Target Markets: Love ’em or lose business (Part I of III)

20 02 2013

Target MarketI have a twin brother, and he is easily one of the coolest people I know. Because he’s traveled ALL over the world, David has more stories than you can shake a stick at. These days, he’s busy enlightening collegiate minds in the field of entrepreneurship. I am very proud to welcome him as a guest blogger – both this week and next – on a topic of enormous importance: Target Markets. Let’s begin with Part I, shall we?

Greetings! I’m Dave, Dawn’s twin brother. Dawn is letting me take over the next few weeks to tell you about something near and dear to my heart: target markets. Seriously, I love talking about this stuff! It’s probably why I became a professor…

I’m going to take you through what target markets are, how you can identify your business’s target markets, and last and most importantly how you can use them to quickly and easily build successful marketing campaigns to increase your sales!

Let’s start with what target markets are. Target markets are the groups of customers you actively try to attract to your business. If you tailor your marketing towards your target markets, you will maximize sales. So, let’s talk about what target markets are. They have four components:

DEMOGRAPHIC
The descriptive characteristics of your customers. Basically, if it goes on the U.S. Census, it’s a demographic. Think along the lines of age, education level, number of kids, marital status, income level, etc.

GEOGRAPHIC
Where your customers are located. This could be a fixed radius (“within 15 miles of the store”) or more broadly defined (“anyone with Internet access who speaks English”), depending on the type of business you have. Keep this focused on where 80-90% of your target market comes from.

PSYCHOGRAPHIC
Psychographics cover the defining mental traits of your target market, like being concerned about health or enjoying going out with friends. Sometimes it’s easier to identify your target market by a group or organization they belong to because that summarizes a whole bunch of traits at once. For example, if most people in your target market belong to the Rotary Club, a local church, or a political party, that summarizes a whole bunch of characteristics right there. But make sure you focus only on the ones that relate directly to why people buy from you.

USE-BASED
How often does the target market use your product or service? Do they come every day, once a month, or only once?

In Part II of this series, we’ll focus on using these four components to define your company’s target markets. But if you have questions, let Dawn or me know, and we’ll be sure to answer them!

Author Bio:  “Dave Tomczyk, is an Assistant Professor of Entrepreneurship and Strategy at Quinnipiac University. His background is pretty diverse, including video game development, working at NASA, a Masters in Economics, and some work in astronomy. And a love of target markets!”

Dawn M. Tomczyk-Bhajan  |  DMT Artistry, LLC   |  www.DMTArtistry.com

All content Copyright © 2013 DMT Artistry, LLC, unless otherwise noted. All Rights Reserved.

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