What is a target market?
In a nutshell, your TM is your customer base once they become aware of your products or services. Further explained, your TM is the targeted set of customers identified by demographics, psychographics (internal attitudes and values) and buying characteristics.
How to Identify Your Target Market
Surveys and focus groups can help you identify your customer’s preferences. Search for trends by using tools such as trendwatching.com or Google Trends. Fine tune your search in Google by starting with Canada then choose your sub-region. Provincial and “interest by city” stats will show you the largest areas of local interest in whatever category you choose. You can also search for top trends of the previous year and speculative guessing for future trends. When you know what locals are searching for, you can choose or adapt your product or services accordingly.
Why is knowing your target market good for business?
Knowing your target market is essential for fine tuning your marketing plan. Once your customer base is identified, you will understand how to develop advertising, where to place ads and how to develop the design aspects of your branding and website. You will know their age group, where they shop – online? – and their preference for social media. When you know these details, you know exactly where to place your ads for maximum results.
We have the knowledge and expertise to assist you in nailing down your target market and implementing your full marketing plan. Let us know if we can help with advertising, web development or social media management. You can contact us by calling 250-260-7776 or toll-free at 1-800-599-5399.