Finding Your Target Market For Your Business

One of the most important aspects of business marketing, especially small business marketing, is knowing who to go after. There’s a wealth of people and groups of people out there vying for your services, but there are many competitors who are looking for the same people. It is important to differentiate yourself and go after a select group of people. There are many articles out there that discuss finding your target market and hopefully this article will provide some fresh insights that do not sound repetitive.

#1: Sit Down And Access Which Group(s) Of People Have A Strong Need For Your Products Or Services

There are many people out there and not all of them need your services. For example, if you are a company that sells weight loss services, those who are slim or in good shape will probably not need your products. You would go after those who are overweight or those who feel that they need to lose weight. This sounds easy enough, but one would be surprised how many businesses miss their target market and decide to cast their net wide open and market to a wide audience hoping to land a sale.

Assessing who has a need for your products requires you to sit down and brainstorm the whole process. You must evaluate: 1) who would benefit the most from the use of your product or service and 2) what you be able to say to them about why they should try your product and service. After all, the art of making a sale is about persuasion and your journey to persuasion will be a lot easier if you know who to go after and what to say to them.

#2: Assess The Price Range Of Your Products And Services And Figure Out What Market Is Best Suited For That Price Range

There is always a high variety of price ranges for various products and services. For example, a shirt store may sell their products for what would be considered lower than the industry average because they want to attract the price conscious shopper. Other shirt stores might sell their products for higher than the industry average because they feel their shirts are of high quality and they are hoping to attract an upper or middle class clientele who want high quality shirts.

The important thing is to sit down and access your price range for your product. There is not necessarily a right or wrong price for a product or service as long as you can justify that price and justify the market you are selling that product or service to.