If you are in the process of marketing your new business or you are wondering where it is all going wrong, it is always a good idea to define your target – your customers!
Despite popular opinion, there is actually a huge difference between your target market and your target customer. Your target market is a more general group of potential customers and, within it, are various ranges. For instance, your services or products could target different age, income, or geographical groups. These are just a few examples but these are the customers who will be more likely to buy what you are offering.
Target customers are people that you have identified as the most likely to buy your services or products. The target market is always a much narrower section of your broader target market. The way in which you market can often overlap when you are attempting to reach a target market, as opposed to a target customer. For instance, if you usually send out flyers via the mail to the entire city, you could consider targeting only a specific zip code, according to its demographics.
Very often, your marketing strategy will differ between targeting a customer or a general market. You might consider offering special discounts, for example, to your target customers. This will require market research, but once it has been completed, it is well worth the effort!
At the end of the day, your marketing strategy should always cover both your target customer and target market in order to reap the most benefits. Research has shown that the wider your marketing effort, the more likely it is that you will also reach a good number of potential customers.
A good marketing strategy will raise your company’s awareness in the target market, and in the long run, increase profits!