Marketing is more about targeting a niche market and less about trying to be, or provide, everything for everyone. By focusing on particular demands, your company can begin to understand the type of buyer most interested in what you have to offer.
Below are a few key elements to drill down on in order to understand your target market:
Identifying data related to a specific population can help your company focus on a subgroup to more accurately and efficiently target the right consumers.
Some demographic factors to take into account include the following:
Getting to know the psychological attributes of consumers is also crucial when determining your target market because psychographics explain “why” customers buy. What are their concerns, desires, needs, behaviors, etc.?
Additional psychographic factors to take into account include:
If your company takes the time to research, analyze and learn about its competition, then you can come up with unique strategies to differentiate yourself in the market.
Some questions to ponder when analyzing your competitors are:
Target marketing allows your company to focus on specific consumers located in defined geographic locations with similar character traits. This niche audience will include those most intrigued by your advertisements and most likely to buy your products or services. By narrowing down the general market, your company can advertise, market and increase sales in the most cost-effective way.