Who is your Business Target Market? Your target market is your targeted customer. It is a particular group of people whom your product or service will be marketed to. Of course your small business will attract other types of customers as well but determining a business target market will help you focus on a particular type of customer and as a result you can better cater to their specific wants and needs, and develop a more effective marketing strategy to attract them.
For example Punky has just opened a pizzeria shop named PunkyPizza. Punky’s target market for his pizzeria are college kids ages 18-25 who often eat out. Punky has determined this particular group is the most likely to buy from his pizzeria since he is located across from the college. Punky knows that college kids are very busy with school work, are living on a budget and often don’t have time to cook on their own, therefore they make an ideal target market for his pizzeria. His idea is confirmed after conducting market research.
To attract his target market Punky decides to center his business and marketing efforts around his target market. He creates his pizzeria into a cool hang out spot for college kids. He puts up flyers around the college and offers special discounts if they show their college ID.
How do you determine your target market?
- Who is most likely to buy your product or service?
- Will they be able to afford your product or service?
- Is the location of your business convenient to your target market?
- Is your product or service satisfying a need or want of your target market?