Target Marketing Explained

According to Wikipedia, the term “target marketing” is defined as “the market segment to which a particular good or service is marketed.” As a business owner, you may remember this important element of marketing while developing your own business plan.

There are 3 critical steps to determining your target market and learning more about your prospects. The more you know about your prospects, the better you will become at marketing your service or product to them. The 3 critical steps are:

1. Learn the WHO – Knowing who your customers are is the key to target marketing. The first step is to learn who will use your service, or buy your product. Are they male or female? Young or old? College-educated or high school grad? Are they business people, retired, or stay-at-home moms?
2. Learn the WHAT – Learn what your customers are like, what are their needs? How can you assist them? How can they benefit from your service or product? How can your product or service solve a problem for them? Get detailed here.
3. Learn the WHERE – Find where your customers are so you can plan how you will make contact with them. Are they local or worldwide? Will you contact them in-person or via direct mail? Are they Internet savvy or will you need to use snail mail to make contact?

Gathering these details together will give you a clear picture of the “Who”, “Where”, and “What” that is important about your potential customer. By learning more about your target market details, you can pinpoint and adjust your marketing plan to accommodate the needs of your specific prospect.

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