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What Does Target Market Mean Exactly?

Aug 27, 2007
For the small business owner, target market is the term used to describe the group of consumers that are being targeted to purchase products or utilize a service.

It can be somewhat specialized to highly specialized. An example of a small target market within a highly specialized group would be a patient who needs a glass eye. While it may be possible to come up with super specific markets, the question is also answered by demand.

It is also very important to running s successful business to know who your customers are. You also need to know what specific need is being filled or problem being solved by your business. They say if you try to sell to everyone, you end up selling to no one. Knowing exactly who your business serves and keeping in touch with their needs will help ensure your success.

Another word that may be substituted would be to call this group your "niche" or niche market. For Example, let's consider a Virtual Assistant.

Virtual Assistants are the Administrative Assistants, Secretaries and Receptionists of yesterday. They bring the everyday support services needed by a variety of business owners and professionals to the internet, making it easy for anyone to maintain a well staffed office even if technically they don't have one.

The Virtual Assistant industry has literally exploded. The demand for quality virtual support is still growing and it's not terribly hard for a new VA to introduce their business with some basic networking and have a few clients to start with.

However, the market is mature enough at this point that to truly thrive as a VA, you have to do something to set yourself apart. Here is where specialization or appealing to a specific segment of a market fits it. You can gain momentum and grow your business if you focus on a specific niche or target market. Make yourself a specialized expert.

Rather than saying that you are a VA for anyone you introduce yourself as the Coaches VA or the Podcasters VA or the Real Estate Professionals VA, etc. By identifying clearly with a specific target market, you let them know that you feel you are uniquely suited to meet their needs and this will help you to stand out from the rest of the crowd.

By specializing your services to a specific group of people you can get your own segment of the total market and distinguish yourself from a general Virtual Assistant for example.
About the Author
Robert Paul Williams is the Editor of Work At Home Business Website. Come Browse Our Free Article Library. Stay Informed with the Latest Home Based Business Opportunity News, Success Tips & Strategies.
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