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February 12, 2005
Knowing Your Target Market
If you are focusing on a target market then by definition there will be people who don’t fit into that market.
So you cannot be all things to all people and expect to develop a target market - the more clearly you can define your target market the more you can focus on ways of getting in front of them with what you have to offer.
Your actions will be both more time effective and profitable because you won’t be spending time with pursuing people that don’t fit into your target market. You will better be able to serve your target market because you will have more time to service them with a better quality of service and more specific products.
If you have a range of products that you are promoting already, either your own or someone elses, then you will better be able to devise ways to be infront of your market to respond to the existing demand.
What this also means is if you stop trying to be everything to everyone or simply tighten the definition of your target market, then you will have to let go of those people who don’t fit your definition. At first this can seem like you are losing potential customers and profit but you will make up for that many times over since your customers will develop more loyalty because of the higher quality service and you will become more recognizable in the market place since you are servicing a tighter, more defined group of people.
Knowing who your market is not, is just as important as knowing who your market is.
Noel Springer 18:28 February 12, 2005 - Category: General
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