Before launching or introducing your product you need to have a perfect understanding of you target market. Having an in depth knowledge of your customers will lead to a faster growth of your business. A target market is a group of customers that your business has focused on marketing its products to. For you to realize success in your target market you need to put into consideration the four elements of marketing mix which are product, place, promotion and price commonly referred to as the four Ps. Before deciding on your target market there are a number of questions you should ask yourself.
• Who is going to purchase my merchandise or service?
It is very necessary to know who are more likely to purchase your product. For your business to grow you must have sales. Without sales then you have no business thus this forms the basis of the choice of your target market. Try and look what are the advantages of your products over your competitors and what problem are you actually solving by introducing the product to the market. Your product should be as unique as possible and solve most of the problems of your intended target market.
• What assumptions am I making in the choice of my target market?
Most businesses tends to make assumptions on their products based on their understanding of the product and knowledge in making this assumptions they tend to forget that they are not actually the consumers on the ground but producers of the product. Before launching a product to the market it is necessary to have an elaborate understanding of your target market. Go out in the field talk to your potential customers and listen to their views on how they would wish the product to be. Include these ideas when coming up with your product.
• How am I going to market my product?
Marketing is also essential when it comes to defining your target market. Marketing helps to boost sales and also provides a good understanding as it involves market research and market study. Marketing research involves the use of questionnaires to help know so specific issues arising from customers. It also entails one on one interview with the customer thus a sure way of accommodating their views. On the other hand market study entails the study of the demographic changes and consumer purchasing pattern. All this marketing strategies will help you to determine your target market.
• How can I expand my target market?
For growth to be realized in a business there must be expansion. You should be able to design a policy framework that ensures your target market is not rigid thus expandable. If your target market is the youth design products that will also come to attract other target group in the long run. This will help in ensuring that your business remains competitive.
If you put all this questions in mind plus the four basic elements of the marketing mix then you will have a smooth way in determining your target market.