“When you speak to everyone, you speak to no one.”
– Meredith Hill
For any small business looking to prosper, creating a product or service that yields high demand is crucial. All the more reason to walk before you run. In other words, take the time to do your research and evaluate your potential customer base before rushing to open your doors. Target customers, also known as your target market, are a defined segment of consumers whose needs your company will aim to meet. Honing in and identifying your target market is essential in developing your products, services, and marketing efforts.
With so many moving targets to hit, the BLOQ parq (tBp) is working to simplify how small businesses can maintain their focus and achieve long-term success while sharing ideas with fellow entrepreneurs on the rise. So let’s take a look at how you can begin reigning in your target market and reaping all the benefits!
It Starts With Identifying Specific Characteristics
These characteristics are referred to as a demographic profile. Use the below criteria to create a customer profile of your most promising future brand loyalists. Popular characteristics used to classify customers include:
- Income Level
- Geographic Location
- Ethnic Group
- Values and Beliefs
- Occupation or Industry
- Marital Status
- Family Status ( i.e., Children or No Children)
- Political Affiliations
- Buying Habits
- Hobbies and Interests
Remember, these are individuals who have a need or desire for your product or service. Once you complete defining characteristics, you can take it a step further by developing specific customer personas. These personas will act as blueprints of your ideal customers upon which to build specific marketing strategies and help guide future product launches or services.
“…Recognize your target market and give them something they might not even realize they are missing.”
– Chris Murray, Author & Speaker
The Benefits Of Identifying Your Target Market
Defining a target market will help you increase cost efficiency by focusing your marketing efforts more effectively. Understanding which market segment is most likely to purchase from your business prevents wasting your time and money by casting too wide a net.
By defining your target market, you can also:
- Alter your business concept to meet the needs of your potential customers more accurately.
- Craft marketing messages using a tone, language, and attitude that will appeal to your ideal prospects.
- Have a higher success rate when launching a new product or service.
- Gain insight into how you can get ahead – and stay ahead – of the competition.
- Target your marketing efforts to reach prospects that are the best fit.
- Better determine if there is enough segment demand for your products or services.
With your eye on the prize and a clear understanding of who your company serves, it’s time to officially set up shop in one of tBp’s micro-retail or micro-office units. Rest assured, these small spaces are designed to house big dreams.