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Choosing Your Target Market In 10 Steps

May 12, 2008
One of the first things you need to do is to refine your product or service so that you are NOT trying to be 'all things to all people.' Become a specialist! A target market is a specific group of people that you will focus on to offer your services.

Target market is a business term meaning the market segment to which a particular good or service is marketed. It is mainly defined by age, gender, geography, socio-economic grouping, or any other combination of demographics. It is generally studied and mapped by an organization through lists and reports containing demographic information that may have an effect on the marketing of key products or services.

Why you must choose a target market is because this group of people sets the foundation and focus for your business. Your target market will determine your income and success.

Chose the wrong target market and you will waste time and money. You need to understand that people purchase products or services for three basic reasons; To satisfy basic needs, to solve problems, or to make themselves feel good. When you develop your target market, you want to ensure your target market has the following issues.

1. Your target market has a big problem.
2. Your target market wants the problem solved. Some groups of people assume their problem will never go away.
3. You can easily find your target market. If the problem you solve is people who live in Antarctica well you have a solution and no customer.
4. Your target market has money to spend. This group of people must be use to paying for solutions, not relying on the government or someone else.
5. Your target market has a history of paying to solve their problem
6. There is enough of your target market to sustain a business
7. Your enjoy working with your target market
8. Your have a passion for helping and serving this target market
9. Your have valuable expertise and experience you can offer.
10. Your target market fits with your ultimate lifestyles

Once you select your target market, the next step is to refine it even further. You want to use the available tools that can help you get down into a subset of this target market and find the profitable niche within it.

The clearer you are about who you want to do business with, the more you will attract exactly the type of customer you are looking for to build your business with and become profitable.
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