (This is an obscure form of profit. Money is absolutely made, but it's in the literal form. Money is created it's not a true profit in gains through sales as is the case for any privately owned corporate entity). The stakeholders is the real trick of this question, for in traditional from the stakeholder is the one who has stake in the companies operation. In wall street this is typically the stockholders. But who flips the bill for the banking institutions? The answer is everybody. Since all the banks are in collaboration with the central banks, then all share in the "profits" of money creation. But there is no real people or entity that put money into its operations, that would be ludicrous, since they create the money themselves. However, the government, the economy, and the citizens all are people that serve the consequence for the how well the bank operates or does not. Even though the bank is not run by the citizens, by the banks, nor by the government. HOW SCREWED UP IS THAT!

Hope you get an "A". And I don't expect anybody to accept these teachings first time round. They are fact, I challenge you to prove them wrong. LATE!

Admin

Shannon B 24.11.2010. 19:44

How do you create a Target Market and Marketing Mix? I am creating a new product which is an interactive science and math game to help kids ages 6-12yrs old with their homework. I am trying to come up with a target market besides age and kids who are getting low grades in these subjects and the marketing mix. I so do not understand the Marketing Course and need help with the target market and marketing mix. Please help me since I hae never created a new product marketing plan.

Shannon B

Admin 24.11.2010. 19:44

1)Look at the age and gender of the people who use your product. You can do this by surveying the consumers or deciding what age and gender you want to attract to your product.

2)Find out your consumers' education and income levels. You may be able to market differently to those who have earned a college degree versus those who haven't and to those who are in a high income bracket versus those who aren't.

3)Notice the marital status and family life cycle of your target consumers. Find out whether they are single, newlyweds, have been married for many years, or have children or grandchildren. Each type spends money differently.

4)Look at the ethnic and religious background of the people who use your product. This may not make a difference in many cases, and is often good to know.

5)Put all the demographic information into a customer demographic profile. For example, you may find that your target market includes people in their 30s and 40s who graduated from high school, have a middle class income and are married with young children.

Admin

Beelzebub 11.12.2007. 06:59

How do I determine who my target market is? I want to open a sandwich shop in southeast michigan. I don't know where to look to find out who my target market is? and what is important to them?

Beelzebub

Admin 11.12.2007. 06:59

Well everyone eats sandwiches except maybe animals and newborn babies so you don't want them as your target market.
Questions
Who goes out at breakfast, morning tea, lunchtime to buy sandwiches - perhaps industrial area, the men eat all day long but expect the shop to be open very early morning and close about 3pm.
Otherwise the business district(CBD), they want lunch and perhaps afternoon tea and maybe you need to open later for the after work coffee crowd.
Unless you also go door to door business and sell your product in a basket.
Who do you want to sell to?
Where do you want to sell?
What are you selling?
What types of sandwiches and prices?
Do they like your sandwiches / bread / filling
Will it sustain them?
Fred Flinstone sandwiches for labourers
Smaller ones for the older person set
Gourmet for the CBD.
A shop isn't the only answer
Perhaps a van that goes to the construction sites where food is at a minimum for onsite workers.
You may need to do a little street walking
Hope this helps

Admin

TV 08.09.2009. 16:43

What is the target market for a dollar store? I am opening a dollar store and in creating my business plan I have to describe my target market in detail, and am having a hard time I guess because I think that the dollar store basically appeals to everyone. Teens shop there for trinkets and stuff, ages 18-49 shop there for household items and gifts, and seniors shop there for toiletries. So how would one describe this and still sound professional?

TV

Admin 08.09.2009. 16:43

The Dollar Store is a popular store for all ages.
It has just about anything any one is looking for and at the best price.

Children enjoy shopping there for gifts for parents because it not so intimidating that they can't find something they want to buy.

Adults shop there to save money. The Dollar Store has a lot of name brand items at a good price. Customers are understanding that bleach is bleach and a no name brand is just as good as a name brand. The just don't spends money on advertising.

Customers do not have to drive far to get to a Dollar Store and that is important to them.

Admin

Hasna Hena 28.12.2011. 07:52

What is the target market for a dollar store? I am opening a dollar store and in creating my business plan I have to describe my target market in detail, and am having a hard time I guess because I think that the dollar store basically appeals to everyone. Teens shop there for trinkets and stuff, ages 18-49 shop there for household items and gifts, and seniors shop there for toiletries. So how would one describe this and still sound professional?

Hasna Hena

Admin 28.12.2011. 07:52

I think it is affordable to most of the customers of all ages. It is appealing for its cheaper prices with acceptable quality and durability for most of the products. Well, if your business is making money and survive in this competitive society, you automatically sound professional in comparison those failing businesses by selling high prices brand name products.
http://search.yahoo.com/search?p=What%20factors%20made%20so%20popular%20and%20successful%20of%20the%20dollar%20stores?

Admin

stephdotcom 02.01.2009. 13:30

What are the advantages and disadvantages of Rimmel Mascaras target market? Rimmel Mascara have a target market of female young adults. What are the advantages and disadvantages of them having this target market. For example a disadvantage would be that it would be hard to be able to target the promotion at the specific market.
Remember these are the advantages and disadvantages for Rimmel, NOT the customers.

stephdotcom

Admin 02.01.2009. 13:30

There for teens as you said .Go to MAC cosmetics and compare them to Rimmel the answer will be obvious .Advantages its cheap and sold widely in supermarkets .Disadvantages low quality cosmetics as in it does on last when used ,Cheap packaging .

Admin

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