Target Market Definition
A target market is a group of consumers or businesses that you want to sell your products or services to. The first step in creating a marketing strategy is to identify your target market. This can be done by segmenting your customers based on factors like age, gender, income, location, or interests. Once you know who your target market is, you can then create marketing messages and strategies that appeal to them.
If you’re not sure how to define your target market, here are some tips:
1. Start with demographics. Demographics are the most basic way to segment your customers. Age, gender, income, and location are all examples of demographic factors that can be used to identify a target market.
2. Look at lifestyle factors. Lifestyle factors include things like interests, hobbies, and values. These can be used to further segment your target market into smaller groups. For example, if you’re selling fitness equipment, your target market might be health-conscious adults who are interested in staying fit and active.
3. Consider psychographics. Psychographics are psychological factors that influence consumer behavior. Examples of psychographic factors include personality type and attitudes towards risk. By understanding these factors, you can create marketing messages that resonate with your target market’s needs and wants.
