Before you start marketing your product and creating product advertisements it is imperative that you know who your consumers will be. The consumer group will be composed of those who will definitely buy your product, those who may be interested to buy your product and those who may not be interested now but will be in the near future. These consumers are all included in your target market – the consumers where you will direct your marketing and advertising efforts. Here are the steps on how to identify a target market.
- A target market is composed of a core or primary target, a secondary target and a tertiary target. As mentioned above, the core is composed of consumers who will definitely patronize your product. The secondary target is composed of consumers who may want to purchase your product through persuasive advertising, from word of mouth knowledge and by trying the product initially. The tertiary target audience is the group of consumer who want to wait and see. They will wait for the product to be popular, the price within their purchasing range and if the product will answer their need at one point in time.
- Define who will be the direct consumers of a product. It should be those consumers whose needs will be satisfied by the product. You can do this by segmenting the market. This simply means that you breakdown the market and define them by audience or consumer demographics based on age, purchasing ability, education, ethnicity, civil status, profession, income, gender and decision makers. You should also include the consumer location, their lifestyle, interests and their product/brand loyalty.
- Your product will play a major role in identifying your target market. What are the features of your product? Who will be the main consumers of your product? Is the product solely for teenagers or it suitable for a broader market? Is it for the home or for personal use? What are the benefits that your product offers? What is the price and where is it available? Are there other uses for the product? The answers to these and all the other reasons for a consumer to buy your product and these will help you to identify your target market.
- Define what consumers use to get news and information and how often they use these mediums. There are traditional and non-traditional mediums that are available now. These mediums also have readership and viewership segmentations that will help you identify your target audience as well as the mediums that you will use for your advertising efforts.
- Once you have gathered all the statistics on the different market segments and demographic figures you will be able to construct and define the final profile for your target audience and further segregate them into primary, secondary and tertiary target markets.
Identifying your target market is essential to successfully market your product. It involves a lot of research and analysis to come up with the right one. The ideas above are just general views of how to identify a target market. You can use the data from the US Census website for consumer demographics. There are also other sources of information, some paid and some for free. Use the internet to search for data sources. Some companies conduct market research to help them define their target market. There are professional groups which conduct these types of market research based on your requirements.