Find ways to define the target market for your business. (Part - 1)
What is Your Target Market? - Part One
view-point-marketcentral

Think back to when you were watching an advertisement on TV. You will notice that each product's advertisement talks to a specific type of customer. Maggi ads commonly feature mothers who want to whip up a quick snack for children. Life insurance or home-related ads often show families, with the focus on the man. Each of these ads targets a different market: the type of people who the products are most suitable for.

Understanding your target market is one of the most important steps for your business– whether online or offline.

Why is it important to accurately describe your target market?

It will determine your business language, your brand's look and feel, and even your pricing strategy.

A customer who is looking to buy jewelry is very different from a customer who is looking to buy a car. Your online website will need to have content and language that understands your market. You will also need to do marketing in groups, channels, or social media platforms where your customers visit. Doing this will help you in converting more leads into customers.

What are the ways of defining a target market?

Your target market is your product’s consumers. Who are the people most likely to buy your product? What do they like? What do they do in their free time? All this can help your business’s marketing.

The 3 key parts of defining a target market are below.

  • Demographics This includes your ideal customer’s age, gender, income, or education. For example, the ideal target market of a sari shop is a woman over age 30, while the ideal target market of a cement company is a family man with a good income who is looking to build his house.
  • Geographics Where does your customer live? In a city, town, or village? Do they speak Hindi or English, or are they more comfortable in a regional language? Specialty food shops, festival product shops, etc, will need to define their target market using geographics.
  • Personality or Attitude: What is your customer like? Do they eat vegetarian or non-vegetarian food? Are they travelers? What sort of brands do they buy or what TV shows do they watch? For example, the best customer for a T-shirt shop or a designer mobile case shop might also like watching movies like KGF, RRR, or superhero films.

Before you choose a target market, imagine a person that best fits your ‘most ideal customer’. Think of what demographics, geographics, or attitudes they have. Now think about how you can market to them in a way that they understand best.

Examples:
  1. Here is an example of a target market for a farm supply shop (a shop that sells equipment for farmers):
    • Demographics: Middle-aged (35-50) men.
    • Geographics: Rural or semi-rural towns and areas.
    • Attitudes: Watches Hindi or local language TV shows, listens to the radio or FM, and likely owns animals like cows or hens.
    Knowing this information can help this farm supply shop with choosing images for their advertising, deciding where to advertise, and when best to advertise.
  2. Here is another example of a target market, this time for a fashion boutique who makes dresses for women.
    • Demographics: Women aged 35-50 with a high income.
    • Geographics: Metro Indian cities.
    • Attitudes: Likes to socialize at events, watches Netflix, goes to parties, wears expensive brands.
    This kind of customer is very different from a farm supply customer. The fashion boutique, therefore, has to use very different strategies to make their sales.

Tune into next week’s Viewpoint, for more information on how to define your target market, and how MSMEs can define their target market to increase business sales and brand loyalty.

  1. Keep your online business growing:https://www.marketcentral.in/market/viewpoint/27/keep-online-business-growing
  2. Increase traffic to your website: https://www.marketcentral.in/market/viewpoint/28/increase-traffic-to-your-website

MarketCentral will bring you interesting business stories and Small Business news every week through ViewPoint. Let us know what you think about this article at support@marketcentral.in. For more, you can follow our social media handles below:

Instagram: marketcentral

Facebook: marketcentral

LinkedIN: marketcentral

Popular Articles
view-point-marketcentral

7-Innovative-Ways-to-Fund-Small-Business-Growth

view-point-marketcentral

5-Ideas-to-Grow-Your-Business-Using-Technology

view-point-marketcentral

8-essential-to-promote-online-business

view-point-marketcentral

Budget-2023-MSME-loans

view-point-marketcentral

What-is-immersive-customer-experience

view-point-marketcentral

Online-advertising-for-MSMEs

view-point-marketcentral

Key-trends-msme-coming-year

view-point-marketcentral

SMBs are top job creators in India

view-point-marketcentral

Here's How UPI Can Help Your Business Grow

view-point-marketcentral

5 Small Indian Businesses That Grew Big

view-point-marketcentral

5 Ways to Make Your Business Safe from Future Shocks

view-point-marketcentral

Diwali business: Tips for small and medium businesses during the Indian festive season!

