A target market is a group of people that you aim for your product/service to be sold to. This is who you advertise and market towards, and it is extremely important. Without a target market, you will waste time and money advertising to the wrong groups of people who most likely won’t be interested in your product/service anyway.
Every group of people has different needs and wants. We can identify some of these needs and wants by looking at research-based stereotypes. For example, the Baby Boomer generation likely isn’t as tech-savvy as Generation Z. And Generation Z most likely won’t be purchasing diapers as often as Millennials or Generation X. You need to identify which group of people you think would benefit the most from your product/service, and aim your marketing efforts towards them.
Choosing a target market isn’t an easy task, and there’s a lot to consider. Is your product/service one that should be marketed towards kids? Adults? Teenagers? Maybe it’s one that all age groups could benefit from. In that case, would men or women benefit more? If both genders might be interested, do the people that will likely buy your product/service have similar interests? Are they athletes? Are they students? Consider every possible genre of people when choosing your target market.
Generation Z might respond to marketing techniques differently than Generation X. Business majors might respond differently than nursing majors. People living in California might respond differently than people located in Wisconsin. It’s for this reason that you need to research on how to best reach your target market.
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