Target Market Explained10 minAdd to My Watch List Expand buttonWhat people are most likely to appreciate and buy your products or services? What is their age range, geography, and favorite hobbies? Your target market is that group of customers, fitting a certain profile, who are the ideal purchasers of your product or service. In this overview of demographics and psychographics, you’ll learn how to clarify and refine the target market for your product or service. This Microcast includes a look at target markets of brands such as Supercuts, Rolex, and Lexus.
Who are you selling to? While entrepreneurial optimism might lead you to believe the entire world is your market, success depends on a focused and detailed definition of your core audience. Demographic profiling is just the start; identifying your target market should also include delving into psychographic characteristics such as belief systems and lifestyle choices. In addition to providing starter lists of demographic and psychographic attributes that enable you to build a customer persona, this learning stream includes tips for developing your own business-specific market characteristics, with advice specifically for B2B businesses and companies operating across international borders and cultures. You’ll also access methods for ensuring that the target market you pinpoint is consistent with other elements of your go-to-market strategy, from acquisition marketing channels to pricing and promotions. The opportunity to apply tactics step by step in a workshop exercise empowers you to develop a target market definition unique to your business and in alignment with your startup goals.
You will learn:
- What is the “everyone trap” and why is it dangerous?
- How does defining my target market impact the rest of my business plan?
- What do investors look for in a target market?
- What attributes are most valuable when defining the demographics of my target market?
- Why psychographic profile information should I consider, and why?
- How can I uncover business-specific market sizing indicators?
- How many target markets should I focus on?
- Which areas of my go-to-market strategy are impacted by my target market definition?