FIND YOUR TARGET MARKET IN 4 EASY STEPS
Why your target market is important?
When you start a business you must be clear on who you’re offering your products or services to. A well defined target market will help you develop an effectively marketing strategy and you, as a busy mother, won’t waste time, money and effort.
As a mumpreneur, focusing on one small and specific segment of the market is the best way to go. This is called a niche market, and it’s an effective way to provide a service that satisfies the needs and wants of your potential customers. If you’re not yet sure about what business you want to start, you can read about how mums are making money from home here.
Who is your ideal customer?
Having a clear idea of who you’re selling your business to will help you in every step of your journey. Here are four steps that will help you to find the right target market for your business easier
1. KNOWING YOUR MARKET
Who would your product or service be perfect for? Who do you imagine benefitting from you? Create a ‘customer bio’ to help you exercise where you will define your potential client. Describe your potential customer with as much detail as you can; think about their age, location, occupation, income, interests, lifestyle etc. What makes them click and how do they make decisions? Try to visualise him or her. Your client might be someone like you, this is not a rule, but in some cases your potential customer will be someone that would like to be where you are right now. Knowing your target market will give you the opportunity to know their future movements of your potential clients. You will know specifically what to offer and when to offer your services or products, all this will giving you an advantage at the time to develop your marketing plan.
2. MARKET SIZE
How big is your target market? It is big enough to sustain your business? Or is it too broad of a market to cover? Try and be realistic, consider your resources and how you can attract customers in an effective way. You may think defining your target market will limit your options, however, the reality is that focusing on a small group, a niche, will potentially drive more sales because your marketing resources will be focused, motivating your potential customers to come to you specifically. Try to find a niche market unique to your business.
3. MARKET RESEARCH
Once you have a basic idea about your target market, get to know them a little more. Without sounding like a stalker, it’s helpful to be able to predict their movements. Research! Do they use facebook? Where do they shop? How do they dress? Who do they associate with? You can research Facebook groups,online studies, chat rooms or forums, you can even get a lot of information from your friends. There are also great websites like Typeform or SurveyMonkeywhere you can create surveys to collect current data on specific groups. Market research will help you stay within budget as your marketing strategy will be focused on the people who will actually buy your product or service, in other words, your marketing strategy will be much more efficient.
4. COMPETITOR RESEARCH
It’s also helpful to know how many competitors you have, and what they’re doing.Why? Because you need to know how you can improve. Make a list of your competitors with descriptions, including what they’re offering, their target market, then figure out how can you be different. Don’t see competition as a bad thing. Competition is a sign that there’s a demand for your product or service. See your competition as teachers, and as an opportunity to learn. Remember: the student can become better than the teacher.
Don’t forget, in the busy world of motherhood having clear ideas will save time and money. Choosing the right target market for your business will help you direct your marketing resources towards the right place. Once you know who you are selling to, you can predict their movements and create a memorable marketing strategy. If you’re aware of your competitors, you are halfway towards your dream business.
I hope that defining your target market helps with developing a marketing strategy. If you need little bit of help getting started with your business, here’s a step-by-step guide.