Determining your target market is a crucial part of Internet business success. In fact, it’s the next step in this series about Starting an Internet Business: A Few Points to Consider. You may want to go back and read the previous articles if you haven’t already done so.
Take The Time To Determine Your Target Market
Taking the time to determine your target market plays a crucial role in order for you to succeed in your business, website or product. Having an insight on the things that people want and the things they like less is important. You should understand why someone wants what you have to offer from the beginning. If you fail to do this part, marketing and advertising efforts may be wasted.
The majority of people who may be interested in your product or service are those in your target market. Thorough research and planning is required to figure out who lies in a particular target audience.
So how do you determine your target market?
Here are some steps:
Narrow Down Your Target
You may want to ask yourself who your product or service is for? You have to put in mind that the more detailed the answer you provided here, the more closely you can zone in to the target you want for your business.
This might mean narrowing it down to the following factors:
- marital status
- sexual orientation
- education level
- geographic location
- problems they want to overcome
- and so on.
There are times where some of these variables won’t matter for one product or service, where on the other hand they may be essential to another. For instance, a product or service which aims to provide proper training for your dogs will care more about the interest’s variable than a product for application developer.
It’s important to note that the more specific you get with the following factors, the easier it is to find and market to your “target audience”
Marketing Research and Competition
Once you’ve got a clear mindset of what or who is in your target market, it’s time for you to take the next step and that is to conduct some marketing research. Proper marketing research is essential so you can figure out how well you matched them to the product or service you are offering them.This is being conducted with the help of people from your target audience to help you find out more about their thoughts and feelings about the product or service you are to offer. To get the best results from the research it is advisable to create a group with a healthy mix of people from your target audience.
In business, whether online or offline a good market research is necessary. This will make you ensure that the product or service that you offer will be well received by the public. This is also a good way so you can make some adjustments if the research indicates that people do not like what you have to offer. You can pattern the adjustment based on the feedback from your research.
What’s important is that before jumping in with both feet, you already need to have an idea what other products are being offered to your target market. Check what types of product they are offering, what type of information they are providing their would-be costumers and get an overall picture of the strategies that work out already on that specific target market.
If you are to conduct a research online to check your competition here are some tools to help you on your keyword research to give you some suggestions on the types of things people are searching.
Wordtracker is one of the most popular keyword research tools on the net today. It can suggest a huge database of keywords of the things people are searching at various search engines. The tool comes with a free trial, so you might want to take advantage of that. The tool’s paid version is also worth the price.
Google Keyword Tool can also give you a relevant idea on the things that people were searching on specifically on Google. You can try entering a single word and this handy tool can give you more specific phrases to guide you in targeting better results for your research.
Benefits of knowing Your Target Market
Knowing the people in your target market will give you more edge with your business. It will give you good insight and help you minimize your spending because you can focus your advertising and marketing efforts on a smaller audience which is more likely to purchase your product or service, rather than wasting your efforts aiming a much larger group which is less likely to purchase. Tailoring your marketing campaigns on specific target market makes it more effective for conversions.
Not having a clearly formed definition of the perfect target market for your business, you risk spending time, efforts and money on marketing and advertising that will less likely provide a good number of leads and help you gain a good return of investment. Dedicating a time to get to know your people in your target market is the key to success in any business or industry.