view-point-marketcentral

Get Online, Grow Big: Digital-First Small Businesses Are Prepared for The Future

view-point-marketcentral

The New GST Scheme: How Will It Impact Your Online Business?

view-point-marketcentral

In the News: MSME Credit Card, post-Covid revival, and new schemes for small businesses

view-point-marketcentral

How MSMEs Can Grow And Achieve Greater Independence

view-point-marketcentral

Transport and Logistics Challenges Faced By MSMEs

view-point-marketcentral

The Importance of Digitizing Supply Chains for MSMEs

view-point-marketcentral

How MSMEs Can Grow Sustainably With Three 'R's

view-point-marketcentral

The Importance of Sustainable Growth for Businesses

view-point-marketcentral

4 Customer Retention Strategies for MSMEs

view-point-marketcentral

Customer Retention

view-point-marketcentral

MSME Day 2022

view-point-marketcentral

What is Your Target Market? - Part Two

view-point-marketcentral

What is Your Target Market? - Part One

view-point-marketcentral

9 Ways to Make Your Business Data Safe and Secure Onlines

view-point-marketcentral

Why Automating Your Business Operations Can Make Your Business Smarter and More Efficient

view-point-marketcentral

8 Effective Ways to Drive Traffic to Your Website

view-point-marketcentral

5 Ways to Keep Your Online Business Growing

view-point-marketcentral

What is SEO or Search Engine Optimization, and How Can It Help Your Business?

view-point-marketcentral

6 Tips for Marketing Your Business During Festivals.

view-point-marketcentral

Branding for Small Business - What is It, and How to Do It.

view-point-marketcentral

What is branding and why do small businesses require it?

view-point-marketcentral

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART Two

view-point-marketcentral

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART ONE

view-point-marketcentral

Go Digital, Go Secure: What Does This Mean for MSMEs?

view-point-marketcentral

What is Social Commerce and How Can it Help MSMEs?

view-point-marketcentral

How to implement ISO 9001 for Your Small Business?

view-point-marketcentral

Why is an ISO Certification Important for Your Business?

view-point-marketcentral

Updating Your Financial Operations Can Save Your Business Lakhs of Rupees!

view-point-marketcentral

Keeping Your Business Safe Online: The MarketCentral Way

view-point-marketcentral

Best-Time-for-MSMEs-to-start-digital-marketing

view-point-marketcentral

The MSME Tech Upgradation Scheme: What Does it Mean?

view-point-marketcentral

5 Ways to Protect Your Data and Build a Secure Online Business

view-point-marketcentral

Customer Experience: 3 Ways for B2B Businesses to Stand Out from the Crowd

view-point-marketcentral

Diwali 2021: 3 Trends in Online Business, E-commerce Inflation, and More

view-point-marketcentral

4 Steps To Guide Your Business-to-Business (B2B) Enterprise Towards eCommerce Success

view-point-marketcentral

What The Facebook, WhatsApp Outage Can Teach Small and Medium Indian Businesses

view-point-marketcentral

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

view-point-marketcentral

50 Lakh MSMEs Have Registered on Udayam portal. Enroll your business today.

view-point-marketcentral

3 Recent Schemes and Funds for MSMEs and What They Mean

view-point-marketcentral

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

view-point-marketcentral

Amul, Parle Among Businesses That Has Cut Supplies to Udaan

view-point-marketcentral

Covid-19 Second Wave: What Can Small and Medium Businesses (SMBs) Learn From It?

view-point-marketcentral

Amazon is Opening Physical Stores. What Does it Mean for Small Businesses?