A target market is a specific group of consumers that a business aims to reach with its products or services.
This group share similar characteristics, needs, and preferences that make them more likely to be interested in the company’s offerings.
A target market can be defined based on factors, such as age, gender, income level, geographic location, interests, and behaviour.
By identifying and targeting a specific market, businesses can tailor their marketing and product development strategies to meet the needs and preferences of their target audience.
Target market is not everyone.
Target Market Examples
- Real Estate Agents: Your target market is potential buyers who are looking to purchase a home.
- Dentists: Your target market is patients who need dental work done on their teeth or gums.
- Lawyers: Your target market is potential clients who need legal advice regarding specific issues involving their lives.
Target Market Segmentation
The goal of market segmentation is to divide your target market into smaller groups. This is done by looking at demographic traits such as age, gender, and income. But when it comes down to it, those three don’t tell you much about their interests or preferences.
You might want to look further into what kind of social media platform they like best. What type of content do they consume? These questions and more will help inform how you tailor your content and present your product.
Targeting specific groups of people with specific products or services can be very beneficial for companies because it allows them to create more effective marketing campaigns by focusing on people who are most likely to buy their products.
For example, if you want to sell sweaters online then you could segment your target market into young adults (ages 18-25), middle-aged adults (ages 26-45), and older adults (ages 46+).
Each group may have different needs when buying a sweater so this will help tailor your product more towards them.
The most important thing is to know who your target market is and why they would want to buy from you.
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