Monday, April 19, 2021
Economy and Analysis Discovering Your Business's Perfect Target Market

Discovering Your Business’s Perfect Target Market

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Selling more means that you need to know who it is that is most likely to buy your product or service. Generally targeting everyone is not the best way to make your business a success, neither is it the best use of your marketing dollars. Careful research can help you identify your perfect target market and increase sales and your bottom line.

Identifying your target audience will help you maximize your marketing money. It will also enable you to refine the products you sell because certain groups are more interested in specific products than other groups. This will also help you avoid overstocking items that are not going to sell well. To identify your target market, some of the questions below will help you get started.

Who will most likely buy your products?

If you are a specialty store, it is quite likely that a specific group of people, or range of ages, will buy your products. Are you trying to get college students to buy what you sell; or mothers; business professionals; or seniors?

Does your geographical area have a lot of customers interested in that type of product?

Geographical areas can greatly influence what people are interested in. People in urban areas have a set of interests that may be very different from what people in rural areas want. Also, people within easy driving distance of a lake or ocean want different things from those that live in mountainous or farm regions. If you are selling online to a wider audience, you would need a wider selection of goods to cater to the interests of people from different areas.

What is the average income level of those people most likely to buy from you?

If your store is located in an economically depressed area, it will do no good to sell high-priced items. You may want a variety of price ranges, but it will not be worth it to invest in high-ticket items in that type of area. On the other hand, if you are in a suburban area, you will be better off stocking your store with items in that a higher price range – ensuring more profit from each sale – which will also help to pay the higher-priced rent.

What type of industry does your community have?

If you are in a college area, or a highly professional area such as Silicon Valley, you would target millennials and younger, as well as people that make a better income. If you are in an industrial community, it would likely be a little lower-income and the needs would be different.

If you are selling cars, for instance, you want to buy cars based on the type of people that will be buying in your area. If you are going to target a richer clientele, you need to have better and more sportier cars on your lot such as BMWs and Porsches. Some SUVs and Jeeps will also sell well.

Saving Money Requires Good Records

Knowing what products sell well and which ones will collect dust requires good record keeping. Once your target market is understood and you can identify your average customer, you can eliminate products that are not selling and focus more by offering hot items that you are sure your customers are buying.

It will also help if you know your customers well. Make friends with them, talk to them about their needs, wants, and interests. By doing this, you may be able to detect a need or two in your community that is not being met yet.

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