What is Target Market and how to find it

Sometimes you might hear “Go after your target market” or “You gotta have a target market”

And then you think “Oh yeah okay…”

And then walk away unsatisfied.

 

On google dictionary it says: a particular group of consumers at which a product or service is aimed.

When I’ve asked people who say “Target Market” how they define it, they say something similar.

They operate on a vague concept and leave it at: the people they are trying to sell – but WHO are they selling?

 

It doesn’t help much to be given advice to go sell people that your product or service is intended for. Who else would you be selling? Exactly…

If you are going after everybody who could buy then you are wasting a share of your efforts, time, money.

 

Instead, look at the people who have bought already or would buy.

 

Here’s a bad example of bad targeting:

You’re watching a show on t.v. – lets say the X-files. During the commercials an ad comes on telling you about this amazing show called Teletubies. Its about giant babies speaking gibberish and is intended for not-yet-speaking kids.

Average national tv ads cost $348,000 per 30 seconds.

Is that a waste? Yes.

 

Here’s an example of good targeting:

You’re watching your favorite show on t.v. An ad comes on telling you that you can buy the complete season on DVD with behind the scenes and extra footage that you won’t see anywhere else.

Is that a waste? No. Because the people seeing the ad have already bought or would buy.

 

Here is the point I’m making:

It’s the people who want to be sold your product/service

That is your target market.

 

If you sell ice – it’s probably people in hot areas, not Eskimos.

If you sell garage door openers – it’s probably home owners, not college students who live in dorms.

 

Let me illustrate:

 

Looks like a bulls-eye right? That’s intended.

 

As you can see I take the targeting a step further and focus on the people I can reach within the field or industry.

If you are marketing something, take a look at who you are marketing to and see if it lines up. See if you are wasting money and time and if you are: re-target to get more sales.

 

Don’t sell ice to Eskimos – it’s just a bad joke used to illustrate someone’s ability to sell crap products, doesn’t mean it is a smart thing to do.

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