Using the power of a target market
The first of four keys to marketing is ‘market’. Market stands for your target market, or who is most likely to buy your product or service. You might think “well everyone can buy my product.” Yes, this might be true, but we are looking for those that are Most Likely to buy.
Take John Deer for example; they have $100 to spend on a newspaper ad for their latest lawn tractor. Would that $100 be best spent in a newspaper in Manhattan, where no one has a lawn, or in suburbia where there are 1,000s of homes with 1,000s of little lawns. Sure, someone in Manhattan probably has a second home and needs a tractor to mow it, however placing the ad in suburbia would probably reach more people who are ‘most likely to buy.’
This is the power of the target market, once a target market is defined your limited marketing dollars can be spent in the most effective manner.
While the target market may sound elementary, many Vermont small business owners over look its power and once realized you can’t be everything to everyone than you will truly have marketing success.
Basis for defining your target market:
1. Demographics- household size, income, employment, age, sex, etc.
2. Psychographics- Interests, activities, opinions. Types of books they read, TV shows watched, etc.
3. Technographics- a new term for understanding how they interact online. The prevalence of social media has created this new basis.
3. Geographic- location
Now, not each of these basis’ for understanding your target market are necessary, but choose the most pertatent qualities based on your product or service.
Once your target market is defined it is time to develop the message.
Stay tuned for more about the next key of marketing, which is ‘message’.
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