Important Things You Need To Know About Your Target Market
The target market is an important term you know as an entrepreneur. Where you must be able to determine the target market before marketing the product. By knowing your target market, you can devise an effective marketing strategy for your product. Below are some important things you should know about your target market.
What Is a Target Market?
Before knowing more about your target market, you must know in advance what the target market is. A target market is a group of consumers who are targeted by the company’s approach to buying the product being sold. In short, the target market is the group that will be served as consumers. The target market usually has a vulnerable age, nature and character are almost the same.
What are the Benefits of Determining a Target Market?
Why do you have to determine your target market? What benefits will you get? Below are a few things that you will get by determining your target market before starting a business.
a. Place marketing ideas more clearly
b. Manage products better.
c. Find and compare market opportunities.
d. Classifying the budget that is owned appropriately.
e. Create an attraction in the marketing field.
f. The company will be in a better position.
Consider This Before Determining the Target Market
Before determining your target market, there are a number of things that you should pay attention to. For example.
a. Segment size
Pay attention to the size of the segment to be decided to decide whether the segment is promising to continue or not. Don’t target segment sizes that are too large or wide.
b. Segment growth
Analyzing segment growth is very necessary before determining the target market. Consider the growth of the segment to be addressed, to see the possibility that the business will develop in the future.
c. Situation analysis
Perform a careful and careful analysis of the situation before determining the target market. The analysis of the situation relates to consumers, suppliers, and distributors using a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
d. Company Resources
Before determining the target market, try to pay attention to the resources obtained by the company. If company resources are obtained from cooperation with outside parties, then you must be careful. Because the benefits and risks are shared.
e. Available funds
Pay attention to the funds provided by your company, if the company provides a small number of funds, don’t take the risk to determine a large target market. Try to balance between funds and target market targets.
What Are Examples of Target Markets?
Below, we will provide examples of target markets. For example, you are an entrepreneur in the field of women’s clothing, so the sample target market that you can determine is as follows:
a. Products for sale: women’s clothing sold online.
b. Target location: big cities, like Surabaya, Jakarta, Semarang, Medan, Palembang, Bandung, Yogyakarta, and others that can be reached by couriers for a maximum of 2-3 business days.
c. Demographic Target: vulnerable women aged 17-30 years who earn more than 2 million per month.
d. Psychological Characteristics: get used to the Internet and social media and follow current fashion trends.