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How to Identify the Target Market?
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Frequently, entrepreneurs and investors like to refer to their target market as everyone. While this may sound appealing, it is not practical. In reality, you have to zero in on potential customers or clients until you get to the specific group of people who both want and have access to your products and services. These are the people on whom you will most likely spend your advertising and marketing efforts.
With all that said and done, let’s now get to the nitty-gritty of how you can narrow down who is within your target audience. (contd.: How to Identify the Target Market?)
Define Your Target Market
Attracting the attention of your target clients is always a critical step, and this is still the most challenging part of the process. However, according to renowned marketing experts, before beginning to advertise your products, it is essential that you get to know the “why,” “who,” “when” and “how” of your target customer base.
Answering these questions is an important part of selecting a target audience:
· The “why” helps you know why clients need your products or services.
· The “who” focuses on the simple demographics of your potential customers like their gender, level of education and age. Besides, it may also add a little information related to your product or service.
· Thirdly, the “when” narrows down which seasons or times your services or products will be in demand.
· Lastly, the “how” answers how they will find your business on the internet.