Do you know the people who are going to do business with you? Are they young mothers in their 20s? Are they middle-aged men who have big families? If not, it’s time to find out.
You may be thinking that defining your target market is not important. You don’t want to lose opportunities to be able to catch all kinds of fish out there. Limiting your business to just one segment will decrease your potentials to cater to different audience.
But it’s not true. In fact, by casting a wider net, you may end up with no fish to catch at all. Your product or service may be deemed too general, and as competitions between businesses continue to tighten, you may not be qualified to enter the race at all.
Why defining your target market is important
Defining your target market is important to your business because it helps to focus your business. Rather than trying the long shot of pleasing everyone, it’s better to please a hundred loyal customers.
Take a step back and evaluate your products and services. Who will benefit most from your business? Have you been selling school equipment to fathers instead of mothers? Are the messages of your services written to the wrong audience?
For example, the message of your business is selling cooking utensils to employed, middle-class mothers in their 30s who don’t have much time to cook dinner is different compared to selling the same products to retired women in their 60s.
Furthermore, if you already know who your target market is, you can narrow down your strategies to build meaningful relationships with them. Good news is, people in that same group will most often talk to each other, so your brand will have a better chance to be heard.
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