Now that you have the basics of selecting your target market you need to evaluate your decision. Consider the following questions:
- Are there enough people that fit my criteria?
- Will my target really benefit from my product/service? Will they see a need for it?
- Do I understand what drives my target to make decisions?
- Can they afford my product/service?
- Can I reach them with my message? Are they easily accessible?
Remember you can have more than one niche market, don't break your target down too far! Take into consideration if your marketing message should be different for each market you target. If you can reach both niches effectively with the same message, then maybe you have broken down your market too far. Additionally, if you find there are only around 50 people that fit all your criteria, you should most properly re-evaluate your target market. You must find the perfect balance.
You may be thinking about how you are going to find all this information. Look at:
- The web
- Magazines
- Books
- Blogs
- Other research people have done on target markets similar to yours
- Surveys and data (even conduct some of your own)
- Ask your current customers for feedback and information
Finding and defining your target market can be difficult. Once you have figured it out it is much easier to know the best media and marketing tools to use to reach them. Instead of wasting time and money trying to reach everyone, you will now have specific consumers to target which is going to save you money and get you a better return on investment.
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