Carefully analyze and define your market clearly. Provide demographics on who the major customers for your product or service are, where they are, and why they buy. Are you offering a seasonal product or service? What is a geographical coverage of your market?
Your markets refer to the people at whom your products and services are aimed. In marketing terms, it is your “target market” or the customer that are the target of your sales efforts. You may have more than one target market.
For new businesses, your target market may be people currently buying similar products or services. If you have an existing business, your target market maybe current customers; it may also be people you have not yet reached. In either case, finding your target market often requires some experimentation of trial and error.
Target markets are described in terms of their share characteristics. For example, if your product/service is aimed at individuals, you can describe them by age, income, geographic location and lifestyle. If your product/service is aimed at organizations, you can describe them by number of employees, sales, geographic location and industry.
It is very important for you to choose a particular segment of the market and concentrate on its needs, with your products and services. No product or service can call its target market everyone. It is not enough just to produce the product or offer the service. Customers are constantly bombarded with sales to buy products and services. You need to aim at a particular market and inform the market that your product or services is meant for them and why. To do this effectively, you need to know who your market is and what their other choices are.
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