Success of business not only depends on how product is selling or how the service is provided to the customers but also the way marketing has been done. In fact it is the way of presentation to customers that helps you get success.
In today’s world it would be very difficult to satisfy or impress every customer, so it becomes necessary to set a target audience for your business right before building or launching your product. Once you have analysed your target audience you can come to a conclusion & you can start developing your product or services. Moreover, one important fact to be kept in mind is the interested consumers in your product or services.
Example: Gini & Jony an Indian kid’s fashion brand promoted by Lakhani brothers targets only kids & their marketing efforts are to attract those people looking for kid’s apparel.
How to Identify Your Target Audience
Following criteria’s would help you to identify your target audience.
- Gender of the customer
- Work Profile & Income
- Marital Status
- Number of family members
- Geographical Region
Target Market is not same as Target Audience. Target Marketing plays a vital role for the marketer as well as for the sales professionals to convey message to the targeted consumers. In the above example of Gini & Jony the target audience is the kids & it has been analysed on some important factors like affordability of your product, key features that determine consumer purchasing decision etc.
Steps To Identify Your Target Market
Identification of your Target Market depends on various factors such as product, place of distribution, price & promotion thus creating a strong marketing strategy for the success of the product in the target market.
For effective marketing of product some important factors are to be kept in mind like habits of consumers, their behaviours, likes & dislikes. There are also some other factors like market size, geographic location, locality, various kinds of products sold, etc. It is very difficult to satisfy every consumer preference because of variations & fluctuations in the market. Hence, it becomes very necessary to identify your market & focus on them. Target Markets includes of various individuals & they are distinguished by several noticeable aspects to identify them.
- Geographical Segmentation – Address/Location of your target market & also climate of that region.
- Demographic/socio-economic Segmentation – This includes gender, age, income, occupation, education, household size, etc.
- Psycho-graphic Segmentation – Similar Attitudes, Values, Lifestyles of consumers, Purchasing powers are some factors on which you have to work out to analyse which economic class your product belongs & then accordingly plan your strategy & marketing message.
- Behavioural Segmentation – Consumer behaviour, purchase timing, quantity, where, why, how & when they buy product is also important aspect.
- Product Related Segmentation – Consumer relativity to product.
Small business mostly targets on small customers & it is difficult task to narrow down your target market & the audience to determine productivity, so to be successful start your focus with small groups of customers on initial stage & then target big one.