Recently I was asked to write a business article about identifying your target market for bank SME’s. This is the content and will benefit those of you in business or those thinking of starting one.
Target market refers to people who are most likely to need your product or service. Unfortunately a lot of time is wasted in the wrong target market which means that businesses will fail simply because they are not marketing to the right audience. You should start by identifying a target market that wants and needs your product or service. Not everyone does. Once identified then you should find ways to access the market. Let’s look at ways to identify your market
AGE: Are you appealing to children, teenagers, young adults, middle aged or the elderly?
GEOGRAPHY: Which region do they live in? Is it your town, entire State, Local, National or International?
GENDER: Does the product appeal to women or men or both?
OCCUPATION: Is your product or service for consumers, Business to Business or both?
CAREER LEVEL: Are you targeting school leavers, middle managers, CEO’s?
HOBBIES: What does your target market do in their spare time? Where do they hangout?
RELATIONSHIP STATUS: Would it interest single, married, divorced, new parents?
VALUES: Is it a luxury brand or would it appeal to a mass market?
When you have as much information as you can gather, then should create an avatar or a persona of your ideal client and then start marketing to that type of person bearing in mind all the research you gathered about them.
Here is a case study of our company Majestically Rare Events and how we have identified our target market for our Corporate Events and Training Services.
Who do I already have connections and credibility with?
It is easier to sell to people who know you, like you and trust you. Our target market are usually from referrals of senior managers who work in large companies. We have built good relationships from referrals through networking events, writing and publicity and connecting with our target audience online via Linkedin and Facebook. We have a strategy of asking. Simply just ask. You will be surprised at how a quick introductory message to a contact on your Linkedin account can win business especially if you communicate the value.
Who is most in need of my product and service?
Those who are most in need of our services are corporate organizations with staff of over 30 or more that are looking for professional event planners and trainers who can provide breath taking events or provide world class professional training in soft skills. Our added advantage is our strong marketing and communication skills, which is a huge benefit to the overall business goal of our target audience.
Who will be most receptive?
In our case, HR managers or senior managers who tend to be the decision makers.
Who can afford the product or services?
We focus on corporate organizations who have a large budget for events and training.
Majestically Rare have a different strategy for consumers and SME’s for the other services we provide.
Now go ahead and answer the questions for your target market so that you can focus on right audience for your products and services and not waste time trying to market to everyone.
Let me know how you get on in the comment box or if you have further questions.
In the meantime if you would like to join me at an Entrepreneur Masterclass hosted by ENO Accountants, click the link to find out more. Only a few spaces are left.
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